Abel, the Owner of Ekolu Tax & Consulting, PLLC, has been working as a CPA for three years and working in the industry for six. He works primarily with financial planning, accounting, audits, tax return preparation, and business consulting. He has his Masters in taxation and opened up his own practice last fall to help out lower and middle class individuals and closely held businesses.
“I like to find out what my clients truly need and what their goals are so I can tailor my services to them. I like to figure out what really drives them. Honesty is important to me, and I will refer them to software even if it means they will no longer require my services.”
Taxfyle: How do you build and maintain effective relationships with your clients?
Abel: I like to find out what my clients truly need and what their goals are so I can tailor my services to them. I like to figure out what really drives them. Honesty is important to me, and I will refer them to software even if it means they will no longer require my services.
T: What do you think are some of the biggest issues facing sole proprietors?
A: With the increased level of regulation there are always new rules or requirements for small businesses. There are payroll, human resources, and other aspects of running a business so it’s difficult for one individual to have knowledge on every aspect. If one were to hire all of the different professionals to do all of those tasks, one would find that money would run out quickly. There are efficiencies to be gained with technologies, but there are also headaches that come with it.
T: What advice would you give to small businesses that are just starting off?
A: Identify the costs of your business, and identify the barriers of entry. Decide how you are going to compete in that market and price your products or services accordingly. Surround yourself with good resources, whether that is people or technology. Also, find balance. Avoid scraping by with the minimum resources in the beginning that may hinder growth or else you will have to catch up in the future, as expenses tend to snowball.
T: What do you like to do in your free time?
A: I played golf a lot during my undergraduate studies in Hawaii. I would like to continue golfing, but I am a new father so my wife and son is my main focus right now. I also like dining out and playing or watching sports.
T: Is there anything else you would like to add?
A: Even though accounting is my profession, it is also my hobby. I’ve always enjoyed doing research on personal finance and finding ways to better myself personally.
Abel Soares III CPA, Golfer, New Father, Sports Fan.
