Tell us about your company. Smillie & Jackson is a completely new firm … founded Jan. 1. There are only three employees: partner Don Smillie, myself, and Marilyn, his wife. We work with small to mid-size companies. Mostly, it’s businesses that don’t have the resources for in-house accounting functions. We do payroll services, all bookkeeping and financial planning and taxes.
What’s your job? In addition to running the administrative part of the firm, my role is to build on relationships with current clients and bring in new clients, to promote the firm and try to grow it. I am actually a certified Quickbooks Pro Advisor, and we have quite a few Quickbooks clients (and) can do consulting, setup and training.
What did you do before launching Smillie & Jackson? I was at (Missouri State University). I was a senior accountant/analyst.
What drew you to a small practice setting rather than a large firm? The relationships with clients, definitely. We want to have a close relationship with our clients, and we want them to pick up the phone and call us when they need anything to do with their accounting or taxes.
How do your strengths mesh with partner Don Smillie’s? He has the number of years behind him and the experience, (important especially) with the economy that we’ve gone through, but I have the fresh-out-of school perspective, with fresh new ideas.
Why did you decide to team up with an industry veteran instead of simply starting your own firm? I think this is a much better way to implement my plan of having a firm and being in business for myself, because obviously, I don’t have to start from zero. I’ve got a client base to start out with and build on.
How are you reaching out to potential clients? Through a few community activities. I’m on the board of the local Alzheimer’s Association, and the IMA board. I’m also in the MOB – the Masterminds of Biz – a marketing and networking group. MOB started about a year ago, and I think there are 16 (area) chapters. I’m still new … so it’s just a matter of trying to get out there and meet people to build those relationships.
You are a certified public accountant and a certified management accountant. Why did you decide to pursue both? I think it is so important to the businesses that we work so closely with. Accounting information is for management purposes. Yes, (companies) have to do a tax return, and they have to have their financial information in place for that, but the accounting information should be used for management to make decisions to grow their business and raise their profits.
What key issues are your small-business clients facing, and how do you help them? I’d say the biggest challenge facing small businesses right now is cash flow. I (provide) knowledge and resources for them. I think sometimes, they’re not aware of their situation, and they don’t keep an eye on their financials to know that there’s an issue until possibly, they’re really in a bad situation. (The solution) is keeping their financials in front of them and making them aware of their situation so they can tighten the reins.
What are some recent industry changes business owners need to be aware of? The (Hiring Incentives to Restore Employment) Act. The second-quarter filing of their (quarterly payroll tax Form 941) is the first time the tax exemption could be taken, not the credit. Essentially, it was put in place to incentivize employers to hire unemployed workers. Then, there’s health care reform (but) we’re not quite sure what will happen with that yet. [[In-content Ad]]
