What is the role of accounting in wealth management?

Accounting plays a crucial role in wealth management by providing accurate financial information, tracking income and expenses, evaluating investment performance, and ensuring compliance with tax laws. This allows for informed decision-making regarding asset allocation, tax planning, and long-term financial strategy.

How does tax law impact business accounting practices?

Tax law dictates how businesses must record and report their financial transactions to taxation authorities. Businesses must follow specific regulations regarding deductions, taxable income calculation, and reporting deadlines to remain compliant and minimize tax liabilities.

What are the key considerations for accounting when preparing for taxes?

Key considerations include accurately recording all financial transactions throughout the year, understanding applicable deductions and credits to reduce taxable income, staying updated on changes in tax laws, maintaining organized records for audit purposes, and planning ahead to manage cash flow for upcoming tax payments.

How can effective accounting strategies minimize tax liabilities for businesses?

Effective accounting strategies that can minimize tax liabilities include taking advantage of all allowable deductions and credits; employing deferral tactics such as postponing income or accelerating expenses; choosing the right business structure; leveraging retirement plans; optimizing inventory management; making charitable contributions strategically; and seeking out professional advice for complex situations.

What are some common mistakes made in business accounting that can lead to issues with wealth preservation or taxation?

Common mistakes include failing to keep meticulous records leading to missed deductions or errors in filing; not staying current with changing tax legislation which may result in non-compliance penalties or missed saving opportunities; mixing personal finances with business accounts which complicates accurate reporting; neglecting quarterly estimated tax payments causing underpayment penalties; and inadequate planning for large expenditures or revenue shifts impacting cash flow during tax periods.

Fractional / Virtual CFO Services for Businesses

Plan with a purpose. Make decisions with confidence.

Hold on, can I even afford a virtual CFO?

It’s a fair question. There’s no doubt that an experienced CFO can help you make strategic financial decisions to help grow your business. But many businesses can’t afford to bring on full-time CFO.

Our virtual CFO services for small business (under $30M) solves this dilemma by providing strategic financial accounting and planning through a fractional CFO role. For a fraction of the cost of a full-time hire, you’ll be backed by our financial expertise to make key business growth decisions.

How are we different?

We are a licensed CPA firm in TX. Why does that matter? Anyone can call themselves a “virtual CFO” and have never been a CPA, or formally degreed in Accounting. Non-licensed people have no regulation, professional liability, or required to protect your data. Read more about how working with a licensed CPA firm is best for your company’s future.

Our virtual CFO services solve this dilemma by providing strategic financial accounting and planning through a fractional CFO service. For a fraction of the cost of a full-time hire, you’ll be backed by our financial expertise to make key business growth decisions.

Growth Stages & Services

Based on data collected from Infusionsoft, below are the seven company growth phases. Which stage is your company?

A primary difference Insogna CPA delivers to our clients, versus a non-licensed bookkeeping person, is our firm provides you with business protection and transparency of all your data.

Our experienced team easily integrate other CPA Accounting and Tax needs you will need too. And everything is communicated under one umbrella to maximize efficiency and minimize taxes for you as much as legally possible.

In addition to tax returns, we also provide strategic planning for your company. We help build a financial plan of action by advising accrual and cash accounting, revenue projections, budgeting, cash-flow forecasting and business processes. Plus, we identify Key Performance Indicators (KPIs), provide inventory support, and develop a comprehensive growth strategy with you.

At this stage, you need more than just data entry. While an outsourced Fractional CFO is not necessarily needed just yet for your small business, building your fractional Accounting services, Payroll, Tax Accountant, and Tax Savings foundations with Insogna CPA will allow you to easily transition into Virtual Controller and then into Fractional CFO services when needed.

As your business is expanding, your financial needs are evolving and already having a CPA team in place anticipating your outsourced financial Virtual Controller and Fractional CFO needs will be crucial to easily advising on your planning, forecasting and business advisory – all helping your business grow and put more money in your pocket for wealth building. We will help provide detailed financial analysis that looks at cash flow management, identifies potential risk factors and highlights opportunities to boost your bottom line.

Plus, we assist with leadership structure, venture capital guidance and merger/acquisition support. If/when you’re ready to scale, these Fractional CFO services are a crucial component of your future growth.

When you get to this stage, a virtual or part-time CFO will not be enough. At this stage, you should hire a full-time CFO.

Considering hiring a licensed Virtual CFO for your company? Let’s chat!

5 Ways Our CFOs Deliver Real-World Value

Our Virtual CFO Services

There are many companies offering virtual CFO services. Most are unregulated individuals you are entrusted with your most secure financial data. Trusting a licensed CPA with our team provides you and your business with the financial controls and protections you deserve to protect your wealth.

Below is a list of options we provide our clients as their company grows.