Although we are not a payroll provider such as ADP or Gusto, we do assist our clients with this aspect of the business. This is an important control for many businesses that do not want someone internally to have the ability to either see or modify other team member compensation. Please note that we are not an outsourced HR option, so we are not maintaining team member information or making intuitive changes to any staff’s payroll withholdings, reimbursements, or compensation without express written consent. Our role is to submit payroll to the third party payroll provider, update employee information as…

In order to ensure that we have a strong handle on the company’s short-term cash position we create a 4-8 week cashflow forecaster and then meet with a member of your internal team for a 30 minute meeting to discuss the cash ebbs and flows for the near term. In preparation for this report and meeting we will reconcile all of the business checking and credit card accounts as well as review the outstanding accounts receivables and payables. During this meeting, we collectively review the anticipated inflows and outflows to determine any action items needed such as pinging customers for…

If you permit your team to possess company credit cards it is important to make sure that all activity is properly documented and coded. We recommend using a service such as Expensify to ensure that all receipts are accounted for its corresponding activity. This software provides a strong platform for management approvals if required as well as an ability for the user to select from a list of accounts so that the activity is properly coded. If you choose to have us handle this aspect of the finances, your team would be responsible for sending all reports to us for…

As part of the forecasting and goal planning, we are always making sure we have a close feel for the year-end tax liability so there are no surprises. Monthly we will request to move money into a tax savings account to set aside a reserve based on our month-to- month assessment. In the fourth quarter we will take a deeper dive incorporating the shareholders individual information into the planning so we can “true-up” the reserve account. And of course, at the end of the year we would prepare the business, shareholder, and property tax returns. And don’t forget those pesky…