Addressing Your Financial Needs (Brylaw Accounting Firm)

Brylaw accounting is type of firm which covers practically everything when it comes to finance. From helping someone start a new business to Strategic Business Planning and from helping non-profit organizations to financial planning. This speaks a volume of a law firm like Brylaw Accounting who are experts in dealing and most importantly understanding how the finance sector works and how much benefit they can give to each and every clients of theirs.

Most law firms have maybe two or three specialty when it comes to dealing with the matters of finance, but Brylaw Accounting has expertise in all fields. You could be a business man looking for advice to grow your company and at the same time seeking advice on how to plan to have a secure future for yourself and your family. Brylaw accounting can do that that.

First they will advice you about your business and then they will set up a comprehensive plan to secure yours and your family’s financial well being. Brylaw Accounting will cover all the bases to protect you from unwanted taxes to help you through a difficult situation like personal injury, which could seriously hamper one’s ability to make a living. So if anyone out there has any concerns or query, please visit the highly experienced and qualified associates of Brylaw accounting and they will advice and guide you towards a safe and prosperous future.

Financial Bookkeeping

Brylaw Accounting in Chino Hills, California 91709

As a small business owner you have more vital things to do than to keep your own books. Brylaw accounting can take care of your books for you, so you can get back to the job of running your business and generating profits. Every month or quarter we do the following things.

These tasks form the solid foundation of any small business bookkeeping system. Brylaw accounting is the right firm which can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation: Reconciling your business checking account month allows the up keep your bank account, bookkeeping, and taxes up-to-date.

Income Statement: An income declaration basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

Balance Sheet: A balance sheet gives you a clear picture of your business’ monetary condition at an exact moment in time. Balance sheets, along with income statements, are the most basic rudiments in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger: The general ledger is the heart of your company’s financial records. These records constitute the central “books” of your system. Since each transaction flows throughout the general ledger, a difficulty with your general ledger throws off all your books. Brylaw accounting as the experience to review your general ledger system each month allow them to hunt down any discrepancies such as double billings or any unrecorded payments. Then they will fix the discrepancies so your books are always accurate and kept in tip top shape.

Unlimited Consultations: Brylaw accounting is always available to spend time with its clients to fully understand how to interpret and utilize the financial information.

 

Succession Planning

If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore. You’ve got some critical questions to answer like What happens to the business when you’re no longer part of the day today running? Will you have enough money to retire and have no liabilities? The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Brylaw accounting as lot of experience in succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, “replacement planning” for key roles is the heart of succession planning.

Comfortable or not, succession planning should be the main concern for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. Brylaw accounting will help you with these key issues of Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options. Who’s going to run the business when you’re gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they’re actively involved in the business or not.

The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred. Transferring family ownership often adds a tremendous amount of strain to individual family members. Brylaw accounting has the experience to talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

At Brylaw accounting we understand how you feel about the key issues above; we begin constructing your succession plan focusing on these 5 issues. Business Valuation, Business Restructuring, Tax Consequences, Retirement Projections and Tax Projections.

New Business Formation

Opening one’s own business is an exciting and exhilarating experience. It is for many turn out to be one, their lives most important decisions. But it is all the other things that comes after the excitement and when the thrill has worn off, then one can find out if there Small business will make it or not. It’s up to an individual to maintain that momentum and maintain that edge which made them take such a life altering decision which will remain forever. Brylaw accounting can make that happen for you.

A methodical and in-depth plan of action is required to fulfill your dream and achieve your goal of being your own boss and running a winning business. Success always lies in the path that you choose for yourself. Brylaw accounting will give you proper guidance which will help you avoid the common pitfalls that many new small business owners make when starting their new venture.

Brylaw accounting will help youPrepare an early business plan to clarify your marketing, management, and financial plans. It will establish your start-up capital needs and identify sources of start-up capital and backup sources if needed. A through plan will be needed to Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.

Brylaw will help select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate. And brylaw accounting has the best experience on selecting the right accounting software by evaluating your budget, needs and hardware. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful. Establish billing and collection procedures to maximize your cash flow. Establish procedures to monitor and control costs. Setup a home office so you can maximize your tax deductions. Prepare and file all required state and local licenses and permits. Prepare and file your application for your Federal Employer Identification Number. Provide payroll and payroll tax filing when you bring on your first employee. Comply with employment laws so you don’t get hit with fines and unhappy employees. Identify your business insurance needs. Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Brylaw will help you accomplish getting your new business off to a good strong start.

Strategic Business Planning

A Strategic Business Planning is something all companies do for future growth. At Brylaw accounting they will guide you and give structure to your plans and ideas which you have. Preparing a strategic plan at Brylaw accounting helps to spell out a company’s direction and keeps both management and staff focused on the tasks at hand.

A Strategic Plan is always needed when, Starting a new venture, product or service, expanding plans of a organization, product or service, Buying a new business and making a declining business successful. Brylaw will help develop a blue print which will allow the strategic Planners concentrate more on describing your company, its products, the competitive environment, management team, financial health, and business risks.

The plan allows you to identify and describe the target customer profile, features, return and benefits of your new venture, product or service. Justify that your plans are credible by thoroughly researching the need being filled with your new venture. Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns. Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture. Develop management plans including full descriptions of management systems and timelines for implementation. Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.

Projected financial plans allow you to efficiently predict upcoming tribulations, or even prevent them. In other words, the viewpoint gained through your Strategic Business Plan can make a major contribution to your company’s success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan. Identify building and equipment needs including vendors and cost estimates. Formulate company milestones including timelines for upcoming products and services in development.

Brylaw will help you develop a powerful Strategic Business Plan that drives your business to the level of success you deserve.

Brylaw Helping NGO and Nonprofit

Brylaw also gives its expertise to setup and maintain your non-profit organization’s by delicately handling the tax-exempt status.

Each NGO’s have to file all its financials to IRS which requires careful scrutiny which includes the following items.

Income Statement with very specific revenue and expense categories like donations and, salaries. Balance Sheet with detailed categories like cash, accounts receivable, accounts payable. Functional Expense Statement with all the expenses earmarked to either program services, fundraising, or operations. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings. And finally Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees and investment income.

The IRS uses these very specific revenue and expense classifications to decide if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications. Brylaw accounting can help you with that.

What brylaw accounting specializes can help your nonprofit in many ways. They have an very efficient Bookkeeping System, review of monthly statements, payroll management, training Ect.

If you’re starting a new not-for-profit organization Brylaw can help you prepare your organization’s 501 (c)(3) application for tax-exempt status. Brylaw accounting believes in helping NGO’s and nonprofits because the firm has very strong view towards social service. They offer their service to Help you setup and/or maintain your non-profit tax-exempt status by requesting a Free Consultation below.

 

FINANCIAL FREEDOM

We all need financial freedom in our life, even more so when we retire and can live comfortably in our old age. Brylaw is an expert in the field of preserving your personal wealth and giving its specialized attention. But the above mentioned expertise is only one of the activities Brylaw perform. Life is long and so are all the ups and down in one’s life. We all need guidance and a customized and comprehensive financial plan that will diminish risk, improve portfolio and ensure safe future is what everyone require.

The other expertise with Brylaw Accounting include, planning your children college education by having the ability and foresight to calculate the amount of money you and your child will need. Constant analysis of assets and periodical review of the portfolio will allow letting the customer know the shortfalls. That is why by developing an optimal savings plan Brylaw can give you risk tolerance and high return of investment.

Accidents can happen, when and where that is impossible to predict because there are certain things which are beyond our control.  Brylaw will advice and create a plan for you to Protect your family in case of you become disabled by making sure you have sufficient funds in your time of need.

We all want to know how our portfolio should look and we always set our goals accordingly. Brylaw will help you identify and give you the right stepladder desired to capitalize on your investment returns and minimize your risk.

Braylaw also has an excellent plan for providing a road map for passing your estate on to your heirs. Brylaw can ensure by increasing the value of the estate and by saving tax dollars, professional fees, and court costs. They will help you stay in control of your affairs

 

 

Corporate Applications

Every high-growth business grapples with decisions around the best business system to manage its expanding operations. Proper planning of an integrated business management software system often takes a back seat to short-term revenue acceleration goals. As a consequence, various disparate applications are installed at different points in time in various functional areas, resulting in business process inefficiencies and software integration challenges.

At Brylaw accounting real-time visibility is important in making timely informed decisions. When information can be accessed instantly from almost anywhere, without wasting resources on data extraction and tying data from different sources together, employees are better informed and can make more accurate, faster decisions.

By having better corporate application system process, changes can be implemented quickly, everyday business users are able to apply their functional expertise to tailor processes and applications in a way that improves performance. At Brylaw accounting, Business productivity is the goal. They help clients work faster, better and smarter. The upkeep of clients Finance/Expenses, Billing, track expenses and security of information are of the highest priority.

 

With the help of latest Accounting software Brylaw has given emphasis towards Business intelligence, Business process management, Customer relationship management (CRM), Database, Master data management (MDM), Enterprise resource planning (ERP) and Enterprise asset management (EAM).

With a smart corporate application in place Brylaw has managed to provide efficient service for tax preparation, wherein the preparation of taxes for individuals, sole proprietors, partnerships and corporations are done with personal and professional attention. Electronic filing is offered which is environmentally friendly and rapid refunds of taxes are also processed.

 

 

File Transfer

Law firms can often be caught between a rock and a hard place when it comes to technology.  Technology issues common to small firms can include both software and hardware. For example, the firm may not be large enough to warrant a brand new, expensive document management or case management software solution, but the old filing system on a shared drive just isn’t cutting it anymore. File Transfer Protocol (FTP) is the key to more efficient and secure method to transfer any files 

While someone might say transferring files securely to a party outside of your law firm can be worrisome, the days of mailing large boxes of paper documents are coming to an end.  Your law firm should start considering how best to deal with document management issues now.

One can opt for Dropbox a new FTP with regard to the transfer of confidential data; many firms are already using it or a similar cloud-based document storage solution. It has encryption capabilities, and even beyond those, several services have stepped up to provide a second layer of security.

At brylaw accounting the firm has made sure that the FTP is put in place to give the employee and clients have more secure form of transferring files for security as it deals with accounts for individuals, small businesses and large organisation.

While most firms are challenged keeping track of busy lawyers, it may not want to invest in a new calendaring system because, Outlook Calendar meets most of its needs.  Or, the firm’s experts no longer want packets of documents sent to them in the mail, but prefer a file transfer, and a small law firm does not have the budget to spend on a custom FTP (file transfer protocol) site. Brylaw has no such qualms regarding using FTP because if any technology can provide improved service, they will use it.  

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TAX BURDEN

Brylaw

Everyone has heard the phrase “The power to tax is the power to destroy.” Few know it derives from an 1819 Supreme Court ruling. In McCulloch v. Maryland, Chief Justice John Marshall, writing the majority opinion, held “That the power to tax involves the power to destroy[… is] not to be denied.” This phrase is universally taken to mean that the government’s power to tax is a terrible weapon that must be reined in as much as possible.

Brylaw

Not only are the corporations leaving, American citizens are, too. In both cases, it is taxes that are driving them away. A few times a year, the Treasury Department publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship. According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.

Brylaw accounting follows strict U.S government tax laws and has come up with innovative ways to reduce the burden of taxes by providing the best possible financial solutions.