For a business to be successful, it must have a growth strategy in place that combines minimizing operational costs while increasing profits. Whenever we have a client or prospective client that is starting a new business, expanding an existing business or simply want to find ways to improve revenue we set-up a consulting session with one of our experts and an Account Manager to discuss your potential business as well as your individual situation. While meeting with our consultants you we will go over the best type of entity structure for you, determine taxing/licensing filings, and recommend technical services we provide or specialized third parties needed to get your business off the ground.
At Tax Hub we provide our clients with strategic planning to assist with setting goals for properly timed growth while continuing to produce high quality and outstanding performance We are flexible, and demonstrate the ability to innovate, streamline and generate solutions to complex problems, and the ability to research, write, and develop concepts best suited for each of our clients.
Whether it is through consulting, accounting, or technical services, we want to serve you and make sure you succeed. We have helped several small business startups and existing businesses across a wide variety of industries succeed.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company’s day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
Employer Identification Number
Our Tax Professionals will help you with completing Form SS-4, Application for Employer Identification Number, to obtain an EIN.
Small Business Support
The Start-Up Process
When you start a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business:
- Choosing the form of entity of your business (e.g. “S” corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
- Assisting with the financial analysis in your business plan.
- Providing advice on the type of accounting software you may need.
- Providing advice and assistance on opening a business bank account.
- Making sure your accounting procedures comply with government regulations and requirements.
- Providing advice on how to track expenses during your daily business activities.
- Explaining the importance of keeping personal and business expenses separate.
Regular Business Operations and Compliance
Once your business is off the ground, you will need to maintain the accounting system implemented and set up. Tax Hub can assist with ongoing basis include:
- Helping ensure that your independent contractors are classified as such (and not employees) by the IRS.
- Explaining your financial statements so you can understand the ins and outs of your business.
- Collection of authoritative regulations i.e. I9 forms for workers, union rates, workmen’s compensation,
- Overseeing company payroll and payment processes.
- Providing advice on estimated tax payments you should make during the year.
- Determining when, and to whom, you should send W2 and 1099 forms.
- Closing out your books and create financial reports at the end of the year.
- Compiling and submitting your taxes, financial reports, and all necessary paperwork to the IRS.
Business Growth Stage
Tax Hub can be an integral resource that provides advice and assist in managing the process of task such as:
- Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing, and business financing.
- Provide advice on property and equipment leasing and purchase.
- Help you prevent getting audited by the IRS.
- Prepare you for and guide you through an audit, if necessary.
- Create financial forecasts so you can make better decisions in your business.
- Work with you to create a business budget that will support your business goals.
- Marketing strategy and pricing i.e. trends, supply, and demand
- Provide advice and resources to assist you with the sale of your business.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Tax Hub consultants utilize vast learning and development capabilities to identify the impacts to the work force, as a result of recommendations, and the necessary training need to allow staff to effectively operate in the desired future state following implementation activities. Training presents a prime opportunity to expand the knowledge base across enterprise. Training and development provides both the individual and organizations as a whole with benefits that make the cost and time a worthwhile investment. The return on investment from training and development of employees is really a no brainer.
- Improved employee performance–The training allow organization staff a greater understanding of their responsibilities within their role, and in turn build confidence. This confidence will enhance their overall performance and this can only benefit the organization.
- Improved employee satisfaction and morale– The training creates a supportive workplace. Organization may gain access to training they wouldn’t have otherwise known about or sought out themselves. Employees who feel appreciated and challenged through training opportunities may feel more satisfaction toward their jobs.
- Addressing weaknesses–A development program brings the organization to a higher level so everyone has similar skills and knowledge. This helps reduce any inefficiencies within the company who rely heavily on others to complete basic work tasks. Providing the necessary training creates an overall knowledgeable staff with employees who can take over for one another as needed, work on teams or work independently without constant help and supervision from others.
- Consistency– A robust training and development program ensures that employees have a consistent experience and background knowledge. The consistency is particularly relevant for the company’s basic policies and procedures. All employees need to be aware of the expectations and procedures within the company. Increased efficiencies in processes results in financial gain for the company.
- Increased productivity and adherence to quality standards – Productivity usually increases when a company implements training courses. Increased efficiency in processes will ensure project and task success which in turn will improve the company turnover and potential market share.Increased innovation in new strategies and products – Ongoing training and upskilling of the workforce can encourage creativity. New ideas can be formed as a direct result of training and development.
- Reduced employee turnover– staff are more likely to feel valued if they are invested in and therefore, less likely to change employers. Training and development is seen as an additional company benefit. Recruitment costs therefore go down due to staff retention.
- Enhances company reputation and profile– Successful training strategy helps to develop your organization brand and make the organization a prime consideration for attracting graduates and mid-career recruits.
- Blended learning– is the effective combination of online learning and classroom learning. Many of organization prefer their staff to learn on-site rather than attend off-site training.
Business Process and Recommendation
Business Process Improvement (BPI) is an approach designed to help an organization redesign their existing business operations to accomplish significant improvement in production. Effective BPI helps to generate promising results in operational efficiency and customer focus.
Tax Hub develop an end-to-end plan that will guide and inform stakeholders of each process activities. Address communication needs while building awareness and support from key stakeholders prior to conducting reviews. Review existing business process documentation and conduct stakeholder interviews to develop “as-is” process flows, and identify any issues, challenges and concerns that will drive process improvement opportunities. Compile the results of the business process reviews, identifying design or operating deficiencies, to provide recommendations that will improve business processes, organizational effectiveness and reduce the risk of non-compliance.