Mark Hughes, Ph.D., CPA

I have been a CPA since 2012. I began working as a tax accountant for a regional CPA firm. Soon thereafter, I started my own practice, working with small business clients, entrepreneurs, and small not-for-profits (NFPs). I also began teaching financial accounting at a local community college. In 2010, I became a lecturer at the University at Albany, teaching accounting and strategic management. You will find a list of all the courses I have taught in my Academic Resume. In 2016, I became the Director of Accounting Programs. I have published research on accounting education, entrepreneurship, and data analytics in accounting. In 2019, I created the first Data Analytics for Accounting course (BACC 419/519) for the University at Albany's Accounting program. I was the recipient of numerous awards for my teaching and research. A complete list of my published works and accounting-related teaching can be found in my Academic Resume. Since 2021, I have been the president of the Tech Valley Chapter of the Institute of Management Accountants (IMA). In that role, I organize monthly Continuous Professional Education (CPE) seminars for CPAs and other business professionals. In December 2025, I retired from the University, but I continue to work with small business owners and small NFPs, primarily as a consultant.

My primary accounting interests currently focus on entrepreneurial support, small business advising, strategic management, data analytics, and consulting. Below, I provide a brief review of the basic services entrepreneurs and small business owners should consider.

1. Financial Accounting

There is a difference between bookkeeping and financial accounting. Bookkeeping is the term used to describe the process of tracking sales/service revenue, expenses, and other amounts needed to create financial statements. Standard financial statements, including the (1) Income Statement (Profit & Loss Statement), (2) Balance Sheet, (3) Owner’s Equity (Owner’s Capital) Statement, and (4) Statement of Cash Flows. Financial accounting is a more holistic function, encompassing: (1) oversight and supervision of accurate, appropriate bookkeeping and (2) compilation and/or review of reliable, legally-compliant financial statements. Bookkeeping can be automated, using cloud-based applications, or it can be housed on your personal/business computer(s), using software. There are various accounting packages, including QuickBooks and Xero . Additional information on small business bookkeeping and financial accounting can be found on sites such as: (1) Shopifty.com, (2) Accounting.com, (3) Score.org, (4) Indinero.com, (5) DaveRamsey.com, and (6) TheBalanceSMB.com.

2. Cost/Managerial Accounting

Financial accounting allows small business owners to track their sales/service revenues and expenses, but additional analyses are required to minimize cost, maximize profit, and manage cash flows. Cost accounting uses financial accounting data and additional business-specific inputs to assist small business owners in critical decision-making. Cost management analyses clarify product-manufacturing, service, operating, overhead, selling, general, and administrative costs. These analyses also contribute to efficient and effective operational decisions, improved budgeting, effective business-process design, and improved cash flow management. Additional information, including a state-by-state guide to cost accounting and typical cost accounting methods can be found on sites such as: (1) AccountingEdu, (2) Investopedia, (3) AccountingCoach.com, (4) CFI.com, (5) YouTube, and (6) AccountingTools.com.

3. Tax Compliance & Tax Planning

The Internal Revenue Service (IRS) requires small business owners (and investors) to file more complex tax returns than individuals who receive a W-2 from an employer. Tax compliance involves preparing accurate tax returns and paying appropriate taxes. However, business owners also need to do tax planning, to minimize their combined individual and business-tax obligations within the boundaries of tax regulations. Business owners’ tax compliance and planning become more complex as their business interests, profitability, and personal income increase. Additional information on tax compliance and planning services can be found on sites such as: (1) CostHelper, (2) Wikipedia, (3) Chron.com, and (4) F2F Marketing.

4. Financial Planning

Business owners need to integrate their business interests and income into their personal financial planning. Financial planning includes a variety of issues, including (but not limited to) (1) business-succession, (2) retirement, (3) gift, estate and trust planning, (4) investment planning, (5) personal and business access to cash, (6) health, long-term care, and liability insurance, (7) asset/property management, and (8) philanthropic interests. When is it time to consult a financial planner what will it cost? Additional information on financial planning can be found on sites such as: (1) MoneyUnder30, (2) SmartAsset.com, (3) NerdWallet.com, (4) Investopedia, and (5) Chron.

5. Forensic Accounting & Valuation Services

Recently, forensic accounting and valuation services have received increased recognition. TV and web programs highlight the use of accounting to provide evidence in civil and criminal court proceedings. However, from time to time, small business owners may require these services. Forensic and/or valuation specialists (usually CPAs with CFE or ABV credentials) often assist small business owners (and others) with (1) fraud, embezzlement, and theft investigations, (2) pre-merger and acquisition (M&A) assessments, (3) copyright, patent, and trademark-valuation disputes, (4) alimony and child support claims, and (5) business valuations. Not all forensic accountants provide valuation services, but many do. Additional information on forensic accounting and valuation services can be found on sites such as: (1) Chron.com1, (2) Investopedia.com, (3) HG.org, (4) CFI.com, and (5) Chron.com2.

6. Summary

Small business owners should be cognizant of all the services listed above, but initially, their focus should be on financial accounting and tax compliance services. Ideally, these services should be obtained from a licensed CPA. As the business and the wealth of its owners grow, cost/managerial accounting, tax planning, and financial planning services become increasingly important. Additional business services, such as payroll, inventory-control, and legal consulting may also become necessary as the business progresses. Forensic and valuation services will likely only be necessary on an “as-needed” basis. Individual, self-employed accountants can often provide the financial and tax compliance services nascent small businesses require. However, as businesses grow and become more complex, accounting firms that can provide more diversified expertise may be needed. Each business owner will have to decide if/when expanded services are required. Additional information on accounting services and their associated costs can be found on sites such as: (1) CostHelper, (2) Thumbtack, (3) FitSmallBusiness.com, and (4) AccountingToday.com.

7. My CPA Practice

My personal practice focuses on small business advisory services. In particular, I enjoy working with artists, artisans, small micro-business enterprises, and small not-for profits (NFPs). If you need assistance determining what accounting services are right for yourself or your business, please contact me at the email listed below.

Get in touch at markhughesphd@gmail.com