Advance - Business Consulting and Agency

Accounting

What are some of the most important qualifications for an accountant?

Accounting requires someone who is detail-oriented, organized and has strong math skills. I believe these three qualities are essential in an accountant because they help ensure all financial records are accurate and filed properly

If a client came to you with a financial problem, how would you handle it?

If a client came to me with a financial problem, I would first listen to understand exactly what they were experiencing. Then, I would assess the situation and determine if there was anything I could do to help. If not, I would refer them to someone who could assist them

How well do you understand financial statements?

am very familiar with financial statements because I use them every day in my work. When working on projects for clients, I usually start by analyzing their financial statements.

When interacting with clients, what is your approach?

I am very outgoing and enjoy interacting with people. When I meet with new clients, I make sure to greet them warmly and shake their hand.

Financial Planning

How do I know if I have enough assets to retire?

You should consider more than your just your assets when thinking about retirement. Assessing your retirement goals (What will your life look like when you retire?), implementing a retirement plan, and running financial scenarios as your life evolves can help you determine whether you’re on track for retirement.

What’s the best type of retirement savings account?

When your salary is lower, you’ll pay less in income tax today. Then when you qualify to withdraw your retirement funds, you won’t have to pay taxes later.

What is the best way to save for college?

If you have abundant assets and are more concerned about avoiding estate taxes than obtaining financial aid, other options include UTMA/UGMA accounts, Crummey trusts, and grantor retained annuity trusts

How can I reduce long-term capital gains taxes?

Any long-term investor is likely to experience periods of volatility and, subsequently, investments that fall in valu

Consultant

Which accounting software are you most familiar with?

I’m most familiar with QuickBooks Pro and Peachtree Accounting Software. I’ve used both extensively throughout my career as an accountant consultant, and I find them easy to navigate and understand

How often do you perform reconciliations?

I perform reconciliations at least once per month for my clients. I find that this frequency is usually enough to ensure that there aren’t any errors or discrepancies within their financial records.

How much money do most of your clients leave to their kids?

There’s no set approach. A few clients seem to want to beggar their own lifestyles so their children will have more money. Others want to help their kids get a start in life but then manage on their own.

Provide an example of a time when you had to give a client bad news.

When I was working as an accountant for a small business, my client asked me to look into ways they could save money on their taxes.

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