Maryland Financial Consulting, Inc. provides a wide variety of services. Some of the most commonly requested ones are listed below. If you have a need and do not see that particular service listed, please call us. We handle many special and one-of-a-kind projects and may be able to help.
Accounting Software Selection & Implementation
There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Choosing the right solution that will meet the needs of your business now and in the future while also providing a necessary level of security is crucial. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution that is flexible enough to grow and change with your business.
Pre-Audit and Review Workup
Small businesses may need audited or reviewed financial statements for many reasons, including loan covenants, performance bonds, insurance, etc. Whatever the reason, audits and reviews are often very expensive. We can take some of the sting out of the process by analyzing company records and preparing in advance of the audit or review the primary workpapers that will be needed. This significantly decreases the time needed by the independent CPS to conduct the audit or review, with a commensurate reduction in cost. While we cannot guarantee a specific amount of savings, our clients typically save 30% to 50% on their audit and review expenses.
If your business does not currently have accounting staff or is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling or restructuring your business, we have the necessary experience and analytical capabilities to help you make the right decisions.
Business Entity Selection
The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. And as your business grows and changes, we can assist you in making sure that the entity you have selected remains the best one, or to restructure the business as needed.
Buying or Selling a Business
Few financial decisions are more important or complex than the decision to buy or sell a business. When you are ready to sell your business, we can provide support at every step. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and structuring the purchase to optimize your tax benefits.
Estate & Trust Tax Preparation
Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs.
Financial Analysis, Projections, & Budgeting
These tools, often overlooked by small businesses, are essential for proper financial and tax planning. Financial analysis provides the numbers to support, reject, or contemplate a course of action. Projections show how situations may evolve under various scenarios, providing a new dimension to decision making. Budgeting, with variance calculations, shows where underlying financial assumptions may need to be revised. We are ready to provide this type of financial analysis to you, and/or to create sophisticated pro forma spreadsheets for your own use and daily management.
Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We will work closely with your key personnel to develop and finalize accurate and timely financial statements.
An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit on a return that we prepared, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.
Management Advisory Services
Our Management Advisory Services focus on improving the efficiency and effectiveness of your business and its operations. We provide support in business planning, mergers, acquisitions, and other advisory support. Contact our office to learn about the full range of services we provide.
Constantly changing federal, state and local laws and tax regulations make payroll management an ongoing challenge for business owners; and the penalties for errors are high. Generally, we advise our clients to use the services of a dedicated payroll company, for the simple reason that they are usually the most cost-effective option. However, for businesses that choose a different path, we are well versed in the payroll tax laws, and can assist in any way from basic calculations to records retention to filing payroll tax returns.
Retirement planning is critical. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choices that are most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
Sales Tax Services
State and local tax authorities are looking to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner.
Tax Preparation & Planning
Effective tax preparation and planning can help you to minimize your tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.
From time to time we take on unusual projects, and frankly, it is one of our favorite things to do. A recent example involved recording and sorting the serial numbers and weights of more than 4,500 aluminum T-bars (425 tons of material) from digital photographs. This was to be part of a ship’s manifest and had to be completed before the vessel reached port — in only 3 days! Not exactly a financial problem to solve, but we were able to use our resources and a bit of innovation to make it happen.
If you have a problem in need of a solution, don’t hesitate to ask us about it. You may be surprised at how we can help.