The wholly owned Puerto Rican consultancy continues to make its mark by implementing a strategy rooted in constant evolution to not only address, but also anticipate its clients’ needs.
In many industries, the client-supplier relationship has grown stale over the years, mired in a cookie-cutter operational model where “rocking the boat” and “thinking outside of the box” are all too often frowned upon. Once a productive working relationship has been established between both parties, once they enter the comfort zone, the innovation and proactivity stop. That’s where Falcón Sánchez & Associates, PSC breaks the mold and challenges convention by BECOMING A TRUE BUSINESS PARTNER.
Founded in 1981 by Ismael Falcón, CPA and Elba Sánchez, CPA, JD, Falcón Sánchez & Associates has been shifting the paradigm in business consulting for over 40 years, a rare feat in the local business landscape. The Firm has kept its status as one of the leading certified public accounting practices in Puerto Rico. Its services range from traditional and nontraditional accounting services, taxes, full-life cycle federal grant management, and management advisory support. Fulfilling their commitment to provide a broad base of integrated managerial services, Falcón Sánchez responds to the emerging needs of diverse organizations for nontraditional management consulting services in the areas of information technology, organizational development, and human capital.
“We love a challenge. Looking out for possible risks or issues before they happen is part of our DNA”.– Ricardo Falcón, CPA, Principal
The Firm’s successful business footprint began with the recruitment of highly qualified multidisciplinary professionals who have leadership skills and a commitment to excellence. Their expertise is nurtured through a rigorous professional development program, affiliations with international professional associations, and ongoing internal quality monitoring. Their unique integrated services approach has proven to be an extremely effective management philosophy for them and for their clients. This is evidenced by their prestigious portfolio of clients, the high degree of client satisfaction they enjoy, the steadily increasing demand for their services, recognition, and credibility within the business ecosystem.
The scope of the Firm’s expertise encompasses the areas of government, manufacturing, information technology, real estate asset management, nonprofit and nongovernmental organizations, travel and hospitality, retail and wholesale businesses, banking, employee benefits plans, sports, entertainment and gaming, and corporate affairs, among others.
“We’re trained to face changes and are equipped with a high level of professional experience, as well as the skepticism necessary to protect our clients’ interests in the face of today’s business risks.”– Rebecca Silva, CGMS, Federal Grants Senior Manager
The Firm’s services portfolio is equally diverse, with top-tier practice areas that include audit and assurance, outsourcing services, tax matters, business incentives, as well as risk and advisory services, and full-life cycle federal grant management. Regarding the latter, Falcón Sánchez is a member of the National Grant Management Association (NGMA). This sets the Firm apart as a certified Grant Manager and Grant Specialist, meaning that it has received the high-level training and education needed to effectively manage this type of funding among its roster of clients.
As a member of NGMA, Falcón Sánchez participates in the organization’s Corporate Alliance Partnership Program (CAPP). This initiative leverages the contributions from its valued corporate partners to expand continuing education and training options, resources, and networking opportunities serving grants management professionals. CAPP’s goal is to bring together a group of industry partners who support NGMA’s mission of raising the level of competency in grants management and celebrating excellence in the profession.
This area of expertise gains greater value for clients as Puerto Rico is set to receive billions in federal grant allocations related to recovery efforts from Hurricanes Irma and María in 2017, the 2020 pandemic, and most recently, the passing of Hurricane Fiona.
The NGMA supports over 3,500 professionals across grants management, including supervisory, support, accounting, and compliance roles. NGMA provides the education, resources, community, and support professionals need to understand grants management guidance; advance professionally and personally; and expand their network.
Falcón Sánchez’s client value proposition is further heightened with its membership in The International Accounting Group (TIAG), a multidisciplinary, worldwide alliance of independent professional service firms. The Firm’s association with TIAG empowers the consultancy to provide high quality, cost-effective, and value-driven legal, accounting, and other professional services across all industry and commercial sectors.
Helping drive economic development
The Puerto Rico Tax Incentives Code, known as Act 60, is a key part of the island’s economic transformation strategy. The incentives that the law provides are meant to spark investment and economic activity. Falcón Sánchez’s team of professionals can help investors and businesses leverage the benefits of Act 60, from the application process to implementation and compliance with the decree. With proper tax planning and sourcing allocations, the Firm has helped clients feasibly reduce their tax liability to nearly zero on income and assets generated and acquired.
Through its work handling all affairs related to the procurement of an Act 60 decree (issued by the Puerto Rico Department of Economic Development and Commerce), Falcón Sánchez has played an instrumental role in strengthening the island’s business and investment ecosystem. Its tax professionals have facilitated major investment from companies that bring innovative industries to Puerto Rico in the areas of energy, technology, manufacturing, and real estate asset management, among others. In addition to its expertise in tax incentives and the help provided to its clients, the Firm also specializes in individual U.S., State and Puerto Rico tax compliance, as well as overall Puerto Rico tax planning in income, property, and other direct/ indirect taxes.
No matter the nature of each client’s situation, clients expect from Falcón Sánchez & Associates a constructive and open dialogue as well as sounding board to entertain new ideas and strategies in dealing with an ever-changing business environment.
