Robyn Fenty, aka Pop Princess Rihanna, is suing her former accounting firm, Berdon LLP. According to an article on Accounting Today, the singer claims that Berdon, LLP “drained her for tens of millions of dollars in revenues from her tours”.
The article, by Michael Cohn states, “Rihanna alleges that the firm breached its agreements, engaged in misconduct and malfeasance, created entities without considering the effect on her taxes, paid itself excessively large commissions, neglected to document revenue and expenses or implement a proper budget.” She also claims, they gave her poor tax planning advice.
Finding an accountant you can trust is an important task that must be given the appropriate time and attention. Keep in mind the following tips when selecting an accounting professional:
Do they know my industry?
Just like you wouldn’t go to a Cardiologist for a shin splint, you shouldn’t go to just any accounting professional. Each industry has specific tax planning opportunities and requirements and you’ll want to make sure your professional has ample experience with your line of work.
Did you know…our team has a broad range of expertise? From people who have worked specifically with the health care industry, to those who focus on the restaurant business, we’ve got you covered.
Do they have the appropriate credentials?
A Certified Public Accountant has an undergraduate degree, has met state requirements for certification, and has to partake in on-going educational training. These individuals are highly educated and are up-to-date on current laws. A Certified Fraud Examiner (CFE) has specific training in detecting fraud within businesses and eliminating or preventing it. A Certified Valuation Analyst (CVA) has the appropriate training and certification to put a value on your business. Make sure the person you choose to work with has the credentials you need.
Did you know…H&S Companies team members have a variety of credentials? From CPAs to CVAs to CFEs, our team can help you with your needs.
Is the firm I’m choosing to work with large or small?
Remember, tax law is complicated and regulations vary from industry to industry. Choosing to work with a large firm will offer you access to a broader range of expertise.
Did you know…H&S has 8 locations with over 60 professionals?
What services do I need completed?
Do you just need your taxes completed? What about monthly payroll services? Just because you don’t need something right now, doesn’t mean you won’t need it as your business grows. Be sure to take an accounting firm’s list of services into account when making a decision.
Did you know…H&S offers 14 unique services? Check out our “Services” menu for more information!
Rihanna Sues Accounting Firm By Michael Cohn on Accounting Today