payroll, etc.

“Value-added” service is where you ask questions

for planning purposes prior to closing a deal. For example: How
should I finance this property? I plan to close the deal this way
— is that okay?
Sophisticated investors know they are responsible for the
financial decisions they make. They also know that when you are
getting professional advice, it’s important to ask the right
questions! Use the following suggestions to help you zero in on
the right questions and make sure your accountant has the
information he needs to give you sound advice.
1. When you think of a question, send an e-mail. This gives
the accountant time to think about the question and
formulate the appropriate response.
2. Make sure the question is real (not hypothetical) and has
a tax or investment component.
3. If the deal closes tomorrow, your accountant’s answer
may not matter. This just frustrates them as their “advice”
comes too late.
4. If you do not get a response after a couple of days, phone.
(A spam filter may have kept your message from getting
through.)
5. Recognize your accountant’s bias. Some are more
positive towards long-term cash flow properties. Others
may not like “flips,” mutual funds, foreign exchange
traders or day traders. Some may not like real estate at
all! While the compliance side of accountants’ training is
similar, their life experience and investments are different
— so find someone who fits with your long-term needs.

KEY INSIGHT