The Thousand Experience starts here.
We work with each client to customize a unique service package that will set them up to achieve their goals. This is where your journey to financial success begins.
Every client is different. Therefore, each Thousand Experience includes a customized suite of specific services that are curated from an in-depth discovery of our clients’ goals and ambitions.
Tax & Accounting
Corporate/Individual Tax Planning & Preparation
Today’s tax laws are extremely complicated. And, more than ever, it’s important to build a strategy for each year. We prepare and file individual, corporate, trust, and not-for-profit returns. As tax professionals, we will partner with you to create a plan that ensures there are no tax surprises when it comes time to file.
Small Business Accounting
Books a mess? No problem! If you own a business, we can help you. We’ll prepare your bookkeeping for the year as well as your Schedule C and your personal income tax return. Then, we’ll help you set up an easy system that allows you to keep your books in great shape for years to come.
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to…
- Identify lost checks, lost deposits and unauthorized wire transactions
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank
- Detect and prevent embezzlement of funds from within your company
- Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
An income statement, otherwise known as a profit and loss statement, 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.
An income statement allows you to…
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales
- Determine your income tax liability.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you…
- Quickly get a handle on the financial strength and capabilities of your business
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
- Determine if your business is in a position to expand
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
- Determine if you need to take immediate steps to bolster cash reserves
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.
Semi-annual or Quarterly Meetings
By investing time to regularly review and educate our clients on their financials, we believe business owners are empowered to understand the impact of their daily business operations. Questions in between? Call or email us anytime at no additional charge. Not only are there no surprises at tax time, there are no surprise invoices for phone calls and emails!
Business Services
New Business Formation
Opening a business is exciting! We can help you keep your focus on your business, while we manage the financial, accounting and tax details. But first, we recommend creating a solid business strategy and plan of action to help you achieve your goals.
How we can help:
- Entity structure
- Business plan preparation
- Determine start-up capitals needs
- Select the right accounting software
- Identify business insurance needs
- Prepare and file state and local licenses and permits as well as your application for your Federal Employer Identification Number
- Payroll
- Cash flow budget including billing and collection procedures
- Partnership agreement
Strategic Business Planning & Business Best Practices
We approach advisory services differently from most firms. By investing time to educate our clients on their financials and partner with them to create a customized strategic plan, we believe business owners are more empowered to understand the impacts of daily business operations.
We teach you the difference between expenses and what a balance sheet shows. From signing a check as a business owner to appropriately expensing that printer you needed, you’ll learn everything you need to know about how to run your business to your financial advantage. We educate you. We coach you. We make it happen.
Business Entity Selection
We protect you from those happy hour conversations that have you second guessing whether or not you are set up correctly. Sole proprietor, LLC, S Corp, C corp. We help you make the best decision for your business about the entity that will help you minimize your tax liability and achieve your financial goals.
Understanding Financial Statements
In addition to learning how to read your financial statements, we are there for you when you need a partner to help determine when to add a service or make changes to your fee structure.
Education Savings and Income Shifting
Planning for college? There are a multitude of ways we can help you plan for your education needs, whether you are a business owner or not, so that you or your children can finance the education of your dreams.
Cash Flow Planning
Our proprietary quarterly roadmap helps our clients stabilize cash flow and achieve their revenue and profit goals. No more worries about making payroll, and no more questions about when and if capital purchases should be made. Our team specializes in helping businesses manage and stabilize cash flow.
Retirement Planning
Everyone has a dream of retiring in a financially stable position. Whether you are a business owner or not, we can help you put the right plan together with timelines and goals to enjoy the retirement of your dreams.
Succession Planning
If you have a business and are considering retiring anytime in the future, you need a succession plan. We’ll help you with the succession plan that sets you and your business up for financial success.
Wealth Management
Investment Education
We help our clients realize their financial dreams. Individuals turn to Thousand Wealth Management when searching for an advisor who appreciates the emotion that comes with making financial decisions. The convenience of having tax and wealth management planning under one roof delivers peach of mind and confidence to our clients about the financial choices they face.
Tax Implications
Tax laws are constantly changing, and so much of wealth management has significant tax implications. If you don’t have the right funds in the right type of taxable accounts, all of that money you could be making could be taxed at the wrong tax rate when it comes out.
We live and breathe tax implications. Working with a financial advisor who is also your CPA just makes sense.
Risk Tolerance
Our experience also helps determine the right investments for every level of risk tolerance. Whether you are building wealth for retirement or building wealth in general, our experts will guide your investment strategy to minimize tax liability and maximize your return on investment.
QuickBooks
QuickBooks Setup
Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.
Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?
We can help you with all of these questions as well as the initial setup and installation so that your books are clean and correct from the beginning.
QuickBooks Training
Once QuickBooks is set-up and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business.
We offer 1:1 and group QuickBooks training courses.
How do we work with you one-on-one?
- We come to your location.
- We focus on the individual issues facing your business.
- We will be there to answer your specific questions and concerns.
Stay tuned as we roll out new options for group QuickBooks training courses from our new state of the art facility in the summer of 2021!
QuickBooks Tuneup
Overhaul your accounting system with a QuickBooks Tune-up.
Whether you need to prepare for tax time, a financial review, or you just need to clean up some problem areas, you’ll be prepared with a QuickBooks Tuneup. In about 4 hours, a QuickBooks Professional Advisor will help you clean up and organize your bookkeeping system. Tuneup topics include:
- Reviewing your transactions for the year
- Cleaning up stray entries
- Customizing report
- Balancing general ledger to subsidiary records
- Additional personalized training.
QuickBooks Review
Never Hesitate to Ask a Question!
Before we meet semi-annually or quarterly, we will review your QuickBooks files, ensuring everything is in proper order and uncovering anything that may need to be addressed. Staying on top of key indicators and making sure that records are organized and accurate is important to the overall health of your business.