CPAs Give Back This Veterans Day

In this country, we owe a debt of gratitude to veterans. Each year, more than 180,000 service people exit the U.S. Armed Forces after their loyal service. As they return to civilian life, veterans can find financial advice, guidance on how to run a business and help planning for the future from local CPAs.

Since 2011, the AICPA has partnered with the mentoring and training organization, SCORE to connect veterans with CPAs across the country. Through the Veteran Fast Launch Initiative, CPAs have an opportunity to volunteer and provide up to five hours of free financial advice to veterans about starting or growing a business.

CPA Laura Concannon of Vardavas & Concannon, P.A. in Baltimore, Md., recently volunteered to help two veterans get their businesses up and running. One veteran plans to open a spa in the Washington D.C. area while the other hopes to purchase homes at a reasonable rate, renovate them and sell them affordably to other veterans. During the meeting with these service members, Concannon described the purpose and importance of the balance sheet, reviewed both veterans’ business plans and helped determine whether their projections seemed feasible. Describing start-up costs and evaluating projected revenues and expenses is a vital area where CPAs can add value. Concannon explained, “Many do not realize that they are not going to make money right away. You have to put money into your business before you get money out.” As veterans prepare for launching a new chapter in their lives, most are eager to receive the advice of a CPA to ensure their ventures start off on the right foot.

CPAs interested in joining the Veteran Fast Launch Initiative Volunteer Directory should email pcps@aicpa.org. AICPA members have access to the Veteran Fast Launch Initiative Toolkit to help them properly prepare for their initial veteran meetings and promote their volunteerism in their local communities. If you are a veteran and are in need of financial advice, visit the AICPA’s volunteer directory to find a CPA in your area.

Additionally, the AICPA has resources and free tools available for active duty and veteran military through the 360 Degrees of Financial Literacy website. And for those veterans looking to start their own businesses, the 360 Degrees of Financial Literacy provides tips for advertising a business, insurance and much more.

Don’t forget to thank a service member this Veterans Day.

Alexis Rothberg, Communications Specialist, American Institute of CPAs.

Samantha Delgado, Communications Manager- Consumer Education, American Institute of CPAs.