La Petite Tax Dame wants to build a Black accounting firm

When Shauna Collins enrolled at Lincoln University, she wasn’t sure what career path she wanted to follow. She eventually came up with a simple solution: See what class she got the best grades in and pursue a career in that.

Accounting was it.

Collins graduated in 2001 with a degree in accounting and got a full-time job as an accountant with an energy company. On the side, she started her own business providing accounting services for a mix of clients, including individuals, nonprofits and corporations.

By 2017, Collins had saved enough from her corporate job and generated enough income from her side hustle to go off on her own. She now runs La Petite Tax Dame out of her home in southwest Philadelphia.

“My long-term goals for my company would be to hire more accountants that look like myself and to teach accounting,” Collins said.

Only about 2% of certified public accountants are African American and only about 1% of partners at accounting firms are African American, according to a 2019 survey by the American Institute of Certified Public Accountants.

A recent podcast by the Journal of Accountancy, which examined issues related to the lack of African Americans in the industry, pointed to a lack of a continuing commitment to diversity by some major firms and the relatively small number of mentors for Black accountants, compared with those for white accountants.

Collins said she tries to teach business owners and school students about accounting. She said, “I am going into schools teaching students about financial literacy, so that they won’t be scared of numbers or bored with them.”

Collins’ immediate goal for her business is to double her sales. La Petite Tax Dame generated about $75,000 in sales last year, she said, and she wants to hit $150,000 this year.

As she’s growing her business, Collins stays up to date on tax issues by participating in professional groups and attending professional trade conferences.

She recently became an enrolled agent, so she can represent clients before the Internal Revenue Service nationwide. To become an enrolled agent, a tax preparer must pass a three-part test on individual taxes, business taxes and representation.

Desmond Hudson, owner of Hudson Tax Services and a mentor to Collins, encouraged her to become an enrolled agent.

“I was an enrolled agent before her and I ... said this is a move you might want to make. The move helped to solidify her business,” Hudson said. “She is really thorough at what she does and she has a nice clientele.”