By Lauri Lee
Northside Economic Development Coalition

When the COVID-19 pandemic created economic hardships in mid-March during tax season, Denis Stankowski of My Money Tax and Accounting saw an immediate shift in the needs of his small business clients. Grant and loan program opportunities popped up at the federal, state and county levels, which gave small-business owners the hope of business survival. To apply, the common denominator was the need for financial information such as business income, documenting the loss of revenue compared to last year, and sometimes copies of tax returns. 

The accounting lesson business owners learned from the pandemic was that those who were up-to-date with their accounting and tax filing fared better than those who were unprepared to file for grants and loans. Without solid financial records, businesses struggled more than necessary. To stay ahead of the competition and operate a growing business, good bookkeeping and accounting practices need to be in place. 

Small businesses with rush requests to get their financials and taxes in order started knocking on Stankowski’s door. Some had been just too busy operating the business to  prioritize bookkeeping or they were a newer business needing help to understand tax filing. At My Money Tax and Accounting, they receive more than immediate help, they find long-term help to grow the business. 

“I don’t just do the accounting for these businesses; I educate them on how to operate legally and well,” said Stankowski. “I have a relationship-oriented rather than project-oriented way of providing services and interacting with business owners that is customized to fit their needs. Typically, I might cover cash flow management and help them understand financial reports so they can make better decisions about their business. When discussing profit and loss, it involves managing expenses and deciding what prices to charge customers so they can actually make a profit. My motto is: Let someone else work for nothing. You don’t have to lower prices to get more customers.”

Stankowski started his business in 2003 and is the sole employee except during tax season. His clients range from individuals and small businesses to nonprofits. 

“I have a heart for helping small businesses with up to 30 employees and relate well with those who are self-employed, gig-workers and contractors. I use Liscio, an online platform made for accountants that makes communication easy and secure.

“Instead of waiting until tax season in the first year of business, the time to contact me starts when thinking of opening the business. I can help you decide which business entity to choose — for example, LLC or S Corporation — and how to minimize tax liability through keeping track of deductible expenses and more. When a business is set up properly, there’s no need to go back and fix mistakes.”

My Money Tax and Accounting is located at 621 N. Sherman Ave., B2. Contact owner Denis Stankowski at 608-471-4200 or mymoneyaccounting.com. To see if this is a good fit for your business, schedule a free 20-minute consultation.