QUICK FACTS

COST: $3 per lolly LOCATION: Corner of 3rd Avenue North and Broadway

HOURS AND DATES: May 29—mid-September

Tuesday—Friday 11:30pm-2:30pm Saturday Noon-3:00pm

Ilaugh out loud when friends ask me to do their taxes. If they only knew that I don’t do my own! The initials behind my name can be deceiving. After all, not all CPAs specialize in tax and not all auditors work for the IRS. Below are five areas you may not have known your CPA can offer assistance in.

Divorce. It’s not fun, but it happens. From a financial (and emotional) perspective, it’s paramount to get it right. Traditionally we see people divide assets equitably to the best of their abilities at the time of the divorce without consideration of the future growth of those assets. Here are some things to consider: Are your assets income-producing? If so, will they grow rapidly or at an inflationary rate? And most importantly, where does that put each party in, say, 20 years? By modeling this out one can determine if the division of assets is truly equitable, not only today but into the future.

Dashboards. No, not the one inside your car. It’s a reporting tool that takes your critical success indicators (CSIs) and the metrics behind them and turns them into dashboards. These dashboards are highly customizable to whatever drives your business. As CPAs we have a sweet place in our hearts for spreadsheet applications like Excel, but to efficiently manage a company you shouldn’t have to dig through rows, columns and tabs to find the key pieces of information to analyze operations. These CSIs should be identified and then made readily available to management so that timely decisions can be made.

Strategic Planning. Is your accountant ready to think outside the box? While boxes often remind most CPAs of spreadsheets or tax forms (which get our hearts racing), a few outsiders in the group would rather help you plan strategically. They have a knack for analyzing dilemmas and finding solutions that can propel an organization to the next level, overcome a barrier or solve personnel issues that can be dicey. Strategic planning sessions can involve various levels of management and ownership, be onsite or offsite in a retreat setting. The options are endless, and the outcomes pay dividends.

Personnel. North Dakota is in a unique position with a strong economy and a low unemployment rate. This leads to a workforce issue, where employees are difficult to find and expensive to train and retain. Positions that are even more difficult to fill can include CFOs and controllers who provide strategic advice, guidance and direction for your organization. Without these positions filled, the organization may suffer from a lack of timely reporting and decision making. Outsourcing this accounting and/or finance function is another possibility, allowing for real-time data and guidance while you’re still in growth mode.

Exit. If the Florida sun or the Arizona golf course is calling your name, call your CPA. They can help you plan for this major life milestone (and they wouldn’t mind being invited to spend a day in the sunshine or at the golf course for “onsite consulting”). CPAs are not only the go-to for the life cycle of the business, but can also help you ensure a proper exit when the time comes. Whether your goals are to transition to a family member, form an ESOP or sell to a third party, your CPA should be able to assist you in that process.

The important thing is to truly use your accountants and CPAs to their full advantage, making them your business advisor, rather than just someone you visit once a year.

Amber Ferrie

has way too many initials after her name (CPA/ ABV/CFF, CMAP), admits to thinking outside the box, loving numbers and wouldn’t mind being invited to your new home in Arizona for a round of golf or a cocktail. Amber is a partner at Eide Bailly LLP, a CPA and business advisory firm headquartered in Fargo, ND. Eide Bailly can help with any of the opportunities listed above. Learn more at www.eidebailly.com or call 701.239.8500.