Forbes has published an article, “America’s Best Tax And Accounting Firms 2023,” which discusses a selected list of the leading tax and accounting firms in America, as well as their methodology for doing so, list provided. The article begins as follows:
In any normal year, an accounting or tax firm is a combination financial expert, compliance high-wire walker, strategist, strategic genius, therapist, and factotum extraordinaire. This is not a normal year.
Coming in from the heights are the pandemic and ongoing supply chain issues, labor shortages, tax changes still to be seen from the 2017 code revamp, technology exploding apace, international war, energy shortages, growing climate change threats, and domestic political storms. Keeping a business, and personal financial life, on keel is far harder than usual. You need an honest sounding board for both.
“I ask clients, ‘What keeps you awake at night?” says Suzanne Forbes (no relation to Forbes Media), managing partner of Gainesville, Florida-based James Moore & Co., a member of our 2023 list of the best firms for both accounting and tax. The answer she gets from clients: “What could put me out of business?” But their real concerns need to be bigger and wider, she says. “We spend a lot more time about their overall financial planning, retirement planning, estate planning, not just business planning,” Forbes says. “Is it time to diversify some of their wealth outside of their business? Sometimes they just won’t do it. You have to be realistic with it. That’s a conversation that’s newer, that we’re having with clients. As a financial advisor, my advice has to be you need to diversify.” Still, with more than 35 years in the accounting business, Forbes understands it’s hard for a business owner to move beyond “taking every penny they have and putting it into the business.” That’s why she tries to help with the bigger picture.
Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.