Businesses depend on accurate financial information to stay profitable and capitalize on new opportunities. Accounting and tax services provide support in all aspects of financial management, including initial accounting system setup, cost-containment, investments, employee benefit plans and profit-sharing plans.
Accountants also offer tax consulting services on how to save money by making tax-efficient business decisions. They also monitor compliance with current IRS regulations and ensure compliance with tax filing requirements and deadlines.
Fahim Ekbal Moledina is the Principal Consultant for Opti-Syn Consulting and is a business leader with expertise in project/change management, finance, lean/agile methods, as well as marketing and sales. He has a passion for technology and has led multiple business transformation projects.
Business Entity Selection and Restructuring
Choosing the right business entity is one of the most important tax and legal decisions a company can make. A well-chosen entity will reduce your tax exposure, protect assets and allow you to launch your business in an efficient manner.
A good tax team can provide a comprehensive analysis of the advantages and disadvantages of each type of entity so that you can select an entity that meets your needs from both a tax and legal perspective. The Smith + Howard team of tax professionals will work with you to customize a solution that addresses your needs and goals from a holistic perspective.
Restructuring is the process of altering a business’s organizational structure and/or its financial arrangements in order to improve efficiency or adapt to market changes. Sometimes, this entails spinning off certain departments into subsidiaries to take advantage of tax breaks.
Other times, companies restructure their debts or finances to help them survive. This is often done in response to lower interest rates or the need for cash to fund current opportunities.
Business Transactions and Transitions
A business transaction is a financial event that occurs when two or more parties exchange goods, money or services. This can be a formal exchange or informal exchange, such as buying a new computer.
Businesses complete transactions on a regular basis in the form of purchasing goods, paying rent and utilities, or paying employees. These events need to be recorded and measured for accounting purposes.
There are several different types of business transitions, from the oh so common merger and acquisition to family succession and management buy-outs. The type of transaction that is right for you will depend on your specific objectives.
A successful transaction requires attention to detail and a strategic approach. Marcum’s team of experts will help you establish prioritized, detailed transaction and integration plans that emphasize speed, buy-in and communication so that your core business doesn’t suffer during the transition process.
Employee Benefit Plans
Employee benefits are important to your business because they provide employees with financial security and support their health, well-being, and work-life balance. They also attract and retain talent and reduce turnover rates.
The types of employee benefit plans are diverse and can include 401(k)s, pension plans, and disability coverage. They are typically structured as defined benefit or defined contribution.
According to a 2019 report by the Bureau of Labor Statistics, employee benefits make up 30% of compensation costs in the U.S.
To develop a well-designed employee benefits program, employers should first consider their aim and budget. They should also assess competitors’ benefits practices and tax laws and regulations.
The benefits plan should be reviewed regularly to determine whether it meets the organization’s aim and employees’ needs. It should be modified as needed to improve its effectiveness. The benefits package should also be analyzed to identify opportunities for cost savings and benefits that are underused or not valued by employees.
Debt Management and Financing
The debt management and financing of Governments is a key component of sound fiscal policy, with important benefits for the broader economy. Effective debt management reduces borrowing costs and risks, and supports the development of domestic markets.
UNCTAD’s Debt Management and Financial Analysis System (DMFAS) programme is one of the world’s leading providers of technical cooperation and advisory services in this area. It offers a set of proven solutions to help countries improve their capacity to handle the day-to-day management of public liabilities and to produce reliable debt data for policymaking purposes.
To manage government debt efficiently, countries need accurate and comprehensive management information systems with appropriate safeguards. They also need staff with both public policy and financial market skills to carry out their operations.