September, here we come! Before we blink, the new year will be upon us. Business/personal tax considerations impact financial results. Investing time with key professionals to work with you toward achieving what you’ve set out to do can make or break what you’ve worked hard to create. Professionals are trained in their areas of expertise. How do we know what to expect when working with them? We ask questions 🙂
This month, I am featuring someone in the profession I respect for her knowledge, experience and candor. Theresa is a results-oriented CPA in the Bakersfield, California area with more than 25 years of industry and public accounting experience. She is able to provide exceptional skills in accounting, finance and management, and can assist privately-held business owners and managers in analysis of financial statements, obtaining and retaining financing, compliance with loan covenants, tax planning and tax compliance, budgeting, cash flow projections, business mergers and acquisitions, employee benefit plans and exit strategies.
She understands emerging businesses, financial turnarounds and businesses experiencing rapid growth and can offer expertise to business owners in these areas. Theresa has experience in several industries, including construction, oil and gas service companies, independent oil and gas entities, agriculture, retail, medical, telecommunications and non-profits. A member of the California Society of CPAs, she has participated in The Financial Leadership Forum as well as served on the Financial Literacy Council.
Throughout her career Theresa has helped clients buy and sell businesses, re-engineer and streamline under-performing accounting and finance departments, close on many loan requests and manage numerous IT projects. Welcome Theresa!
Question 1. What do you enjoy about working with your clients?
Generally my clients have built a business they are proud of. I want to help them improve while we build an ongoing, interpersonal relationship.
Question 2. How would you suggest a potential new client prepare for a 1st meeting?
It depends on why they want to see me, but at the very least, I suggest they bring their most recent financial statements and tax returns so we begin a dialogue.
Question 3. When someone agrees to become a client, what can they expect immediately? Over time?
Dedication and responsiveness.
Question 4. What is your service philosophy?
Share the knowledge. I enjoy learning from my clients, and I enjoy teaching them how to interpret their financial results.
Question 5. What resources do you provide to assist “laypeople” with understanding what is being discussed?
While I can explain the balance sheet and profit and loss statements to my clients, the business owner usually teaches me about their business so that together we can prepare meaningful financial statements and analyses. Many years ago I observed an inventory count for a restaurant in Santa Barbara. I couldn’t believe that the chef referred to a cheese as “chevre”. Since I had never heard of that, I thought she misspelled cheddar! I’ve learned from that mistake and now ask my clients to explain the terms they use. I recently learned about caliche. Rather than assume that caliche was the name of a vendor, I asked. Turns out it is a natural cement my client was using in his construction yard.
Bonus Question! If you were to relay one piece of advice to anyone reading this, what would it be?
When you go into business be sure to plan for your exit. Much like a life insurance policy, an exit plan is critical to the business cycle.
Thanks for sharing your perspective Theresa! Theresa’s contact information is:
Theresa Klass, CPA/ABV/CFF, CVA, MS Tax, CGMA
8200 Stockdale Highway, Suite M10-310 Bakersfield, CA 93311
theresa@klassacct.com Ph: 661-333-3579
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