When Shauna Collins enrolled at Lincoln University, she wasn’t sure what profession path she preferred to stick to. She sooner or later arrived up with a simple option: See what course she bought the best grades in and go after a career in that.
Accounting was it.
Collins graduated in 2001 with a degree in accounting and got a complete-time work as an accountant with an electrical power enterprise. On the facet, she began her own business enterprise furnishing accounting solutions for a mix of purchasers, which includes persons, nonprofits and firms.
By 2017, Collins had saved sufficient from her corporate career and created sufficient money from her facet hustle to go off on her individual. She now operates La Petite Tax Dame out of her home in southwest Philadelphia.
“My extensive-phrase objectives for my organization would be to use more accountants that search like myself and to instruct accounting,” Collins stated.
Only about 2% of qualified public accountants are African American and only about 1% of partners at accounting companies are African American, according to a 2019 survey by the American Institute of Certified General public Accountants.
A latest podcast by the Journal of Accountancy, which examined issues relevant to the deficiency of African Us residents in the marketplace, pointed to a absence of a continuing commitment to diversity by some major firms and the relatively little variety of mentors for Black accountants, compared with these for white accountants.
Collins explained she attempts to teach enterprise homeowners and faculty college students about accounting. She claimed, “I am going into schools educating college students about money literacy, so that they won’t be scared of figures or bored with them.”
Collins’ quick aim for her small business is to double her profits. La Petite Tax Dame generated about $75,000 in sales final yr, she claimed, and she needs to hit $150,000 this 12 months.
As she’s expanding her enterprise, Collins stays up to date on tax concerns by participating in skilled groups and attending specialist trade conferences.
She a short while ago turned an enrolled agent, so she can characterize purchasers right before the Inside Profits Assistance nationwide. To turn into an enrolled agent, a tax preparer have to pass a a few-element take a look at on particular person taxes, enterprise taxes and representation.
Desmond Hudson, owner of Hudson Tax Services and a mentor to Collins, encouraged her to turn out to be an enrolled agent.
“I was an enrolled agent just before her and I … mentioned this is a move you may want to make. The transfer helped to solidify her small business,” Hudson stated. “She is genuinely comprehensive at what she does and she has a nice clientele.”