Entrepreneurial Support & Client Accounting

Tax Compliance, Preparation, and Planning

The seamless transition from back-office accounting to annual tax compliance and planning is unmatched. Our team assists with the preparation of personal quarterly tax estimates and annual 1099 compliance, in addition to access to our full service tax team. Our tax team has the expertise to not only complete customary annual tax return preparation, but we are equipped for multi-state tax returns as well. We have the ability to handle sales and use tax compliance in addition to state nexus issues. We work hard to ensure the year-end switch from back-office accounting to return preparation flows with ease.

General Ledger Management

Maintenance of an accurate and up-to-date general ledger is the life blood of generating and preparing accurate and timely financial information. Our process includes a monthly reconciliation and review of key general ledger accounts, as well as providing and implementing all recommended changes to ledger accounts.

Cash Reconciliations and Cash Management Functions

Monthly, weekly, or daily (depending upon the need of the business); our professionals will provide accurate reconciliations of cash and updated cash flow forecasts and analysis to ensure that your business is operating with appropriate levels of cash flow and cash needs.

Accounts Receivable Management

Monthly, weekly, or daily (depending upon the need of the business); our professionals will track, manage, and handle all accounts receivable needs. From processing payments, to cash deposits and cash collection, we will handle all your accounts receivable needs.

Accounts Payable and Disbursement Management

Monthly, weekly, or daily (depending upon the need of the business); our professionals will handle all accounts payable items. From vendor payment to application of invoices and payables management, we will handle all your accounts payable and disbursement needs.

Fixed Asset Management

Maintenance and accurate reflection of all fixed assets within your business is vital, not only for financial statement purposes but for tax purposes. Differences in depreciable lives and deductibility for Generally Accepted Accounting Principles (GAAP) and tax can make for headaches and overall mismanagement of assets. Let our team of professionals manage depreciation expense and accumulated depreciation of your business assets for both financial statement and tax purposes.

Financial Statements and Financial Performance Indicators

Our team of professionals will provide a complete monthly financial package generated from your accounting system. This financial package will include balance sheet(s), income statement(s), and other performance related management ratios and analysis.

Our team supports business owners that own a franchise or are in a franchise partnership. While day-to-day operations of a franchise may be similar to a typical small business, there are some nuances in the setup and operations that we have experience and have a depth of expertise with. Here are a few areas:

Business Setup

Whether you are either a franchise owner or small business owner, you still have required state and federal filing requirements, such as business setup with the applicable department of revenue and unemployment compensation offices, obtaining your EIN, etc. However, franchise owners typically have a component of business setup with the franchisor. This setup could vary from financial statement and accounting reporting to overall business operation reporting. We can assist with this and have experience with specific company franchise reporting. Any Department of State registrations will be completed on your own or with your attorney.

Data Analysis and Transmission of Data

Most franchisors require monthly reporting of financial and operating results. This is usually done through a portal or link to a franchisors operating system. We can take the unknown out of this for any franchise owner and establish the correct reporting structure and communication for the franchisee and perform this uploaded information for them.

Franchise Fees/Royalties

Usually each franchisor has a monthly fee that it charges to the franchisee. It is usually a percentage of revenue (could be as low as 3% or as high as 20%, we have seen this vary by franchise). The franchisor does this to cover cost and administration and obtain some profit for the use of the franchise name. We can again establish the correct and accurate calculation of these fees and communication of these fees for the franchise owner in order to stay within the terms of the franchise agreement.

Interface with Franchisor Operations

Most franchises have operating databases in which operating data is uploaded monthly. We can assist with this, as we have worked inside of numerous franchise databases and can ensure that all required information is provide to the franchisor.

Other Business and Accounting Support

Just as we support our individual small business owners, we can provide the same support for franchise owners with back-office accounting, bookkeeping, payroll assistance, and other accounting matters.

You can learn more about our franchise services to hear David Blain, Partner & Director of Entrepreneurial Services, talk about the nuances in the setup and operations of a franchise and how our team can help.

Business Budgeting, Planning, and Forecasting

Let our professionals assist with taking your business to the next level by creating and establishing an annual budget, comparing it to actual financial results, and assisting with forecasting models helping to identify and achieve your business goals. Furthermore, our budgeting and planning tools can help prepare your business for both predicable and unpredictable future expenses; helping you to gain a competitive advantage in the marketplace.

Business Start-up Support

Let our professionals help you determine the most appropriate business and tax structure for your start-up. We will also help and support the establishment of business and financial operations and internal controls and systems design to ensure the right level of internal control is in place to mitigate any business risks that may be apparent.

Chief Financial Officer (CFO) and Controller Support Services

Let our team of professionals provide you with industry expertise to help you make financial and business related decisions, without the cost of having a full-time CFO or controller on staff. We can customize a plan that fits your business in order to support your financial and accounting related functions. Our professionals can provide support with many specialized related matters as it relates to your business.

Outsourced Staffing Model

We can assist your business by providing short-term accounting and staffing solutions to meet your business related needs. No job is too big or too small for our team. We can provide experienced personnel to meet your accounting and finance needs on an interim or long-term basis.

Support and File Management

Our QuickBooks professionals can support your business’s QuickBooks platform with:

• As needed operating support
• Customization of business general ledger
• On or off site file troubleshooting

Training

Our QuickBooks professionals have in-depth experience as QuickBooks trainers. We provide on or off site training customized to the need of the business owner, staff, and team.

File Installation and Setup

Our QuickBooks professionals can support all file installations and setups.

• Converting to QuickBooks
• Initial setup or updating QuickBooks software
• Customization of new or existing customer files and QuickBooks package functions
• QuickBooks file hosting

QuickBooks References/Tutorials

• QuickBooks Support
• QuickBooks FAQ
• QuickBooks Newsletter

Contact our QuickBooks ProAdvisors today!

Our team has the capacity and knowledge to assist clients with the following sales and use tax compliance needs through our State and Local Tax practice.

State Registrations

Complete state sales tax, income tax and other applicable payroll tax registrations. 

Portal Set Up

Provide assistance with establishing client specific portals in various states and/or linking sales tax accounts to previously established accounts providing a unified client portal. 

Notifications

Prepare monthly, quarterly, semi-annual and/or annual reminders for clients. Specifically, we contact clients, based upon their filing frequency, in advance of their reporting deadline to remind them to provide their sales tax data. This information will be used in the preparation of their sales and use tax return.

QuickBooks Assistance

Ability to serve both QuickBooks Online (QBO) and QuickBooks desktop (QBD) accounts. Our team can both directly access QBO or remote into QBD, including other general ledger (GL) packages, and pull the required sales tax data to prepare the corresponding tax return. Additionally, we would obtain client review and approval, provide applicable payment summaries and prepare journal entries directly into the GL system while recognizing any applicable earned sales tax discounts.  We also have the ability to accurately set up and establish a client’s product list for invoicing purposes in QuickBooks.

Templates

Build client templates to assist in rate calculations based on state or local jurisdiction codes. 

Avalara Implementation

We assist clients with oversight of the dashboard and filing of the respective tax returns.  Additionally, we prepare a cost benefit analysis identifying whether implementing a third party software was beneficial, based on current return preparation time and overall sales volume.