CBIZ launches Latino-Owned Business Service Team

July 11, 2023

CBIZ has recently unveiled the Latino-owned Business Service Team, launched to meet the demand for Spanish-speaking accounting services that is driven by a sizeable Latino business community in the United States.

Veronica Quintana, a Director and experienced Certified Public Accountant with a 27-year career in CBIZ’s Oxnard office in California, played a pivotal role in the development and launch of the Latino-Owned Business Service Team, which was held in Hollywood in May this year. Recognising the challenges faced by Latino entrepreneurs, Veronica developed the concept to bridge the gap in accounting services and empower the Latino business community. She said of her new venture,

“A lot of the Latino community is under-served. That is what I’ve noticed from the referrals I’ve received. They are used to working with a tax preparer who is not a CPA and maybe that was fine in the beginning when they first started, but then they grow.

What triggered my plans to develop this service is that I realised I was the only Latina in my office over a number of years, but now we see more Spanish speakers entering the accounting profession, so we’ve had more Latino staff available.

There is so much work out there one person can’t do it all, so this change meant we could expand. My main objective is being able to service them and do a good job.”

Spanish-speaking accountants

Veronica aims to tap into the substantial market potential, expand its reach beyond the borders of California, and empower Latino entrepreneurs by offering them access to qualified accountants fluent in both Spanish and English.

Veronica explained the structure behind the initiative, stating,
“We have identified CBIZ professionals nationally that speak both Spanish and English and across all the typical services as a business would need, such as audit, forensic accounting, and insurance valuation.
So now, when the need arises, when we have a client that is more comfortable speaking in Spanish we have a bilingual team which puts clients more at ease, rather than working with translators where some issues or nuances can be missed.

This way we can more effectively provide a service that they might need to grow their business. It has always been my goal to ensure every business client of mine is successful. If you are successful I feel like I’ve done something right. I’ve been the right partner for you.”

International plans

While the initial focus of the Latino-Owned Business Service Team is Southern California, Veronica’s vision extends far beyond regional boundaries. Together with Francisco Bracamonte, Kreston Global Board Director for Latin America and Partner at Kreston BSG in Mexico, and other members of Kreston Global, Veronica aims to support Latin American clients seeking expansion opportunities in the United States and beyond. This strategic collaboration not only enriches the resources available to Latino entrepreneurs but also facilitates cross-border business growth and strengthens economic ties between Latin America and the United States.

Veronica is really excited about this development, ” I had the pleasure of speaking to Francisco Bracamonte. He invited me to their quarterly meetings with other Latin American countries, which was my first exposure to the Kreston network in Latin America. Everyone was very gracious, and I had the opportunity to share a little bit about what I do.

As a result, Francisco has now invited me to the Kreston LatAm conference in Peru. I will be presenting on the services we offer, as we have numerous Latin American clients. There is a whole world beyond the United States, as some clients prefer to do business in their own countries or have connections there and want to expand into the US market.”

The launch of the Latino-Owned Business Service Team comes at a time when the entrepreneurial spirit within the Latino community is thriving. Latino business owners often possess a strong drive for success and are frequently involved in multiple business ventures simultaneously. Veronica highlighted this characteristic, stating,

“Latinos are entrepreneurs. They love to create new businesses, sometimes they’re just not satisfied with one!”

Thriving community

According to a study by the Stanford Business School, the United States is home to over 62.5 million Latinos, with an impressive economic output of $2.8 trillion. The entrepreneurial spirit within the Latino community has fuelled the establishment of nearly 5 million businesses, generating over $800 billion in annual revenue, highlighting the significant economic activity and potential within the Latino business sector.

The data from the Stanford Business School emphasises the importance of recognising and supporting Latino entrepreneurs. By acknowledging their contributions and understanding the unique challenges they face, initiatives like CBIZ’s Latino-Owned Business Service Team are crucial in supporting Latino business owners to achieve economic success.

While CBIZ has long been a trusted name in the financial services industry, Veronica’s dedication to serving the Latino business community has allowed her to establish strong connections and a loyal client base of Latino business owners.

Success stories exemplify the transformative impact of the Latino-Owned Business Service Team. One notable example is a client who began with a produce company and expanded into real estate investments. Recently, the client completed an event centre. Through comprehensive services such as tax advice, cost segregation studies, and succession planning guidance, Veronica supported her client to navigate the complexities of business expansion, maximizing the entrepreneurial potential of the business which was on the brink of collapse when he walked into her office.

Future plans

Looking ahead, Veronica sees significant growth for the Latino-Owned Business Service Team. Her strategic vision involves expanding the team geographically to cover more regions across the United States. By collaborating extensively with Kreston firms and industry professionals, CBIZ aims to serve as a catalyst for the success and prosperity of Latino-owned businesses throughout the United States and beyond.

If you are looking for a Spanish-speaking professional accountant, get in touch.