Most SMBs can relate to seeing their accountants stressed out during tax season. However, many don't realize that these professionals have been going through a never-ending season, since the beginning of the COVID-19 pandemic.
While some deadlines were pushed back to give accountants additional time to deal with the situation, they have had to deal with their own shortages of staff, adjusting to remote work situations, better leveraging technology, while adapting to new tax and regulatory changes.
We are joined by Albert J. Campo, President of AJC Accounting Services. AJ and his team help business clients solve problems they may encounter, in the most effective and efficient manner possible. They provide technical expertise, insight, and service of the highest quality relating to accounting and auditing matters, while keeping current with all of the changes that have been thrown into the mix these last few years. Take a listen!
Tune in for this pragmatic conversation at TalkRadio.nyc or watch the Facebook Livestream by Clicking Here.
Segment 1
Steven starts the episode off by introducing himself, as well as giving updates on previous guests on the show. He then introduces the topic of today’s episode, tax season and the ever changing conditions due to the Covid-19 pandemic, as well as the guest for today’s episode Albert J. Campo, the president of AJC Accounting Services, with a short biography. Albert gives an account on his founders journey, explaining how he started as an entry level financial analyst after getting his undergrad, and moved around from different aspects of the finance world in New York. After the 2008 recession hit, he went back to school to get his masters degree, with a focus in accounting. After he got his masters he went between a couple of firms, finding a great unique experience in a small firm that handled large firm work. Following that he created his own business, where he is today, enjoying what he does. Steven asks how Albert goes about asking their clients about themselves and their information for the best quality work they can do for them, as many of Albert’s clients have said “my other accountant never told me about that”. The two discuss how this level of professionalism of being a risk advisor should be an industry practice across all industries.
Segment 2
Steven discusses the belief of the client first, and the importance of helping the client understand what happens when they go through their finances with their accountant. As earlier in the show, Albert discussed how many clients treat this industry as a commodity, as something that they have to do, not something that could help them. Albert goes in depth on the AJC story, explaining how in depth and thorough their work is. He explains that he tells his staff that they have to understand the “why” behind all the different aspects of taxes, that it's a puzzle that they have to complete correctly. Albert also goes in depth about all the new tax laws, as well as the CARES Act, and how he made sure that he was very well versed in the act, as he correctly predicted that many clients would be asking questions about it. He put all he knew and understood about the CARES Act out on social media for the general public to get an understanding about it. The two discuss how all SMBs need but not always know how to ask for consulting services, which is exactly what these accountants and tax planning services are able to help with. Albert explains the nuances that differentiate between different clients needs, and how they present the product of the returns and proposals to the clients need to be based around these nuances. The two also discuss exactly the process that Albert went through with his clients after the CARES Act came out, as well as how they work with new clients.
Segment 3
Steven and Albert discuss how AJC accounting is not for everyone, as several people only want their accountant to plug numbers in, which is not what AJC does as they specialize in creating detailed and in depth proposals and the like. Albert explains that there are a lot of really bad accountants out there, who create really bad returns for their clients, which is unacceptable. He also explains how online programs like Turbotax appear to be easy, when in reality it's not as they are being short handed by these programs. The two discuss how important it is to educate clients about taxes, as clients don’t know what they don’t know. Steven explains how many people think that the tax industry is commoditized enough that they don’t need an accountant, when in reality they do, and while many SMBs understand that they need someone to help with tax preparation, not everyone does, even though it's an incredibly important aspect of running a SMB. The two also discuss the importance of doing research on a CPA before you decide on one, as Albert explains it's very easy to get into the industry, as anyone can register with the IRS to do tax returns, even without proper training or education. Steven and Albert discussed when Albert was interviewed by Forbes in the past year, specifically about labor shortages and unemployment during the past year.
Segment 4
After a few technical difficulties, Albert and Steven discuss what aspects of the tax preparation process Albert advises people to research and to ask their CPA if they already have them. Albert lets everyone know how to reach him.