We provide the useful information you need to make decisions.

Results



Challenge:

“We are starting a new business and need help!”

Solution:

The Prospectus team understands the many elements required not only to start a business, but to create a sustainable and thriving business. From organizing the start-up to the creation of operating procedures, our integrated approach brings you the knowledge gained from years of experience. Using our “business start-up checklist,” we narrow the decisions to those that are necessary, and prioritize them based upon the needs of the new company. Circumstances may not allow for hiring a full or part-time employee, or the qualifications and job descriptions may not yet be clear. We employ a staff of professionals with versatile talents and make sure we match your job with the appropriate person. Prospectus can step in when needed, to allow the owner to focus on what they do best - generate revenue! We partner with our clients, not for temporary gain, but for long-term relationships and stability.

Example:

A sophisticated new business owner was busy with the many tasks of starting a new business. Creating revenue is his primary focus, but other necessary requirements take valuable time to complete. Our checklists helped to prioritize and streamline while our staff stepped in to reduce the burden placed on the owner.




Challenge:

“I want an accurate projection of our cash requirements for the upcoming weeks and my accounting software only gives me a retroactive picture.”

Solution:

Prospectus works with many clients to not only look at the current status of cash, but also at what will be required in the weeks ahead. Many businesses are profitable, but it is the management of cash flow that makes or breaks the success of the enterprise. This process can consume valuable time of the decision-makers. Prospectus can use time-tested methods to create a customized report, giving business owners the tools and information they need to approve payments, draw from lines of credit, issue bonuses or collect accounts receivable.

Example:

A client wanted to strategically utilize a line of credit while minimizing the interest accrued. Most lines of credit accrue interest on a daily basis. Prospectus created a two-week outlook, timing the draws and payments on the account to utilize it only on the days necessary.




Challenge:

“I have an employee that is leaving and would like to improve efficiencies so I don't have to replace her.”

Solution:

Prospectus will analyze your current staffing and the tasks involved to create a customized plan to accommodate for the many changes in the business world today. Internal controls are top priority when considering cash and accounting, and many times this process allows for the elimination of one or two positions without losing any productivity or control. Using Prospectus to analyze your needs, best utilize your current staff and supplement in areas that are lacking will allow you to more profitably run your business.

Example:

Over the last few years, we have helped a client change her accounting process and software to run more smoothly and efficiently, while she has chosen not replace two employees. Instead, Prospectus now works on-site approximately six hours per week, and has cut the CPA and tax preparation services in half.




Challenge:

“My church utilizes part-time and volunteer staff. How can we create a system that accurately reports the church finances and assures fiscal responsibility while minimizing accounting fees?”

Solution:

Prospectus works with church staff to present budget and financial reports. We perform a portion of the review or preparation functions while balancing it with an efficient approval method. We take an unbiased and neutral position regarding budgets and reports using time-proven systems to reduce the burden placed upon the church staff.

Example:

Prospectus teamed with the Financial Review Committee, the church secretary and other ministry leaders to eliminate the need to hire an accounting professional. This arrangement allowed the staff to do what they do best while having access to useful information to form decisions regarding the church.




Challenge:

“My business is growing and I need information for my financial institution and/or for tax planning. I would like this sooner and more readily than waiting for my tax return each year. Without paying for unnecessary reports, what are my options?”

Solution:

With an understanding of specific industry requirements in a variety of fields, our staff has extensive qualifications to perform compilations or review services. We work alongside business owners to create the reports that aid in decision-making, financing and tax planning, reducing surprises at year end.

Example:

A solid business was looking to expand, requiring additional financing outside of the owner's capital contributions. This business had historically sufficient cash flow and the tax return was the primary tool for the owner to understand the business profit. To obtain financing, a combination of accurate projections, budgets and mid-year reports were required. Prospectus enhanced the business' support staff by coordinating with the financing institution to accelerate the approval process. We provided the expertise to complete the required formatting, organization and accounting to set the expansion up for success.




Challenge:

“I need help with tax planning. I can't keep up with the tax rules!”

Solution:

Keeping up with the tax code is challenging. Not only do our CPA's attend continuing education courses, but also voraciously read the latest publications and use the most current release of industry respected software. With the uncertainty surrounding congressional action, we are committed to educating ourselves in order to adhere to the rules that affect our clients. In addition, we post recent changes to the Business Legacy Blog site to keep our clients informed and up-to-date.

Example:

An available tax deduction could greatly affect a client's taxable income considering recent changes in the client's life. In view of the age and financial status of the client, Prospectus brought this deduction to their attention, resulting in a significant tax savings.




Challenge:

“I would like to sell my business in the next 5-10 years. I want to create a succession plan that works!”

Solution:

Each owner has different goals, constraints and opinions regarding a successful succession of their business. Prospectus works with both the current and future owners to best adhere to those needs while establishing budgets and projections necessary to fund the transition. We understand how organizational structure and revenue sustainability greatly affect the realization of the plan. We provide a neutral perspective, as it is our job to look out for the best interest of the enterprise as well as the parties involved.

Example:

Prospectus developed a plan to reduce the financial burden of a succession plan while paying off the current owners of an S-Corp. Using the desired end result as our goal, we developed a plan that was not only financially feasible, but also reduced the tax burden of each party significantly due to the successful structure of the buy-out.