Financial Planning
Financial Planning
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Some estate planning needs are unique to many business owners, and an accounting firm helps identify these. By looking at the big picture of a business and its key owners, the accounting firm is able to help develop the right mix of business entity creation and family trust establishment. Firms will work with estate planning attorneys, financial planners and insurance agents to implement long-term strategies for business transfers and to mitigate estate taxes.
Strategy and Operations
Many business owners are great at providing the product or service that is the backbone of the business. But business owners aren't always experts at the financial aspects of running a business. Accounting firms can assist with this. Copies of business bank accounts can be sent to accounting firms that work with bookkeepers to maintain accurate cash flow records. Accounting firms also create profit and loss statements that break down key areas of costs and revenue streams.
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