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PACT INTERGRATION MODEL THE PATHWAY TO PERSONAL FINANCIAL SECURITY

Accounting/Internal Financial Reporting

An Accounting Tale – In the late 80’s we had a client a small developer and manufacturer agricultural equipment.  During this time, the internal accounting systems of small companies were extremely limited.  The computer age was upon us but still at its infancy (a lot of manual checking and account summarization).  When I visited the client one morning at his office his receptionist came and said, “Doug here is the Tuesday Report”.  I inquired “Doug, what is a Tuesday Report?” He replied, “A one sheet summary which shows me my cash balance, accounts receivable, vendor payments due this week shipments to be sent out this week and anticipated customer payments.” “So why do you call it a Tuesday Report?” I asked.  He stated, “Because I do not want to see it on Monday.”

The moral to this story is that regardless of the limitations of any financial reporting system business owners should and will create reports that assist them in managing their business.  Our charter is to assist you in getting the information you need on a timely basis so that you can reduce some of the uncertainty that every decision process holds.

We will draw upon our extensive background in financial and operational business systems and utilize that experience to create the financial systems and procedures that work in your business.  When necessary we pull in outside resources as required to add the muscle necessary; basic accounting up to specific system development all coordinated with your internal resources.

Tax Planning aka “I owe how much……..?”  – April 10, 20….

Taxes are no joke.  Planning is critical in today’s marketplace. The need to identify and reserve for anticipated tax liabilities is critical to make decisions related to other business matters.  Remove the uncertainty regarding your tax liability and know not just what you owe currently but how this year’s decisions will affect the future years tax liability.

Taxes for some businesses can take up anywhere for 10 to 20% of their gross revenue.  We get involved in many businesses where the goal is to increase the company’s cash flow.  The ability to project out your tax liability is crucial to managing your business and increasing your cash flow.

Our tax planning process is over a three-year time frame to give our clients the “lay of the land”, no surprises needed.

With our understanding of the tax law and we optimize your tax decisions and look at what makes you the unique client and therefore guide you in maximizing your tax deductions.

Tax Culture

There is no section of the Internal Revenue Code that states “an accountant who is aggressive is entitled to more tax deductions for his client than one who is conservative.”  The description aggressive or conservative have no place in the Internal Revenue Code.

The most dangerous combination in life is when someone is lazy and aggressive.  This is true in handling your personal tax situation.  Tax deductions are available but they must be documented and for business have a business purpose.

There is no rule that says you cannot structure your life to minimize your taxes.   The courts have stated repeatedly that there is no wrong in paying the minimum taxes as proscribed by law.

Documentation is crucial and mandatory.  When going down the path of tax minimization positions need to be laid out and documented to support the numbers on the return.

We believe that understanding you the client, your financial habits coupled with an exhaustive knowledge of the tax code will result in minimizing your taxes to the lowest amount proscribed by law.

Tax Compliance

Our firm’s goal is to remove the tax issue from your daily financial concerns. The culmination of our tax planning process is the actual filing of the tax returns.  Timely compliance without extensions is the most cost-effective way to handle the filing of tax returns.  As with all rules there are exceptions, such as not filing until pension contributions are fully funded.  However, in those cases the returns should be completed with only the physical filing to be completed.

Our focus is to expedite and finalize your tax returns early in the year to make way for business concerns of the current and future years.  Our system is established not to function as a historian, we need to be focused on the future and how we can achieve your financial goals.

Profit Improvement

We all seek to achieve our optimum results for our daily efforts, but at times we fall short.  Planning, Organization, Drive and Executions all play into the dynamic of improving profitability within an organization.  Analysis of our strengths and our weaknesses and getting a true picture of our capabilities in our business environment is crucial.

The financial management function of profit improvement is critical.  Our team approach which includes leveraging your internal resources and creating methodologies to analyze your current situational opportunities.

Let’s have a discussion “Challenge us to challenge you.” Together we can begin the journey to realize the organization you want to be.

 

 

 

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