David Malone, CPA provides outsourced bookkeeping, management accounting and controller services to small and midsize businesses, residential rental property owners and nonprofits. You can choose from an à la carte menu of services to augment your in-house staff or we can become your outsourced accounting department.
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21 Ways David Malone, CPA, PLLC can help a Small Business Owner
If you are starting a small business or a small business owner running your business on a limited budget, you have probably spent some time trying to figure out where you can cut costs and do more on your own to stretch the funds you have.
One area you may consider doing it yourself instead of hiring it out is accounting. If you have an accounting background and a solid understanding of business finances, this may be a good place to cut costs. However, if you lack experience in managing the books of a business and expect to learn as you go, you should think twice. Managing your own accounting system incorrectly can hurt your business not only now, but also in the long-term.
Below is a rundown of the things that I can do for you, the small business owner. Review the list carefully, especially if you’re still unsure why I would be a good resource to add to your small business team.
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.
I can help by:
1. Determining the best business structure (i.e., sole proprietorship, LLC, C corporation, S corporation, or partnership) for you situation.
2. Assisting with the financial analysis in your business plan.
3. Providing advice on the type of accounting software you may need.
4. Providing advice and assistance on opening a business bank account.
5. Making sure your accounting procedures comply with government regulations and requirements.
6. Providing advice on how to track expenses during your daily business activities.
7. Explaining the importance of keeping personal and business expenses separate.
Regular Business Operations
Once your business is off the ground, you will need to maintain the accounting system that was set up. I can assist you on an ongoing basis by:
8. Helping ensure that your independent contractors are classified as such (and not employees) by the IRS.
9. Explaining your financial statements so you can understand the ins and outs of your business.
10. Overseeing company payroll and payment processes.
11. Providing advice on estimated tax payments you should make during the year.
12. Determining when, and to whom, you should send W-2 and 1099 forms.
13. Closing out your books and create financial reports at the end of the year.
14. Compiling and submitting your taxes, financial reports and all necessary paperwork to your Tax CPA or the IRS.
Business Growth Stage
When you are ready to grow your business, I can be an integral resource that provides advice and helps you manage the process.
I help during this stage by:
15. Help you determine areas of growth by providing insight on cash flow patterns, inventory management, pricing and business financing.
16. Provide advice on property and equipment leasing and purchase.
17. Help you prevent getting audited by the IRS.
18. Prepare you for and guide you through an audit, if necessary.
19. Create financial forecasts so you can make better decisions in your business.
20. Work with you to create a business budget that will support your business goals.
21. Provide advice and resources to assist you with the sale of your business.
The most important thing you can do when it comes to your business finances is to recognize when you need the help of a professional. David Malone, CPA, PLLC is that professional that will help you maintain the fiscal health of your business.
Our services will free your time and bring peace of mind:
• Bookkeeping Services
• Accounting Services
• Controller Services
• Management Reporting
• Real Estate Accounting
• System Setup & Optimization
BOOKKEEPING SERVICES
Outsourced Bookkeeping Services for Your Business.
Our scalable outsourced bookkeeping services removes the burden of staffing and managing in-house bookkeepers, accountants and controllers. We deliver a level of reliability, consistency and expertise that is typically reserved for mid-market companies with large accounting departments. With a fractional share of a full accounting department you’ll get the best of both worlds–expertise as needed without the large overhead.
When you choose to outsource your bookkeeping services with David Malone, CPA, you can expect cost savings over fully loaded expenses associated with hiring and retaining in-house staff. More importantly you will also benefit from our accounting expertise and experience to ensure your financials are in order and you are receiving actionable financial information.
What You Get:
Our bookkeeping services allow you to begin where you need us to help and add on when the additional need arises. You can customize our services by choosing which tasks you want to perform internally and which tasks you want to outsource to David Malone, CPA:
Our Bookkeeping Services includes:
- Accounts Payable
- Accounts Receivable
- Banking and Credit Card Reconciliation
- Sales Tax and Payroll Tax Reporting
- Asset Management
- Weekly review of detailed coding
- Review of bank reconciliations
- Reconciliation of balance sheet account
- Month-End Close Preparation
Benefits:
Removal of Burden
- No more hiring, training, retraining, office space, vacation and sick days
- Total financial systems design & optimization & automations
- Frees up more time & resources towards building the business
Peace of Mind
- Dedicated team & technology expertise
- Clean, accurate & timely set of books
- Audit-ready, year-round!
- Reduce fraud with internal controls
- Expertise-as-needed without adding staff
Financial Intelligence
- Custom Reporting Packages deliver financial knowledge for success
- Any time access to financial intelligence
ACCOUNTING SERVICES
Advanced Accounting Services to Improve Profitability and Growth.
Advanced accounting services delivers financial intelligence to help make clear data driven business decisions. For our clients, advanced accounting usually means project accounting and people accounting.
To get the proper financial reports we begin with the end in mind.
Your goal is to make meaningful, strategic decisions that drive performance. That’s why you want accounting in the first place. We begin by designing customized management reports and Key Performance Indicators (KPIs) that track and measure business-critical information. Then, we deliver your reports in a simple-to-read graphical format and help you understand how to use reports to better run your business.
We take the guesswork out of financial reporting
When you work with David Malone, CPA, you can count on accurate and up-to-date books. At a Glance Reporting and meaningful assessments and recommendations to help cut costs, grow revenue and earn greater profits. During the setup process, we’ll define procedures that defines your services with specific deliverable and timelines. Our professional service team will then meticulously maintain your books and help you solve problems and issues as they arise.
Based on your needs, your team will enter your financial data on a daily or weekly basis and close your accounts on time each month–creating discipline in your month-end closing process. We ensure your financial statements are accurate by making the necessary month-end adjustments. And, because we began with the end in mind, you can count on timely, actionable reports. Imagine, no more waiting for reports that arrive months too late to be actionable!
Benefits:
Imagine if you knew..
- Your most and least profitable clients
- Your most and least productive staff
- Which products or services deserve further investment
- Your realization rates (revenue per hour paid)
- Your utilization percent (percent of time spent on billable time)
CONTROLLER SERVICES
Reliable and Accurate Outsourced Controller Services for your Business.
Going beyond bookkeeping and accounting, our Controller Services provide critical oversight and account management to ensure that the right policies and procedures are implemented, and timely accurate financials are produced.
The cornerstone of services is our reliable, on-time month-end close that enables consistent reporting. We will help you analyze your financial and management reports each month with value-added assessments and recommendations for constant improvement.
Is your bookkeeper or office manager able to provide the insight you need to drive your organization forward?
There’s a big difference between bookkeeping and accounting. Bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing the financial data.
Access the Financial Intelligence You Need to Grow Your Business.
We will make sure you get the reports you need based upon your industry and business, and for clients that subscribe to our Management Reporting services we provide an easy to understand KPI dashboard, graphs and charts that gives you actionable insight into your financial world and business. Our team is dedicated to your business and we provide weekly and monthly financial insight based upon your scope and needs. You will always have access to the financial intelligence you need to grow your business.
Benefits:
- Financial Intelligence at your fingertips
- Monthly financial review
- Disciplined month end close
- Month end accruals
- Balance Sheet account reconciliations
- Fraud reduction
- Cash flow forecasting
MANAGEMENT REPORTING
At a Glance Financial Score cards and KPIs
Imagine, no more waiting for reports that arrive too late, or provide too little detail to be actionable. David Malone, CPA will help you can gain key insights into your company’s financial health with easy-to-scan charts and graphs–so you can make strategic business decisions. We will customize your financial scorecard with charts and graphs powered by current and accurate financial data.
These powerful financial Key Performance Indicators (KPIs) give you a quick snapshot into the financial well-being of your business.
Decision-Ready Financial Intelligence
David Malone, CPA will deliver your financial scorecards and KPI reports at the end of each month in a simple to read graphical format, showing exactly what you need to know to make informed financial decisions.
- KPI charts track your actual results by month.
- Trailing Twelve Months (TTM) Reports compare your twelve-month total for current month vs. prior months, eliminating the seasonality of your results.
- Trend Line Charts help even the most non-financial person on your team to tell if business results are trending up or down. We can create a Trend Line graphic for any report, at a minimum: Total Revenue, Gross Profit and Net Income. We can also add a Trend Line to your TTM to show the overall trend of your business.
- Anonymous industry base line and comparisons to gauge how your business is performing to other similar businesses within your category.
Monthly Financial Review
We’ll also help you understand the implications–turning financial data from your financial dashboard into business insight. We’ll schedule a monthly call or video conference with a member of your dedicated team to make sure you keep your eye on the key metrics and to answer any questions.
Your reports will also support your CPA in their role to help you reduce your taxes and be the proactive trusted advisor you need them to be.
REAL ESTATE ACCOUNTING
Proper Residential Real Estate Accounting Can Uncover Significant Saving
Are you an individual that invests in real estate or manages residential rental property? Are you maximizing your cash flow and reductions in federal and state income taxes? If not, then you will want to consider having David Malone, CPA conduct a detailed Cost Segregation Study on your properties.
What is Cost Segregation?
Cost Segregation is a commonly used strategic tax planning tool that allows individuals who have constructed, purchased, expanded or remodeled any kind of residential real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What is a Cost Segregation Study & How Does it Work?
When a property is purchased, not only does it include a building structure, but it also includes all of its interior and exterior components. On average, 20% to 40% of those components fall into tax categories that can be written off much quicker than the building structure. A Cost Segregation study dissects the construction cost or purchase price of the property that would otherwise be depreciated over 27 ½ or 39 years. The primary goal of a Cost Segregation study is to identify all property-related costs that can be depreciated over 5, 7 and 15 years. For example, certain electrical outlets that are dedicated to equipment such as appliances or computers should be depreciated over 5 years.
David Malone, CPA goes beyond a traditional Cost Segregation study and will also separate all of the different building structural components (such as the roof, windows or HVAC units) so when they are replaced, a loss deduction can be claimed on them.
Estimate Your Cost Segregation Savings Instantly
With our Cost Segregation Savings Calculator, David Malone, CPA can estimate your federal income tax savings and provide:
- Estimated allocation to 5, 7, 15 year class lifes
- Tax deductions and additional cash flow by year
- Net present value over 10 years and over the life of the property
Benefits:
Many residential real estate owners are surprised to learn of the compelling tax savings a cost segregation study offers. Below is a list of three of the most prominent benefits working with David Malone, CPA can offer you:
- Cash Flow
Generates immediate increase in cash flow through accelerated depreciation tax deductions.
- Write Off
Quantifies property’s major components and leasehold improvements so they can be written off when replaced or renovated.
- Review
Provides an independent third-party analysis that will withstand IRS review.
SYSTEM DESIGN & OPTIMIZATION
Setup Optimization and Integration to Accounting Technologies.
When we take you on as a client, we take the time to truly understand your business. We integrate all your financial systems and automate weekly and monthly processes to streamline operations. We flow chart and document your financial operations to ensure your accounting runs like clockwork. And we build and optimize your system to feed the KPIs, Financial Reports and Management Reports you need to make strategic business decisions.
We are experts in Quick Books as well as other accounting systems. We will build your system to provide seamless, integrated financial management that helps drive profitability.
Benefits:
Our comprehensive initial set up includes:
- Needs analysis and business driver identification
- Accounting system design & optimization
- Financial systems integration
- Financial data download setup
DISCLAIMER
This Disclaimer governs the terms and conditions for our services and providing information. By signing a letter of agreement, you acknowledge that you have read this Disclaimer and that you accept and will be bound by the terms hereof.
THE INFORMATION FROM DAVID MALONE, CPA IS PROVIDED “AS-IS,” “AS AVAILABLE,” AND ALL WARRANTIES, EXPRESS OR IMPLIED, ARE DISCLAIMED (INCLUDING BUT NOT LIMITED TO THE DISCLAIMER OF ANY IMPLIED WARRANTIES OR MERCHANT ABILITY AND FITNESS FOR A PARTICULAR PURPOSE). THE INFORMATION MAY CONTAIN ERRORS, PROBLEMS OR OTHER LIMITATIONS AND IS BASED ON INFORMATION PROVIDED BY THE CLIENT. AS A CONDITION TO OUR PROVIDING THE INFORMATION, THE CLIENT AGREES THAT WE ARE NOT LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL DAMAGES OR ANY OTHER DAMAGES (INCLUDING DAMAGES FOR LOSS OF BUSINESS, LOSS OF PROFITS, LITIGATION, OR THE LIKE), WHETHER BASED ON BREACH OF CONTRACT, BREACH OF WARRANTY, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. WE WOULD NOT PROVIDE THIS INFORMATION WITH AND OUT SUCH LIMITATIONS. NO REPRESENTATIONS, WARRANTIES OR GUARANTEES WHAT SO EVER ARE MADE AS TO THE ACCURACY, ADEQUACY, RELIABILITY, CURRENTNESS, COMPLETENESS, SUITABILITY OR APPLICABILITY OF THE INFORMATION TO A PARTICULAR SITUATION.
Any disputes that may arise concerning the information contained herein shall be governed by Texas law (without regard to conflicts of law principles), and all proceedings which may arise out of or in connection here with shall be brought solely in Dallas, Texas. The language in this Disclaimer shall be interpreted as to its fair meaning and not strictly against David Malone, CPA.