..:: Winfree, Ruff & Associates, LTD. ::..


	Accounting Business Valuation Consulting for Small Businessess Forensic Accounting Quality Control QuickBooks Business Tax Services Disaster Recovery Payroll BizPlan College Planning Income Protection/Disability Insurance Estate Planning Life Insurance Mortgages Tax preparation/planning Accounting Along with basic accounting services such as general ledger maintenance, bank reconciliation and depreciations, we also provide: · Accounting System Consulting – we counsel clients on the types of accounting systems available using the experience we have with multiple software systems. This service is valuable in a new business start-up or when a client wishes to change the system they have in use. · Cash Flow Analysis – Clients frequently ask us “How can I have a profit when I don’t have any cash?” We can analyze the financial statements and help you understand the effect on cash that changes in assets and liabilities can create. It also helps determine borrowing needs and cash requirements when starting or expanding a business. · Budgeting – Many business persons want to operate their companies according to some type of financial plan – a budget. This is a sound business practice that we encourage. We help our clients in preparing meaningful budgets – possibly incorporating cash flow analysis. Sound budgeting helps track actual results compared to expected or anticipated results in order to help management react to changing business conditions. Back to top Business Valuation A business valuation involves arriving at an opinion regarding the estimated value of an ownership interest in a business entity (company) as of a given point in time. Business valuations are performed for a variety of reasons, including the following: · Selling all or a partial interest of a business · Buying all or a partial interest of a business · Mergers · Corporate or partnership dissolution · Divorce · Buy/Sell agreements · Gift, estate and inheritance taxes · Charitable contributions · Estate planning · Determining the need for life insurance · Obtaining financing · Preparing personal financial statements · Employee stock ownership · Determining damages Although many think a business entity has only one value, the purpose of the valuation has important bearing on the valuation process and in some cases the conclusion reached. Back to top Consulting for Small Businessess Are you unsure about how to run, manage, organize or set up procedures for your business? Do you feel that you spend too much time doing administrative projects and not actually selling or “doing the work”? Are you unsure as to how to grow the business, increase your market source or delegate responsibility? These are all questions that we can help you with. To find out how we can help, call for your ½ hour FREE consultation today. Back to top Forensic Accounting Forensic Accountants work with financial information for the purpose of conveying complicated issues in a manner that others can easily understand. They are often retained to analyze, interpret, summarize and present complex financial and business related issues in a manner that is both understandable and properly supported. Historically, forensic accountants who work in public practice were often called after owners suspected that fraud has been committed. Now, recent major corporate scandals have prompted business owners to turn to forensic accountants for proactive fraud checkups. The fraud these specialists are looking for is usually one of two general types: financial statement fraud or theft of assets. In addition to these activities, forensic accountants may be asked to determine the amount of the loss sustained by victims, testify in court as an expert witness and assist in the preparation of visual aids and written summaries for use in court. Back to top Quality Control This is not just for Manufacturers. Quality Control issues are faced by most small businesses. Is the product or service that you provide being offered at or in its’ proper form and method? Do you need help streamlining your operations? Do you have a lot of warranty or service call back issues? Have you determined and set guidelines and goals for yourself and your staff to ensure the highest quality of services to your customers? We can help you to determine and set your goals and put into place an attainable plan to reach and maintain those goals. Back to top QuickBooks QuickBooks is the #1 selling accounting software for small businesses. Put the power of QuickBooks to work for you for fast and easy financial management. We can help you whether you are a new QuickBooks user or an expert. We take pride in helping our clients establish and maintain their accounting systems using QuickBooks software. Let us help you with the following: 1. Payroll 2. Invoicing 3. Accounts Receivable 4. Bank Reconciliation 5. Cash Management 6. Budgets 7. Financial Reporting QuickBooks is inexpensive and very user-friendly. You will save time and money by using this valuable tool in your business. FREE ½ HOUR CONSULTATION- Call our office at 614-837-8291 and ask for Gary Bowen. He will give a QuickBooks demo and evaluation to see if QuickBooks is right for your business. Visit the QuickBooks web site at www.intuit.com for more information about the software. Back to top Business Tax Services Back to top Disaster Recovery Weather. Earthquakes. Fire. Tornado. Accidents. Terrorist. All these things could have a lasting input on your business if one would strike you personally – if you are not prepared for it. “There is nothing we can do to prevent disasters. But if one happens, we offer our clients recoverable information and a place to work.” An early and essential step in developing a business recovery plan is a risk analysis to identify physical and operational weaknesses, sources say. Next, the entity must determine the basic processes and assets it needs to function. That information is the basis for preparing detailed documentation of what to do in an emergency and how to do it for that organization. In theory, an individual having the resulting recovery manual can find the firm’s people, obtain equipment and support, use job-file and system backups and put staff to work in an alternate location. To create a comprehensive continuity plan, a business needs to: · Obtain senior management sponsorship. · Analyze environmental vulnerability. · Analyze the business impact of potential equipment and data loss. · Identify and document critical business processes. · Organize business recovery teams and determine the resource requirements to recover. Headquarters Computer operations. The disaster site. · Develop procedures to reinstate voice communications and business operations equipment. · Establish document – and date – recovery policies and procedures and test them every three months. Back to top Payroll Through our networking opportunities, we can set your company up with a payroll service that can completely handle every aspect of your payroll. These companies will do everything from direct deposit your employees’ paychecks to making your federal withholding deposits. If you are more inclined to handle your company’s payroll in-house, but need assistance with filing your quarterly payroll reports, we would more than happy to offer our services to you. We also prepare W-2s and 1099-MISCs at year-end. We also are representatives for PMI’s Risk Management services and CompManagement, Inc. These two companies have programs to help lower your Ohio BWC premiums. We can enroll you into a group rating with savings of up to 95%. Or if you are not eligible for group rating, we can get you the assistance your company needs to get back on track with BWC. Back to top BizPlan BizPlan is a program for self-employed business owners that provides for a noticeable savings on federal, state and self-employment taxes. This is a program designed by the Internal Revenue Service that allows you to deduct 100% of your family’s health insurance premiums and out-of-pocket medical, vision, and dental expenses that are not covered under your health insurance policy. Under BizPlan the self-employed business owner can also offer a medical reimbursement package to his or her employed spouse. Back to top College Planning Why save for college? A college education can be the key to unlocking your child’s full potential. A good education will pay a lifetime of benefits, from income to creativity and independence. But education is an investment, and one that is getting more expensive every day. Qualified State Tuition Programs. UGMA/UTMA accounts. Cash value life insurance. Savings Bonds. What choice is best for your family? We can help you discover the options that will best benefit your child(ren). Back to top Income Protection/Disability Insurance Most people have insurance coverage on their homes, auto, etc., but many have not realized the value of their future earnings may far exceed the value of their tangible assets. If their future earnings case because of an accident or illness, the loss of income could present serious financial problems. Disability income insurance policies can help replace a portion of the loss of income due to disability during one’s working years. The following is a list of features disability income policies can include: · Non-cancelable, guaranteed renewable provisions. · Protection against inflation for future benefits paid, referred to as Cost of Living Adjustment (COLA). · Various elimination periods before benefits begin, typically 30, 60, or 90 days, 6 months, or one year. The longer the elimination period, the lower the premium. A person’s liquid reserves, income, and existing disability income insurance must be considered when selecting an appropriate elimination period. · Some policies provide “Own Occupation” coverage and will pay benefits if those insured are unable to work in their specialized field. · Policies offer varying benefit periods. Some policies, for example, offer a lifetime benefit if the disability was caused by an accident, and to age 65 for a disability caused by illness. Disability can last for a long time. The longer the period covered by the policy, the higher the premium. · Disability policies may be purchased by an individual or by a company. Others may be acquired on a group or association basis. Other types of Disability Income Insurance policies include: · Key Employee Disability Insurance · Disability Buy-out · Business Overhead Expense Back to top Estate Planning We help clients in determining the impact of estate taxes on their estate. Suggestions are made involving shifting of assets and the use of trusts to reduce administration costs and Federal and Ohio estate taxes. We also help our clients to understand how estate and gift taxes are related. Suggestions are made regarding updating wills and appointment of executors. In this planning process, we will work closely with the client’s attorney. Back to top Life Insurance There are a number of types of policies, each with a different approach to fulfilling one’s needs for life insurance. Key considerations are the duration of the need, premium budget, and the purpose for the need. You will also want to take into consideration your own attitude about buying policies with underlying guarantees versus policies which shift more risk to the policy owner, and issues surrounding find the best “short-term price” versus considerations of lowest “long-term costs.” Your age and your general health may also affect your policy choices. Tax advantages, liquidity at death, family benefits….these are a few of the attributes of life insurance. And, life insurance is a product that can provide a known sum at an unknown time. “A spouse might not believe in life insurance…..but widows and widowers always do.” Have you provided for the financial protection of your loved ones? Back to top Mortgages and Debt Why is mortgage/debt services listed on a CPA’s firm service listing? Because most businesses use debt to finance their business needs. Are you using the most economical, tax effective cash management products? Is your bank or financial services provider offering you competitive rates on their products and services? Let us know if you want to know. Back to top Tax preparation/planning We offer several choices for tax preparation to individuals. You can drop-off your tax information or schedule an appointment to meet with one of our tax professionals. We also offer the traditional paper filing format and electronic filing (e-filing). We can also set-up your tax return so that you if you are receiving a refund, you can have it direct deposited into a checking or savings account. We also offer tax-planning services. We can examine your financial status and offer you tax savings tips. We offer several services that allow you to minimize tax due and maximize wealth. Back to top

All images & content Copyright 2008 Winfree, Ruff & Associates LTD.