Louisville CPA Steve King discusses many of the ways his firm works with individuals and small businesses. MK CPAs & Advisors services clients across the company, including California, New York and Florida. The firm offers much more than the standard accounting services. The focus is always on adding value for MK clients. When it comes to bookkeeping and payroll, those activities can often either be trained (so the client handles it internally) or outsourced. Steve and the team are happy to provided vetted referrals. One of the goals of MK CPAs & Advisors is to work with business owners on the high-level issues impacting his/her company. QuickBooks Integration QuickBooks is an accounting software program. Steve and his partner Victor Meyerowitz (a QuickBooks Pro Advisor) can help to set up the software and train clients to use it effectively. This information enables the business owners to manage key metrics and run important financial reports. The more accurate the financial records are, the easier it is for managers to make the proper business decisions. Advisory Services Business and tax consulting is an integral part of the MK services. This includes a range of services from cash flow management, acquisitions to helping client manage the various stages of the business lifecycle (e.g. Pre-Start-up, Post Launch & Growth, Exit Strategy and Crisis Mitigation). Pre-Start-Up Services If you’re considering starting a business, there are many considerations. Estimating growth and expenses is a critical activity. Understanding if you’re adequately capitalized is something on which MK CPAs can offer advice and counseling. The firm was also once a start-up, so the empathy the team brings to the situation is a much appreciated by its clients. Selecting the proper entity type for your new company is important. There are tax implications, financial implications and even legal implications, depending on the type of entity you register. MK CPAs can help you to better understand how you should approach the business formation (i.e. Sole Proprietor, LLC, PLLC, S-Corp, C-Corp, etc.). Tax planning, even before launch, is a critical consideration. New businesses have start-up costs, many acquire equipment and inventory, as well as other necessary items. How these transactions are classified and booked is extremely important, especially in the early years. Post Launch and Growth The types of advisory services may change as the business begins to grow. Financial analysis and cash flow analysis are key ways to make sure you’re performing to plan. Tax consulting is a process business owners and managers should engage in well before the end of each year. Doing so will provide ample time to ensure transactions are made strategically as well as tactically. Once the year ends, most of the ability to take advantage of certain tax rules are done. This is particularly important with purchases of capital equipment and depreciation or other major financial transactions. Exit Strategy There are a variety of ways an owner may evaluate an exit strategy. It may be a sale of business, a merger or even retiring and simply closing the doors. Ensuring the small business has properly planned for an exit strategy requires specific steps. The objectives will change in terms of how the numbers look to a prospective buyer. MK CPAs can help with due diligence (either for the seller or buyer). At the same time, if the owner wants to retire, how cash is properly taken out of the business and assets liquidated, is a something that takes time to properly plan and execute to minimize the tax consequences. Audit Representation From time to time businesses or individuals are subjected to an IRS audit. MK CPAs will help the client work through the audit. They can provide the documentation the auditor needs to complete the process. Crisis Mitigation In times of crisis, ensuring business owners and managers have a solid understanding of financial matters may make the difference in its survival or failure. MK CPAs & Advisors is ready to step in and provide both advice and perspective to help the client make mission-critical decisions. Steve recently launched a video series called the COVID-19 Small Business Survival Update. This easy to understand series of brief videos can be found on YouTube (MK CPAs), the firm’s Facebook page (MK CPAsLouisville) and on the Meyerowitz & King LinkedIn page. Especially in the online environment, personal and business relationships are vital. This is especially true during crisis events. Steve and his team are well connected and can recommend additional resources, if the need is beyond the scope of their services. They’re always happy to help. At the end of the day, the want to ensure you understand how to make the numbers work. If you’d like to contact Steve King call the MK CPAs & Advisors office at (502) 587-9833.
