Business Consulting - Overview
Companies today face countless complex business challenges. To help navigate through these challenges, McMill CPAs & Advisors business consultants provide a broad range of services in the areas of financial management, risk management, strategic planning, technology, operations, and human resources.
You need accountants for all of the obvious reasons - to help with your taxes and ensure your financial's are in order. But in order to stay competitive, you also need business advisors to take a good, hard look at the way you're conducting your business.
Preparing returns and reviewing your books are just the beginning. At McMill CPAs & Advisors, we specialize in providing ongoing, in-depth consultation to closely held and expanding businesses of any size. We focus on building close client relationships that add long-term value.
We offer a customized approach to our services that's based on your needs — combining in-depth industry knowledge and a longstanding commitment to growing companies.
These businesses – the majority of our clients – face unique challenges throughout their life cycle. Our partners specialize in guiding you through the start-up stage all the way through to sale or succession.
Contact us for a complete no cost Business Wellness Questionnaire for you and your key employees to fill out OR view a few Sample Questions from the Business Wellness Questionnaire. If you choose to complete the Business Wellness Questionnaire we will summarize your responses and use the information in extracting areas for improvement. It’s a good way to find out areas of “pain” in your business.
Our business consulting expertise includes, but is not limited to the following areas:
- Benefit Plans
- Business Valuations
- Technology Consulting
- Controller/CFO Services
- Business Systems Development
- Other Business Consulting Services
Business Consulting - Benefit Plans
Benefit Plans are an important part of an employee’s compensation package at your organization. If designed properly, it can be used as a tool to recruit and retain employees. McMill CPAs & Advisors can help you design a compensation package that fits your overall business plan, owner retirement goals, ownership succession plans and employee needs, all within the most profitable framework allowable by current tax laws. We have the ability to set up and administer a plan based on your business needs.
In today’s business environment most employees expect their employers to have an established retirement plan. We can design and implement a plan to fit the goals of the owner. There are various plan designs to allow maximizing a plan for the owners and set a budget for the amounts contributed to the employees. Some of the solutions are:
See Wealth Management
to get further detail about our services.
A big challenge for businesses today is offering a health plan to employees that the business can afford. A business owner cannot ignore the health needs of their employees, so whether you offer a traditional health insurance plan or offer health related benefits, we’ll help you evaluate and design a plan to accomplish the goals, needs, and budget of your business.
Health plans are full of options to offer tax-free benefits to the employees and payroll tax-free benefits to the employer. Various options include:
Medical Reimbursement Plans
Allows you, the employer to reimburse a selected amount towards employee health out-of-pocket costs. These amounts are not included in employee’s wages; therefore they are payroll tax-free.
Health Reimbursement Accounts
This rare but unique, employer-sponsored plan is similar to a medical reimbursement plan above. The big difference is it can allow any unused portion to be carried over to future years.
Health Savings Accounts
HSA's are commonly thought of as an account set up by an individual for health needs. These accounts can also be set up to be employer funded for all or a portion of the maximum amount allowed. This is a great way to look at lowering group health insurance costs by somewhat self-funding these insurance needs.
Cafeteria plans, also referred to as flex spending plans, attract and keep good employees by allowing them to buy fringe benefits before they pay taxes. Companies can also realize payroll tax savings by making these benefits available.
We can help you design a plan, complete all the necessary documentation and introduce the plan to your employees. Once your program is in place, we can help you maintain it with annual forms preparation and discrimination testing. It’s a great value for you and your employees, and we make it easy.
Accountable plans are a great way to allow your business to reimburse your employees for work related expenses, such as vehicle use, mileage, supplies, and meals. This is ideal to get employees money without involving payroll taxes. We can help you design a plan that makes the most sense for your business needs.
Business Consulting - Business Valuations
What is your business worth?
Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition. We can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company. Whether you plan to sell your business, retire, or determine a value for your estate, these services will let you know where you are so you can know where you need to go.
The prospective sale of a company might seem to be the obvious reason for getting a business valuation, but there are many other reasons as well. They include:
Factors that can make or break the value of your company
- Estate, gift and trust planning - A value must be placed on all assets, which includes the business, for estate taxes and annual gifting.
- Buy/sell agreements - A buy/sell agreement is an understanding between shareholders of a closely held business that specifies the terms and prices of a buyout when one or more shareholders want to sell.
- Mergers or acquisitions - If the merger is through the exchange of stock, both companies must be valued to establish a fair exchange.
- Divorce settlements - Typically, a business must be valued during divorce proceedings. The business is usually given to one spouse while the other receives assets of equal value.
- Litigation - In addition to divorce, there are other types of litigation that require a business valuation, such as eminent domain proceedings and insurance claims for lost business.
- Employee stock ownership plans (ESOPs) - An ESOP is a retirement plan in which company stock is donated instead of cash. The value of the stock must be determined annually to establish the employer's deduction for the contribution.
- Company report card - A business valuation is an excellent starting point for developing a strategic plan for your company's future. A valuation will point out areas of weakness and strength, as well as possible opportunities for future growth. Many businesses use valuations on a regular basis to objectively measure their company's performance.
There are some key ways to increase your business value or to limit your business value.
Top 10 Value Enhancers
Top 10 Value Detractors
- Trained, stable work force
- Established, creative management team
- Product/service with a clear competitive advantage
- Stable revenues and profits
- Clearly defined goals - corporate focus
- Expanding markets
- Opportunity for significant productivity increases
- Well-maintained plant and equipment
- Effective management information systems
- Barriers to market entry
Value Enhancement Advice
- Low morale and high employee turnover
- Dominant, autocratic leadership
- Highly competitive product/service lacking differentiation
- Volatile revenues and profits
- Lack of cohesive business strategy
- Stagnant or declining markets
- Limited productivity enhancement potential
- Poorly maintained physical plant
- Lack of management information
- Ease of market entry
Because of our experience with business valuations, we know what elements of a business will add or detract from the value. We can work with you to structure your business to make it more attractive to prospective buyers and enhance its value.
All Business Aspects
A business valuation takes into account all aspects of a business. You may believe the value of your business is net profit or gross sales, multiplied by some industry rule of thumb. It's not. In fact, using an industry rule of thumb formula often results in a value determination that differs greatly from the actual value that could be determined by a qualified business valuation professional.
Placing a monetary value on a company or business involves much more than simply determining what a potential buyer might pay for it. There are many factors that need to be taken into account - such as the type of company, market value, investment value, growth potential, tax laws and, of course, the individual circumstances of each business owner.
Accurate Value Determination
An inaccurate value determination, regardless of whether it is high or low, generally leads to undesirable consequences. If it's too high, your estate taxes will be excessive and savvy investors or prospective buyers will usually disregard the value. If it's too low, you can be sure savvy investors or prospective buyers will recognize it and take advantage.
But, one of the best reasons for obtaining a business valuation is to use it as a management tool for your business. A prime objective for all business enterprises is to improve and maximize its value to the owners. A properly prepared business valuation provides you with insightful information that helps identify your company strengths and weaknesses that affect value, allowing you to more effectively focus your energies in places that really count.
Our professionals have experience in a wide range of business valuation issues and will get to know your business. This will enable us to provide a well-reasoned, fully documented and defensible value opinion for your company.
Our firm’s special expertise and alliances
Lynette Pofahl, CPA, CVA, has over 20 years in the accounting profession in both private industry and public accounting. In addition to her accounting expertise, she has several years of experience in a wide range of business valuation issues and received her Certified Valuations Analyst (CVA) designation in February 2000.
National access to professionals
- Our firm is affiliated with CPAmerica International, an international association of accounting firms with access to professionals in virtually every industry across the country. You benefit by receiving targeted advice and service, regardless of your industry.
Business Consulting - Technology Consulting
Are you getting the information you need to make decisions in a timely manner? Is your staff trained sufficiently to use the technology to its fullest? The efficiency of software and hardware is essential to your business. McMill CPAs & Advisors can help you reduce costs and make your business run more efficiently.
We have worked with numerous clients in different industries and trained them on many accounting software programs.
We are able to analyze inefficiencies and develop ways to improve reporting. Our network of partners has allowed us to use specialists across the country for software that is not mainstream.
for ways to begin a path to becoming a paperless office.
Current Needs Analysis
- Determine your requirements
- Evaluate software and hardware options
- Make recommendations
- Assess and document your present accounting process
- Implement new software with hands-on training
- Develop and assist in interpreting financial statements and management reports
- Available for you and your employees
- Design the system around your industry or business
- Offer on-going support via telephone, modem, or on-site visits
Software We Work With
- Will obtain competitive bids for necessary hardware.
- QuickBooks Point of Sale Retail Peachtree
- CCH Software
- Mas 90
- Microsoft Excel
- Microsoft Word
- Microsoft Access (database software)
- Microsoft Outlook (internal/external e-mail, calendar, contact list)
- Microsoft PowerPoint (presentation software)
Business Consulting - Controller/CFO Services
Are you growing and need some help? If your company is in the position where it is too big not to have a controller or CFO, but too small to afford one, our advisory services may be a solution for you. We can fulfill the responsibilities these individuals have in an organization by administering these functions. We won’t make the management decisions, but we will advise you to make the decisions that need to be made.
Business Consulting - Business Systems Development
Is your business dependent on you? In today’s fast paced environment you need to treat every key process in your business as if you were a franchise. You being the key decision maker need to be freed up for strategic work. By developing thorough written systems in regards to performing daily and long-range tasks, you will accomplish a well thought out plan for employees to follow.
We can assist in:
- Reviewing your business for systems needed;
- Develop a plan;
- Implement the plan;
Business Consulting - Other Services
New Business Consulting, including Franchises
From entity design and set-up to developing a business plan that fits your unique scenario, our McMill CPAs & Advisors team has a number of years of business consulting experience making us uniquely qualified to advise a new business owner.
- Organizational structure analysis
- Entity design and setup
- Business planning and budgeting
For franchises we also offer accounting system set-up and financial reporting. Since we currently work with multiple national franchises we can share some “do’s and don't's” regarding franchises. Our PASBA
membership allows us to obtain key performance ratios to benchmark to various franchises or businesses throughout the country.