What are your business concerns?
Besides your home, your business will probably be the largest investment in your lifetime - an investment both financially and in time and energy.
As a full service CPA firm we want to be by your side every step of the way. Whether you need a total accounting package with monthly or quarterly bookkeeping and tax compliance work, or objective advice and consulting as needed, or compiled, reviewed or audited financial statements, we will tailor the level of services according to your needs.
Are you starting a new business?
What form of business entity should you establish?
Should you lease or purchase your capital equipment?
What kind of accounting/software system should you set up?
How many employees do you anticipate and do you know the required payroll reporting?
Are there any state and/or industry specific compliance issues that you need to know about?
We can guide you through the myriad of decisions required in starting a new business.
Do you have a business continuation plan in effect for your established business?
You know the importance of delivering a good product or service and standing behind it.
You also know the importance of keeping the books balanced, hiring qualified employees, beating the competition and meeting ever-increasing customer service expectations.
But until you address the issues of retirement planning, business continuation and rewarding and retaining key employees, everything else could be in jeopardy.
Did you know...
Only 58% of small businesses have formal written business continuation plans.
Only 37% of small businesses carry individual business life insurance and of those that do, 4 in 10 give the following reasons: To provide estate liquidity; to provide funds due to the loss of a key employee; to fund business continuation arrangements through buy-sell or stock redemption plans; and to provide additional life insurance benefits to owners and/or key employees.
Retirement plans are now the third most prevalent benefit (among small businesses), behind health care and prescription drug plans, but only 21% of them sponsor a 401(k) plan and only 16% sponsor a profit sharing plan.
Sources: U.S. Small Businesses in 2000; A dynamic Market. Authors: Nulifer R. Ahmed:Anita Potter; Karen Terry - March, 2001
What would happen to your business if you suddenly weren't here?
What would happen if you were disabled?
Would your business go on running smoothly without you, or would there be arguments over who should make executive decisions?
Would your key people stay on, or would they begin looking for opportunities elsewhere?
What about your best customers? Would they stay, or are you the reason they do business with you?
What is the valuation of your business and how can you maximize the value with exit/succession strategies when you are ready to retire?
Good business planning is more than just ensuring the stability of your business should you die or become disabled or desire to retire. It also includes using the business to reward yourself and your key people while you are living.
By combining Qualified Retirement Plans and Selective Benefit Plans you can:
- Set extra money aside for yourself.
- Help your employees prepare for their own retirement.
- Reward and retain key employees.