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5 Most Important Accounting Services Your Business Needs

Accounting services . You have opened a new venture of your own. That’s great news. Congratulations! You’ve big plans – high profits, a big customer base and a high sales rate! And you’re overexcited with the new venture. But did you plan on the accounting and financial part? How will you manage your expenses and calculate your profits? Did you think about the financial statements? 

If you’re a non-finance person, then these terms will sound gibberish to you! Then you need accounting services New Jersey from ThomasRoss Financial Group. 

Our group of knowledgeable accountants and consultants are there to help you with all types of business valuation services in New Jersey. In the case of a start-up business, you must keep correct books of accounts from the very beginning to avoid any unexpected losses.

We’ve listed 5 most important accounting services that your business needs. Go through the list and ensure you avail the same.

Tax consultancy services

If you’re earning, then you need to pay tax to the government. But confused about the method of calculation? Or do you want to know the tax evasion policies to reduce your tax burden? However, keep in mind that a normal accountant will not solve your tax-related problems. Approach ThomasRoss Financial Group to hire qualified Chartered Accountants for accurate tax consultancy services. Worried about the fee of the CA? Don’t fear our consultants charge pocket-friendly rates.

Bookkeeping

This is the basis of any accounting process. Appoint a normal accountant and ask him to record daily incomes and expenses. Since the bookkeeper will record all the transactions, hence if you don’t get a calculation for the money spent, you can easily check the journals, ledgers and the petty cash books. Searching for a good bookkeeper in New Jersey? We, at ThomasRoss Financial Group, have star bookkeepers with years of experience in this field. You can be assured that none of your transactions will be missed!

Management accounting

If you are serious about the venture, then you’ll want to expand it. Then it is important to conduct an internal analysis of your venture. How will you estimate the expenses and incomes? The management accountant will develop the budgets for your help. What’s more? What sales rate are you expecting in the next 3 years? You can’t just put a random number. Hire talented management accountants from ThomasRoss Financial Group for getting future forecasts and planning models of your business. Did you purchase assets for your business? Then learn to keep it safe for long-term cash requirements. Our management accountant will guide you on effective asset management processes.

Internal auditing

When you’re doing business always do it in the right way. You’ll find many people provoking you to engage in illegal and unethical activities. This can bring you loads of money! But how long can you continue earning using illegal methods? For this, an internal auditor is a must in your business. The internal auditing process involves checking into your business’s internal practices and confirming the legality of the same. Maybe you are following the legal path however your employees may engage in illegal activities. Who will suffer the consequences? Obviously, it’s you. Since you’re the owner of the business. Take a piece of good advice – hire a good experienced internal auditor from ThomasRoss Financial Group for your business and keep monitoring the illegal activities.

Forensic accounting

Last but the most important service that you need is the protection of your business from financial fraud. Every other day you might be reading about companies going bankrupt due to financial frauds by internal company members. You certainly don’t want the same to happen with your venture! The best solution is hiring a forensic accountant. Any kind of tax discrepancies, frauds and misconduct and any kind of employee frauds are quickly detected by forensic accountant. If your hire forensic accountants from ThomasRoss Financial Group, then you’ll receive litigation as well as investigative accounting support from them.

Are you tensed with the financial service part for your business? ThomasRoss Financial Group is there to always solve your problems. Our mission is to secure your money and help your business grow! There’s some more good news for you! Apart from the accounting services, we offer a varied range of other financial services as well. Take help from our experts. They will make an easy interpretation of the financial statements and help you in understanding the financial terms. 

For your new business formation, you can hire our consultants for financial advice. We do personal financing, retirement financing and estate planning as well. Want to know the value of your business before you sell it? Come to ThomasRoss Financial Group for accurate business valuation. 

Now you know whom to approach in case you are stuck with your balance sheet. Call us and get instant services from our experienced accountants.

Why Is Accounting Important for Start-ups?

Accounting service for start-ups. Generally, entrepreneurs do not have a financial or accounting background. That’s natural. Being an entrepreneur, you must give birth to a business idea. If you keep on meddling with kinds of stuff like accounts, finances and taxes then the creativity will be lost. If you’re planning on opening your business in New Jersey, then we have good news for you! ThomasRoss Financial Group is here with its business startup services New Jersey to help you with the number part of your business.

Our experts at business start-up services New Jersey can help you with accounting services, audits and reviews and tax consultancy services. Every other day we see most of the businesses failing because the owners have no idea about the importance of financial and accounting services. 

Do you want to be named among the failed businesspersons? If not, then take advice from our accountants at affordable rates!

Before you hire accountants and financial advisors, ask yourself why are you hiring them? Why is accounting important for your startup? Once you realize how important accounting is, you’ll be more eager to hire a good accountant. 

Have a look at these points and you’ll understand the importance.

  • Gives you an overview of your business

If you don’t maintain cash flows, incomes and expenses of your business then how will you know the condition of your start-up? If you’re a novice in financial matters, then the financial terms like statements, cash flows, budgets, petty expenses etc., may scare you. That is where ThomasRoss Financial Group will help you.  

Hire our financial advisors who will not only maintain the financial statements but also inform you how much your customers owe you and how much you owe to your vendors. Moreover, if you’re serious about continuing with the startup, then at the end of the first financial year you’ll be required to pay taxes. There again you’ll be needing a tax consultant for the job. ThomasRoss Financial Group is always ready to serve you.

  • Helps you estimating the future of business

When you’re planning on expanding the business, your focus would be on attracting as many investors as possible. Why would a person suddenly be ready to invest in your business? Show them the prospects of your business in numbers. Our accountants will help you develop future financial trends and project the future growth rate of the start-up to the investors and banks.  

Do you prepare daily budgets for your expenses? If yes, then why not do the same for your business? Budgets are very helpful for showing the future scenario of the business. Our business start-up services New Jersey also provides budget preparation services. Stay within your budget and you’ll succeed in financially establishing your company.

  • Shows your incomes and expenses

Suppose you don’t have an accounting system, then suddenly you’ll be overburdened with expenses that need to be paid and you won’t be having any money to do the payment. Big problem isn’t it? You can avoid any such problem if you maintain a petty expenses account, journal, ledger and profit and loss statements for the start-up. It is very important to keep track of your spending. Mere noting them down on a paper will not help you in calculating the amount of spending reciprocal to the amount of earnings you are having. 

At ThomasRoss Financial Group, the advisors are trained to provide you with advice on ways to reduce your expenses and plan your expenses. Hire them and learn smart ways of saving money.

  • Shows your business’s profitability

It does not necessarily mean that if the business sales are high, then your business is incurring huge profits. If you don’t use, your assets in a proper manner then the money you’ve obtained from the sales will be gone in payment of expenses and liabilities. Get an accountant and he will guide you about the asset management strategies. The profitability of your business is also a matter of concern for many other people. Customers, investors, board members all want to know the profitability level of the business. 

With our business valuation experts, you’ll not only get your start-up business valued but they’ll also help you protect your business profits to the concerned people.

  • Taxation consultancy

Whenever you hear the term “tax” you get afraid and start anticipating the huge amount of money that’ll be required to pay. But an accountant can help you out in these matters by showing you the loopholes and the deductions that your business can avail for taxation purposes. Call ThomasRoss Financial Group, for a good tax consultant. They will plan out the taxing concerns for you and will reduce your burden.

Now whenever you face a financial problem in New Jersey, you know whom to approach! Hire our consultants and help your business grow.

Evaluate Your Business During Mergers and Acquisitions

If you’re thinking of merging your business with a new profitable venture, then you need to know the actual value of your business. You can’t randomly ask the acquirer company to pay a price for your business without showing the actual value of your business. Struggling with the financial part and not able to determine the business value? Don’t take the pressure, when you’ve business valuation services New Jersey from ThomasRoss Financial Group. 

It would be quite unfortunate if the acquirer company pay you less than the amount you deserve. It must have cost you a lot of effort to build a business. Hence while merging it or getting it acquired by some company should be a profitable deal for you! 

Schedule a consultation with our financial advisors. Get your business valued using the best business valuation methods. For budding entrepreneurs, we’ve business startup services New Jersey. Now you can get budgets, income and expense statements and cash flow statements prepared from our financial consultants within the blink of an eye! Keep your numbers in track with our fast and cheap services!

If you don’t want to get deceived during M&A, then check out some of these tips. They’ll be useful for you when you’re planning for business expansion.

1. Maintain clear and true financial statements

If you’ve got a clean financial statement, then you’re sure to get the actual value of your business. The acquirer or merging company will have high confidence while proceeding with the matter if you’ve got a clear financial statement. Keep in mind, before M&A, you should clear all your debts. Debts are not good for business. They’ll decrease your business value!

Business accountants at ThomasRoss Financial Group will prepare your financial statements in such a way that they’ll show the current expenses of your business and the future probable expenses that can occur in the business after M&A. Now the acquirer will get to see the true value of the company and will pay you accordingly.

2. Calculate the net asset value

Once you hire our financial advisors, they’ll start your business valuation from the net asset value that you’ve. You might be thinking, what is net asset value? It’s not rocket science! You should be aware of the process of calculation of the net asset value of your business. Deduct your borrowings, redundancy payments, tax payments and outstanding liabilities from your audited amount and you’ll get the net asset value for your business.

For hassle-free results hire financial advisors from ThomasRoss Financial Group. Our experts will not only find out the true value of your business but also provide you suggestions on the best possible M&A deal.

3. Check the cost of acquisition

Why are you considering M&A for your business? Are you running the business for a long time and did your business profits become stagnant? So, why not start a new business rather than merging the old one? These questions should cross your mind as soon as you consider the decision of M&A.

What you need to do then? Consultants under business valuation services New Jersey at ThomasRoss Financial Group suggests comparing the cost of acquisition with the cost of starting a new business. When you compare don’t forget to include the assets, savings, marketing costs and product development costs. Now if you find you can start a new business at the same cost, then change your decision.

4. Keep smart financial plans

What your business strives to achieve in the next 10 years? This is a question that the acquirers will ask you before acquiring your company. Hence, if you want a good value of your business, make sure to highlight the excellent long-term goals of your business to the acquirers. But be sure that your goals are realistic! Don’t project a goal that is impossible to achieve.

Our services such as business startup services New Jersey will help you in this matter. They’ll review your business goals from the very beginning of your business and guide you to change them to some realistic goal. Business is no place for emotions. Hence keep your business goals clear and focused.

Wait, there’s more! Want to know your business value during divorce? ThomasRoss Financial Group is again the company that’ll help you. Buyouts, financing, restructuring and estate planning – we provide business valuation services in all these cases.

Looking for a good retirement policy? Book an appointment with our experienced consultant. They’ll help you with excellent retirement plans, estate plans and personal finance plans.

If you’re in New Jersey, then with any kind of financial issues you don’t need to worry now. ThomasRoss Financial Group is here to help you with all kinds of financial problems. Dial our number and book an appointment with the desired advisor. Avail our cost-effective financial services.

5 Major Types of Business Valuation Methods

Business Valuation Methods

There are many kinds of methods out there when it comes to business valuation. Some methods will work for you and some may not. However, it’s still important to know about all these different types of methods.

If you’re looking for business valuation services New Jersey, then look no further. ThomasRoss Financial Group is here at your service.

That being said, let’s first understand why business valuation is important.

Why is Business Valuation Essential?

When in the world of corporate and business, one always needs to prepare for all different circumstances and scenarios as the market is extremely unpredictable. In case your company or business is being sold, liquidated, or bought, you need to be aware of the current market value and need to be able to provide the documents and statements that prove the actual worth of your business. Hence why, you need business valuation. If you need business valuation services New Jersey, then you’ve come to the right place. At ThomasRoss Financial Group, you can avail services from extremely qualified business and financial analysts.

A valuation professional usually uses the market analysis, cash flow model, and financial statements to determine the value of a company or a business. If you’re selling your company, then you need to ensure that you get your company valued as a strategic buyer will definitely want to see the worth of your company before they invest their money. However, stay prepared for the fact that they may wish to perform valuation themselves and compare the result with the value you provided them.

Now that you understand the importance of getting your company valued, let’s move on to understanding the 7 business valuation methods:

1. Market Value Business Valuation Method

The market value business valuation method is one of the most effective approaches to business valuation. With the help of this, one can most likely get a near accurate value of a company. In this approach, our business analysts compare your business to businesses that have already been sold and once belonged in your industry. Needless to say, this approach only works after our financial analysts collect enough market data of your competitors. However, if you choose to do this on your own, then be aware that this will prove to be extremely difficult. Hence why, it’s recommended that you hire professionals for the task of valuing your company, as it’s highly unlikely that you’d have a public database.

This valuation method is a great way to find out the actual worth and value of your company. However, it’s always good sense to try other options when dealing with anything. It never hurts to get a second opinion.

2. Asset-based Business Valuation Methods

Now, we’re going to discuss the asset-based business valuations methods. You probably gathered from the name, these methods revolve around the business’s total net asset value of your company, without the value of its total liabilities, as per your balance sheet.

There are two main ways through which one can approach the asset-based business valuation methods:

Going Concern

Organizations that plan to stay in business and not be liquidated, and have their assets sold off immediately, should opt for the going-concern approach for an asset-based business valuation. This method considers the assets of a company without the liabilities, or business’s current total equity.

Liquidation Value

Whereas, the liquidation value asset-based approach to valuation is opted for only when it’s assumed that the company no longer is in business and its assets are to be liquidated. If the company is finished and its assets are to be sold, only then is the net value determined. However, the important thing to note here is that the worth of the assets is most likely going to be quite low, since the liquidations value typically is a lot lesser than the current market.

3. ROI-based Business Valuation Method

The ROI-based business valuation method is very useful as it can be used in many ways to determine the profit value of your company. For example, you can calculate the capital equipment investment, performance of your pricing policy, inventory investment, etc.

Here, we have mentioned some other methods through which you ROI to determine the value of your business:

. One can calculate the rate of earnings on stock equity and proprietary equity by dividing the net income from the total capital plus reserves.

. One can devise the rate of earnings on invested capital by dividing the net income and income taxes from the proprietary fixed and equity liabilities.

. One can calculate the rate of earnings of total capital employed by dividing taxes, interest, net income, from the total liabilities.

4. Discounted Cash Flow (DCF)-Based Business Valuation Method

Discounted cash flow-based business valuation method is also called the income approach. It determines the worth of a company by considering its projected cash flow. The cash flow, discounted or not, needs to be adjusted its current value.

5. Capitalization of Earnings-Based Business Valuation Method

Capitalization of earnings-based business valuation method measures calculates a company’s future profitability by considering its expected value, annual ROI, cash flow.

Need further assistance? Contact us today.

How to Value a Business During Divorce

Business Valuation

When you’re going through a divorce, it becomes impossible for you and your spouse to come to a mutual agreement on any matter. It is emotionally and financially stressful. On top of that, your wife is busy calculating your assets and wants an equal part of it! Again, if you have a business then the court assigns a value to your assets and business and divides the same accordingly.

How to deal with such financial stress at this crucial moment of life? Approach the financial professionals at ThomasRoss Financial Group for business valuation services New Jersey. 

Our business valuation services New Jersey helps you in identifying the value of your business and with the help of appropriate business valuation methods, assets and business are divided among you and your spouse. 

Has your wife appointed the best divorce lawyer? Then, he has probably sent you property claim papers on behalf of your wife. Will you just accept the claims and give up all your hard-earned money? Absolutely no. At ThomasRoss Financial Group, consultants on business valuation service New Jersey is here to help you out with suggestions. 

These pieces of advice may save you from losing all your money.

Equal division of all properties

When you are getting separated, all your properties get equally divided among you and your spouse. Majority countries follow the equitable distribution method in case you have a joint asset with your spouse. 

Both of you get 50/50 of the property. This sounds easy, isn’t it? Both of you along with your respective lawyers can sort out the matter. 

Property valuation becomes difficult when it’s a business property. Even if your wife is not engaged in the business, however, she is supposed to receive a part of the property. Now how to split the same? 

Our business valuation services New Jersey will help you with this matter. They will first calculate the value of your business property and then you both can mutually decide. You both can either sell the property or divide it equally or one spouse can purchase the share of the other spouse in case there is mutual disagreement. 

Valuation of your business assets and liabilities

First, separate your marital assets from your personal assets. For tangible assets, the court checks the market value and depreciation and finds the correct value of the asset. Now you both need to decide. Who wants the office furniture or the vehicle? Sell them and divide the amount between both. 

Now if you had a patent on your name, then be assured that it’s exclusively yours and it does not come under business asset valuation. So, your wife has no share in it. To get accurate valuation of your business assets and liabilities, contact financial evaluators at ThomasRoss Financial Group.

Calculate your business income and profits

Just as your spouse has a share in business income and assets, the individual is also required to share the business loss as well. At ThomasRoss Financial Group, our team of financial consultants focus on valuing your business profits, incomes and losses until the nearest possible date of divorce. 

Now you have the updated valuation with you. Any increase in profit level, any probability of future income or any kind of debt – you know it all and inform the same to your spouse. Everything gets divided equally.

Best method for business valuation

Any financial consultant you approach uses two common types of business valuation methods namely the book value and the market value method. To divide your business assets, the consultant will calculate the value of the asset from the financial statements. 

If your wife is claiming the car instead of property, then you are at a profit. You know why? Because as per book value due to depreciation car’s value decreases and property value tends to increase. 

At ThomasRoss Financial Group, we use market valuation system and we provide the value of your business from the viewpoint of an outsider.

Approximate time taken to close business valuation

It may seem emotional to fix the actual date of your divorce, but if you look at it from the financial viewpoint, then it is extremely important. Your divorce case may go on for years. Then whatever valuation you had done in the past won’t match with the valuation on the date of divorce. It is already a complex process. Please don’t make it more complex by not able to fix the date. 

At ThomasRoss Financial Group, our consultants start proceeding with your business valuation only after you can give a fixed date of divorce. Be assured that you are getting the nearest accurate figure matching to the date of your divorce. 

Hope this blog has been informational for you. For any business valuation-related issues, call us at ThomasRoss Financial Group, our consultants are ready to help you 24/7.