If you are reading this, it is safe to assume someone in the family manages the books for your books.
Now, I am all about family. In fact, family makes this world great [well most of the time anyway].
However, unless a family member is a licensed CPA, it is usually not a good idea to have him or her serving as a professional accountant for your business.
Awkward Thanksgiving Dinners
Do you really want your relatives knowing all your personal and business financial information?
I have personally witnessed some ugly situations occur over a small detail, which the IRS did not choose to ignore.
That’s right, great families have been torn apart due to minor errors that have led to big IRS penalties.
Leveraging Your Financial Statement
One day you might have a critical need for a professional to prepare for Financial Statements according to strict guidelines.
Imagine getting audited, your cousin will be lost.
Or, what if you need to apply for a business expansion loan?
Tax Strategy and Minimization Rules
One of the greatest benefits of having a CPA is knowing you have someone on your team who can significantly reducing your taxes without breaking the rules.
In fact, even some accountants struggle with these issues.
This is why you want a highly qualified accountant who will make onsite visits to learn about your goals and your business process.
You do not want a “bean counter”.
And, sadly that’s all your family will be in these situations.
Why Vectar Onsite CPA’s
Obviously, we want you to hire us to be a strategic partner.
I would be happy to sit down and talk with you at no cost, or obligation.
My team and I strongly feel that we can save you time and money on your bookkeeping and tax work through internal control monitoring.
Family businesses are awesome.
Using non-professional accounting family member to doing your financial works is not.
Vectar Onsite is here to help you find the right accounting solutions.
If you have any comments, thoughts, or maybe family accounting horror stories to share, please feel free to leave a comment below.