15 years in accounting with no client audits
What does your business do?
I provide a full range of accounting services for individuals, businesses and not-for-profit organizations. These services include bookkeeping, payroll, tax preparation, tax projections and consulting.
What sets your business apart from the other competition?
Having opened in June, I am perhaps the newest CPA firm in the valley. I bring with me a freshness and enthusiasm for developing a practice that provides experienced personal attention to my clients, the type of attention they might not receive from larger firms. I take pride in working to keep my clients audit-free while striving to get them the largest tax savings possible. When preparing returns, I am careful not to “raise any flags.” Having practiced for more than 15 years, it makes me proud to say that none of my clients have ever been audited by the IRS. One more thing that sets me apart from other CPAs is that I offer discounts to K-12 teachers of the Roaring Fork Valley.
What is your key for surviving the recession?
When I established my practice here in Glenwood, the economy was starting to recover from the recession. So I was really not impacted by it. Interestingly, a nationwide study determined that accounting firms for the most part survived the recession quite nicely. Many had to make adjustments, such as cutting back on staff hours and overhead expenses, but these were adjustments that improved the overall efficiency of their operations going forward. My overhead is minimal, so the key for me surviving such economic downtowns will be working hard and smartly and developing and maintaining good solid relationships with my clients.
What strategy do you use to hire good employees?
At the moment, I am a one-person operation. I do expect that as my clientele expands I will need to hire staff to assist me in fully meeting the needs of my clients in a timely manner. There are excellent networks available in the accounting field, networks that can be very effective in matching available staffing resources with open positions. My inclination will be to consult these networks to find the right person. Additionally, college enrollments and degrees in accounting have been growing in recent years. I expect that there will be some eager accounting graduates entering the market and looking for an opportunity such as I would offer.
What is your plan for growth in the next year in products, services or quality?
The year 2013 was one of the biggest years in decades for tax law changes. I want to ensure that my clients understand how these and other tax laws and changes can work to their advantage. This likely will involve investing time into discussing my client’s returns with them to ensure they understand the most important features of the laws that affect them and their tax returns. I will continue to take a proactive approach towards tax planning so that my client’s liabilities are minimized. I will be offering bookkeeping services at competitive rates, which will give business owners the opportunity to turnover this important task to me and focus more of their attention on the day-to-day operations of their business.
What do you enjoy about running a business here?
There are lots of things to enjoy as a business owner in Glenwood Springs. Foremost is the people in this community, which includes my growing clientele, other business owners and community leaders. I have enjoyed attending networking groups through the Chamber of Commerce where I have met some wonderful people who have helped me get acclimated to the community and the services available here. The Roaring Fork Resource Council and others have provided me sound advice and direction. Glenwood Springs has that small-town atmosphere, that has made my family and me feel very welcomed and excited to be here. This local paper and the opportunity to introduce myself to the broader community is just one example of the support that the town offers, which is so important to a new business owner.
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For the last decade Ken Murphy kept building on his plans for a River Outfitting store.