Meet Frank Lopez | CPA & Partner of Lopez & Diaz Accounting

We had the good fortune of connecting with Frank Lopez and we’ve shared our conversation below.

Hi Frank, we’d love to hear more about how you thought about starting your own business?
My father owned a mechanic shop for over 20 years. Being raised in that environment encouraged me to think of the possibility of owning my own business one day. My parents taught my siblings and I the importance of education and to pursue higher education in order to create and find our career path. I obtained my Master’s Degree in Accounting and my license as a Certified Public Accountant in order to have as many options as possible in opening a business in the future. I recall moments when I worked with my dad at his mechanic shop and my dad did not fully understand the importance of financial statements, record keeping and profit margins. But he would continue to work hard each day to meet goals he would set.

As I worked in the public accounting sector, I gained the knowledge I needed to understand the reports and explain how to read the amounts being shown. I think of my father with each client I help navigate their business. They have a dream to work for themselves and support their family with a skill they enjoy doing. At times, their most difficult hurdle to overcome is one that has the least involvement with the actual product i.e., recording sales, expenses, reporting sales report, payroll and tax returns.

The requirements to operate a business will cause issues for a business owner for simply not being aware of the requirements. I find enjoyment being able to assist business owners in running their business and being able to unburden certain responsibilities.

Can you open up a bit about your work and career? We’re big fans and we’d love for our community to learn more about your work.

My professional career starts in public accounting. When I graduated from UHCL, I went to work with MFR (now known as Doeren Mayhew). I learned a great deal of financial statement reporting and applied classroom topics to the actual client situations. I began understanding networking and maintaining relationships that eventually became friendships that I still maintain today. I laugh now with them when we get together and discuss our first accounting busy season together, putting 70 hours a week not knowing if we will make the deadline. But together we achieved every deadline placed in front and I know that is what brought us together.

I left MFR for a larger firm BDO (formally UHY) this is where I was exposed to public company and the rules and regulations that governor the matter in which they operate. My clients were primarily in manufacturing of products, with locations across the United States. It was a great exposure to see an issue in one location and how it impacts the operation locally, but also understand how important reporting data in operations was a key component in making management decisions.

My last spot in my corporate world career prior to opening my own business was with Weingarten Reality. My role was with the internal audit department and this role helped reinforce the importance of having policy and procedures in place to avoid reporting mistakes, vendor payments and payroll issues.

The experiences from my career have molded my frame of looking at an issue from the financial, taxation and operational point of view. I understand that not all resources are available to address an issue and companies have to deal with limited assets to answer concerns and demand from products. I continue to work with my clients to find the answer to their issues and they are noticed. Being an accountant is just the being of my role with my clients, I will sit down with them and teach them to read financial and operational reports so they can see any issues in their production.

Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
This city is great and provides many options across the board for entertainment. I would start the week off by ensuring they visit at least a BBQ restaurant (the Truth), Tex-Mex (El Tiempo the original on Navigation), sushi (Soma) and Italian (Crisp). The weekends will be spent with day drinking at either Saint Arnold, Karbach, Eureka Heights or Gulf Coast Distillers. I would include a game to either Texans, Astros, Dynamo or Rockets depending on the time of the year.

Who else deserves some credit and recognition?
I strongly believe you need a great support team to achieve your goals and opening a business is no exception. I have my partner Anna Diaz. She has been a great support to have in the fox hole. Being able to discuss business decisions with her and having her perspective with certain issues has been an asset. Also, the encouragement we provide one another to trust the process and continue to know we are going in the right direction.

Chasity Mims, owner of Declared Marketing, who helped me understand marketing, advertisement and branding the company to have an image that reflects our personality. She has been a great network lead and a constant I will turn to and ensure I am planning my future expansion community reach correctly.

My friends and family for their support and constant encouragement. I have gained a few clients simply by word of mouth from loved ones.

Of course my wife, she understands the sacrifice in opening a business would have on our lives. Having an unknown income and adhering to a budget until the business reaches a certain level. She is also the one that sees the happiness in my face each time I reach a new milestone, see new clients, and solve issues for my clients.

Website: https://www.lopezndiaz.com/

Instagram: https://www.instagram.com/lopez.diazaccounting/

Linkedin: https://www.linkedin.com/in/frank-lopez-partner/

Image Credits
Anna Diaz, Partner Lopez & Diaz Accounting Frances Castaneda Dyess, Houston East End Chamber