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Wrong Michael Vovakes?

Michael Vovakes


Fiducial Inc

HQ Phone: (410) 910-5842

Fiducial Inc

10100 Old Columbia Road

Columbia, Maryland 21046

United States

Company Description

Fiducial is an international provider of professional business and financial services to small businesses and individuals. Established in Europe in 1970, Fiducial entered the U.S. market in 1999 through a series of strategic acquisitions and now serves cl ... more

Find other employees at this company (163)

Background Information


business administration
Penn State University



Rutgers University

Web References (4 Total References)

North Essex Chamber Members

www.northessexchamber.com [cached]

Michael Vovakes, CPA

248 Lorraine Ave
Upper Montclair, NJ 07043
Phone: 973-783-9212
Fax: 973-783-3844

Fiducial | We help your business grow and be profitable. | Accounting Services, Tax Services, Small Business Information

www.fiducial.net [cached]

Michael Vovakes, Montclair, NJFiducial | We help your business grow and be profitable. | Accounting Services, Tax Services, Small Business Information

Vovakes Provides a Guiding Hand for Small Business Clients
Michael Vovakes
July 6, 2005 ,Sometimes life's adverse events have a way of ultimately turning situations around.Just like it did for Michael Vovakes who lost his father at a time when he needed him the most.He was 16 and in high school, full of questions and wondering what to do about his future.
His father's death was a "shock to the system" that left him confused but by his senior year he went from being an average student to an "A" student.
"I woke up one morning and said I better get with the program," said Vovakes who has gone on to build a very successful Fiducial franchise in Montclair, NJ.
Solving clients' problems
With 41 years of accounting industry experience, Vovakes has helped many entrepreneurs grow their business and some even escape the throes of going under.Maybe it's because there was no one there to provide a guiding hand for him when he was deciding on a career that's made him more determined to solve his clients' problems.
One new client desperate for help just walked into his office saying he wanted him to be his accountant.It seems the client, an executive recruiter, had been a victim of some very shoddy work at the hands of his former accountants and owed $70,000 in taxes.
"In order to have to do that he would have had to pay tax on income that really wasn't there," Vovakes said.
Fortunately he was able to offset income with prior year losses to help reduce the client's tax liability which will help him save money on taxes for the next year and a half.
Another client was someone Vovakes knew from church that owned a company that had been closed down with $60,000 in losses.Under Section 1244 of the Tax Code, the client was able to take that loss on his personal return which led to a refund check of $16,000.But Vovakes had to work three months with a special unit of the Internal Revenue Service to get the matter straightened out.It was far from a slam dunk by any means.
"I would get responses back from the IRS saying they needed one more piece of information then another piece of information and ultimately it was rejected," he said.
Perhaps it's his attention to detail that separates Vovakes from the competition.
"I look at every financial statement," he said."I write them a note and give them a financial analysis.Everybody gets a comparison with prior years and comments on how they are doing so far this year.Occasionally I'll give them an in-depth analysis every couple of months on how they're doing compared against the rest of their industry."
Vovakes received a BS in business administration from Penn State University then added an MBA from Rutgers University and later became a CPA.Eventually he reached a point where he decided to buy a franchise and open his own business.
"I was 39 at the time and not really going anywhere," he recalled."I wanted to open my own office but I just didn't know how to go about doing it."
After some stalls here and there, he finally got the business on firm footing and it's been doing well ever since.Next May he will celebrate his 25 th anniversary in business.That's quite a milestone considering that about 20% of all small businesses fail each year.
The biggest plus for being your own boss, Vovakes says, is "the day never comes when you hear about your job being eliminated."

Century Business Solutions Results

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Michael Vovakes, MBA, CPA ... Count on CBIZ Century Small Business Solutions to make all the pieces fit perfectly. ...

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Michael Vovakes, CPA

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