Banks and Associates Inc

About Us

Banks & Associates CPAs. was established as a Maryland CPA firm to provide accounting, tax, and business advisory service to corporations, small businesses and individuals throughout the Washington D.C. metro area, We provide quality service for our clients by staying abreast of accounting and tax law changes and by taking a proactive interest in the smooth financial management of your business. At Banks & Associates CPAs we make it our goal to understand the individual needs of every client including addressing industry specific challenges, compliance needs and standard tax practices.

Banks B. Akinbinu, CPA

A CPA since 1986, Banks started his accounting career in a typical large corporation, paying his dues as a number-cruncher. There he learned the discipline and attention to detail necessary for exact and complete bookkeeping and accounting records, which do indeed track or "account" for every financial transaction, thus the essential backbone of accounting by definition.

Banks then spent several years in public accounting and private sectors, where he gained the experience of working with a wide variety of clients, large and small. There he sharpened his skills in accounting, audits, regulatory compliance and understanding of "what the numbers mean" in terms of tracking, managing and predicting the future of businesses.

It was here too that he discovered his true calling - Helping people, helping business owners and professionals to causatively utilize accounting information as a tool for being more successful (as opposed to the usual dread and lack of comprehension of taxes and accounting that puts most people at a disadvantage).

With his new found purpose, he formed his own company, Banks & Associates, CPAs with four primary objectives:

• Helping wonderful clients keep more of their hard earned cash.
• Taking the dread and stress out or money matters such as taxes, accounting, cash flow uncertainties, etc.
• Providing practical effective money management counseling as a routine part of tax and accounting services to clients.
• Giving clients financial prediction in their businesses, by giving them the tools necessary to create reserves, make more profits and expand while remaining viable and thus achieve personal peace of mind.

Through ongoing education, with special attention to tax savings, he keeps abreast of the latest changes in tax codes, typically resulting in savings of hundreds or thousands of dollars in taxes which are often missed by other tax professionals. One such area is through the selection of the best tax saving business formation or entity (C-Corp vs. LLC vs. S-Corp. vs. Partnership. etc.).

Additionally, his firm retains a specialized tax code research service to ensure that any unusual peculiarity in a client's business gets fully researched for optimum tax savings.

Another specific service is to help business owners through two notoriously treacherous phases of business - "new start-up" and "first major expansion" - by doing a "sanity check" on the owner's business plan and business model.

With this, he helps business owner avoid what might otherwise end up as an "expensive hobby" by ensuring they have the best possible chance for creating a truly viable and profitable enterprise.

Getting clients fully set up on good accounting software plays an important role in the success of a business. There is probably nothing more disheartening for a business owner than to waste valuable time and money on a venture that end up in a failure.

Banks is licensed as a Certified Public Accountant in Maryland and earned his BBA degree in accounting from Howard University, Washington, D.C.