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A lot of celebrities taste success relatively early in life so much so that it gets very hard for them to handle their finances.
This gets them in trouble with the law and unfortunately Damon too has had some run in with the law.
It is not unknown that Damon was upset with his accountant, Donnel Surares, and was neck deep in trouble.
So what kind of accountant should he hire next?
We have enlisted some of the qualities that his next accountant must possess to him out of trouble.
1. Trust and Loyalty
This is the most important quality of all in an accountant and is even more important in case the client is a celebrity like Damon. The accountant should be capable enough of providing Damon with trustworthy record keeping and also strategise in order to ensure that he does not face financial problems in the future. He/she should also provide assistance to create an effective brand and help in managing the same.
2. Monitors the Tax Deadlines
Damon has primarily run into trouble due to non – payments of taxes since he reportedly owes about $2 million due to which he may face criminal charges. His accountant must and should monitor each and every deadline for just about everything and ensure that he does not default on any of the payments that need to be done. Considering that he probably cannot keep track of everything, the accountant must take over for him.
3. Manage Cash Flow
Managing both the incoming and outgoing of cash is very crucial since Damon being a celebrity does have considerable number of transactions being carried out with each one comprising of a substantial amount. The accountant must also provide advice while negotiating contracts and also assist by reviewing the contracts; compensation packages etc all the while keeping Damon’s best interests in mind.
4. Curtailing Business Expenses
It is quite obvious that Damon needs someone who can help him control his business expenses and can manage the accounts. This will allow him to remain carefree about the finance aspect of the business and completely focus on growing the same. Advice regarding new business ventures should be provided by performing investment analysis, projections and matching his goals with that of the investment. Risk assessment too will be very helpful.
Finding an accountant who has all the above mentioned qualities might just help Damon to get out of his financial troubles and turn it around for good.
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