Accounting and Bookkeeping

Small business owners have a lot on their plates which sometimes means that bookkeeping takes a back seat to more pressing issues. But virtually all small business owners understand the importance of having solid financial information to make sound business decisions. Gillam & Zetzl can take the burden of day-to-day financial reporting off your hands so you can concentrate on issues that grow your bottom line. Our firm can assist you with a range of cost effective options including:

  • Prepare financial statements on a monthly/quarterly/annual basis from your source documents (check stubs, invoices, bank statements, etc.). We are also available to meet with you to discuss your financial statements and help you interpret the results.
  • Meet with you on-site at your location to review financial data you entered into your accounting system and assist you in making any necessary corrections. We can also add or modify reports you need to successfully manage your business.
  • Assist you in preparing special reports for a parent organization or routine tax returns like sales/use tax.
  • Provide business start-up consulting including choice of entity type, software selection, bookkeeping training, registration with taxing authorities and a host of issues and questions that arise when making the bold decision to hang out your own shingle.

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Accounting Software Selection and Support

Gillam & Zetzl understands the importance of reliable financial information in order to manage your business effectively. Our firm can assist you in selecting a cost-effective accounting system that meets your needs. We realize that different packages may provide a unique fit for each business, which is why we take the time to really understand your needs and offer various options that meet your requirements. Our experienced staff can help you to make the right choice and implement the system you desire. Our services options include:

  • Accounting system design and implementation
  • QuickBooks technical support and training
  • Peachtree technical support and training
  • MAS90 technical support and training
  • On-site or remote service

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Business Succession Planning

Operating a business can feel like an all-consuming venture at times. Human nature is to focus on the urgent tasks while the important ones can often be moved to the bottom of the priority list. While it may seem a long way down the road, planning for your retirement from the business is critically important. Whether you are considering a sale to an outside party, or passing the business down to a family member, you need a plan to ensure a smooth transition. You've work hard to build your business, and the final step is to ensure its future success. Our firm can assist you in developing a comprehensive plan to transition your business to the next generation, including tax planning, operational control, buyer financing and other financial matters.

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Cash Flow Analysis and Budgeting

Every business must have their finger on cash flows on a daily basis. We can help you to understand the sources and uses of your cash flow, and assist you in tracking and forecasting them. Our firm is also adept at assisting clients in developing budgets. The budgeting process is important not only in predicting future cash flows, but providing a benchmark to measure results against throughout the year. We can help you generate regular comparison reports of budgeted versus actual results so you can stay on top of your bottom line.

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Gillam & Zetzl recognizes that you may need the assistance of a financial professional for your growing business that you don't have available in-house. Typically these situations arise from a short-term need like an employee who has taken a leave of absence or an open position you are working to fill. In other instances, however, it may be more cost-effective or confidential to simply outsource this key financial role which allows you to concentrate on other critical functions. We can work with you to tailor a package to fit your specific needs, so you only pay for the services you need. Utilizing the guidance and support of seasoned financial managers gives you another sounding board for discussing critical business issues on a regular basis. You will find yourself making well-informed decisions and will free up your valuable time when you utilize Gillam & Zetzl as your financial management function. Our services include:

  • Financial statement preparation
  • Cash flow management
  • Bookkeeping and general ledger maintenance
  • Accounts payable processing
  • Customer billing
  • Monthly and year-end closing assistance
  • Payroll and sales tax return preparation
  • Accounting system design
  • Internal control analysis
  • Finance manual documentation
  • Software training and assistance
  • Budgeting and forecasting
  • Evaluation of financing options

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Estate Planning

Estate tax issues have been the subject of much public debate in recent years, and the reaction has created a volatile environment of ever changing rules. Effective estate and gift planning can reduce estate tax burdens and provide for an orderly transfer of your assets to loved ones and charities. Business owners have additional complexities in transitioning an enterprise to ensure its long-term success. Gillam & Zetzl will work with your attorney to help you navigate these challenging, but important, steps.

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Financial Forecasts and Projections

A forecast represents anticipated results based on management's best estimates of future events. A projection, on the other hand, represents expected future results given one or more hypothetical assumptions. Examples of important hypothetical situations that could materially impact future results would include a major equipment purchase, merging with another entity or fluctuations in market prices for your product or a key purchase component. Gillam & Zetzl can assist you in identifying the critical drivers for your business so that a meaningful projection can be accomplished. Forecasts and projections are important tools for tax planning, cash flow planning and managing lending arrangements.

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Financial Statements and Assurance

The financial reporting process is important for internal analysis purposes as well as satisfying external requirements from banks, parent companies and others. We take the time to explain the various options available and help you in selecting the one that best fits your needs. We offer the following services:

  • Audit – An audit is the highest level of assurance service. It is a comprehensive, risk-based examination of an entity's financial statements in which we render an opinion on the fairness of the presentation. An audit includes consideration of an entity's internal control structure and function, as well as corroborating details of financial transactions with outside third parties. Although this is an intensive process, Gillam & Zetzl makes every attempt to complete the engagement quickly and efficiently with the fewest disruptions possible to your operations. While an audit is a significant investment of time and resources, it often identifies important operating issues that can strengthen your business on a go-forward basis. Our experienced team takes the time to document these issues throughout the engagement and discuss them with management in detail.
  • Review – A review engagement provides "limited assurance" that financial statements are fairly stated. This type of engagement includes performing analytical testing and management inquiry, but it is substantially less in scope than an audit, and consequently requires less time.
  • Compilation – A compilation is a service that assists you in summarizing financial information into the format appropriate for financial statements in accordance with professional standards established by the American Institute of Certified Public Accountants. No opinion or assurance is provided by the CPA on the financial statements or underlying information.
  • Agreed-Upon Procedures – As the name implies, an agreed-upon procedures engagement is one in which the CPA performs only specific procedures and issues a report only on those findings. It is typically much narrower in scope than an overall audit of the financial statements. Examples of this type of engagement might include reviewing compliance with grant specifications, examining certain types of expenditures, computing executive bonus amounts from a pre-determined formula or testing compliance with certain contract provisions.

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Payroll Services

Payroll administration requires complying with ever changing regulations, and as your business grows the burden to stay abreast of all the complexities seems to grow exponentially. Gillam & Zetzl can simplify this part of your business through our payroll services. Our professional staff can timely produce payroll checks for your employees as well as handle all the tax filings. If you desire a completely confidential system for paying employees, you can outsource the entire function to us. Alternatively we can assist you on-site with preparing your own payroll checks, or simply handle the tax reporting for you. Below is a partial list of services we offer in this area, call us to discuss your specific situation.

  • Payroll processing including check printing or direct deposit transmission
  • Preparing payroll tax deposits
  • Reporting new hire information
  • Assistance with garnishments and support orders
  • Preparing monthly, quarterly and annual payroll tax forms
  • Provide guidance on employee versus independent contractor issues
  • Prepare 1099 forms for non-employees

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Tax Planning and Preparation

Today's tax laws are complicated and getting more so every day. Even with the use of do-it-yourself computer programs, there's no substitute for the assistance of an experienced tax professional. It's too easy to overlook a deduction or misreport an item because you checked the wrong box or didn't understand the computer prompt. At Gillam & Zetzl every return is reviewed by a Certified Public Accountant. We send all clients a personal income tax organizer each year to assist you in gathering all the necessary information and help to ensure every deduction you are entitled to is identified. Timing can be everything, therefore, we encourage clients to contact us throughout the year to review their tax situation as the year unfolds. Open communication allows us to assist in year-end tax planning. We routinely prepare the following types of tax returns.

  • Individuals
  • C corporations and S corporations
  • Partnerships and LLC's
  • Estates, trusts and gifts
  • Not-for-profit organizations
  • Business property taxes, including abatement requests

Gillam & Zetzl is interested in your business and personal success. We take the time to provide proactive tax advice in a one-on-one type environment. Whether you need assistance with multi-state issues, need representation before taxing authorities, have been working abroad or simply want to discuss some what-if scenarios we are here to help you reach your financial goals.

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