WEBVTT 1 00:00:00.150 --> 00:00:02.820 Scott Fawcett, I'm principle at the accounting firm 2 00:00:02.820 --> 00:00:04.320 of Fiorita Kornhass & Company. 3 00:00:05.210 --> 00:00:07.050 Well we do our firm especially, 4 00:00:07.050 --> 00:00:10.650 line:15% we do primarily tax returns and financial statements 5 00:00:10.650 --> 00:00:12.710 line:15% for small local businesses. 6 00:00:12.710 --> 00:00:16.010 line:15% We do about a thousand tax returns, 7 00:00:16.010 --> 00:00:17.230 line:15% personal tax returns. 8 00:00:17.230 --> 00:00:19.140 line:15% We do probably four or five hundred 9 00:00:19.140 --> 00:00:20.610 business tax returns, 10 00:00:20.610 --> 00:00:22.970 partnerships, S corporations. 11 00:00:22.970 --> 00:00:25.302 We do financial statements, audits. 12 00:00:25.302 --> 00:00:27.100 Well what will happen is 13 00:00:27.100 --> 00:00:29.480 line:15% they'll bring their stuff in or we'll go to the client. 14 00:00:29.480 --> 00:00:31.890 line:15% Our firm, especially, we really encourage 15 00:00:31.890 --> 00:00:33.540 line:15% the client contact. 16 00:00:33.540 --> 00:00:35.510 line:15% People think accountants, they're gonna be, 17 00:00:35.510 --> 00:00:36.840 line:15% oh they're gonna be in a cubicle. 18 00:00:36.840 --> 00:00:38.410 line:15% You never have to talk to anybody. 19 00:00:38.410 --> 00:00:40.010 Well in a small firm, especially 20 00:00:40.010 --> 00:00:41.330 that's not the case. 21 00:00:41.330 --> 00:00:44.560 We really encourage our accountants to go out to the client. 22 00:00:44.560 --> 00:00:46.550 You've gotta have that client contact. 23 00:00:46.550 --> 00:00:49.180 So say I'm going out to a client now, 24 00:00:49.180 --> 00:00:50.670 I'm getting their information, 25 00:00:50.670 --> 00:00:53.950 I'm meeting with the bookkeepers, the controllers, 26 00:00:53.950 --> 00:00:55.400 the owners of the company. 27 00:00:55.400 --> 00:00:57.970 Again, the smaller companies that you're working with, 28 00:00:57.970 --> 00:01:01.020 that's a lot of face time with the owners of the company. 29 00:01:01.020 --> 00:01:03.360 line:15% There's multiple tax seasons, if you will. 30 00:01:03.360 --> 00:01:06.820 line:15% Through January 31, we do a lot of payroll tax returns, 31 00:01:06.820 --> 00:01:09.640 line:15% 1099s that people get, sales tax returns. 32 00:01:09.640 --> 00:01:11.650 line:15% Those are all due by January 31. 33 00:01:11.650 --> 00:01:14.680 So there's a big crunch to get that done very quickly. 34 00:01:14.680 --> 00:01:17.920 And then, March 15 is another deadline. 35 00:01:17.920 --> 00:01:21.150 S corporations, partnerships are due March 15. 36 00:01:21.150 --> 00:01:23.470 So we have to have a lot of, those are the bigger clients, 37 00:01:23.470 --> 00:01:24.880 a lot of meetings, 38 00:01:24.880 --> 00:01:26.870 so you got to of course, get the work done in time, 39 00:01:26.870 --> 00:01:28.810 to get a meeting scheduled, hoping the client's 40 00:01:28.810 --> 00:01:32.000 not on vacation or away or busy themselves. 41 00:01:32.000 --> 00:01:34.040 And then of course is April 15, 42 00:01:34.040 --> 00:01:35.700 is the personal tax deadline, 43 00:01:35.700 --> 00:01:38.730 as well as what they call C corporations. 44 00:01:38.730 --> 00:01:41.750 So there are basically three different types of 45 00:01:41.750 --> 00:01:43.860 filing deadlines that we have to deal with. 46 00:01:43.860 --> 00:01:46.480 We're always advising clients on 47 00:01:46.480 --> 00:01:49.130 how to, they understand their business, 48 00:01:49.130 --> 00:01:51.510 line:15% a lot of them they may be plumbers, carpenters, 49 00:01:51.510 --> 00:01:52.950 line:15% whatever they might be. 50 00:01:52.950 --> 00:01:55.180 line:15% They can do their business but a lot of them 51 00:01:55.180 --> 00:01:56.970 line:15% don't understand their financials. 52 00:01:56.970 --> 00:01:59.700 line:15% So we'll assist them in cash flow analysis, 53 00:01:59.700 --> 00:02:01.870 we'll help them get bank loans. 54 00:02:01.870 --> 00:02:03.980 We work with a lot of local banks 55 00:02:03.980 --> 00:02:06.490 and obviously it's very difficult to grow a business 56 00:02:06.490 --> 00:02:08.470 if you don't have financing behind it. 57 00:02:08.470 --> 00:02:09.810 So a lot of times, that's what we're, 58 00:02:09.810 --> 00:02:11.690 one of our firm's strengths is, 59 00:02:11.690 --> 00:02:14.490 is that interaction with the bank and community as well.