Professional Service Firms

As accountants, we have a lot in common with architects, engineers, physicians, dentists, and lawyers. Each profession requires specific training and licensure by the state of Virginia, practitioners have deep passion for their specialty, and we face many of the same business challenges.

Given all that we share, it should come as no surprise that Hantzmon Wiebel has long had a specific practice geared to professional service firms. We understand the shared rewards of this type of business model and can offer insights and advice based on our years of experience with these types of firms. We know what it takes for professional service firms to achieve optimal tax efficiency in all areas of the practice to maximize the economic return to owners. We know what does and does not work.

In our experience, professionals prefer to do what they love and focus on their area of expertise than handle the accounting, tax, and detailed financial matters that we address. We do what we do best so you can too.

Our Professional Services Include:

Compensation Models
Determining a fair and reasonable compensation system feels complicated to many. Let us help you consider your options.

Retirement Planning
Many retirement plan options exist that might make sense for your firm, and each has tax and other short-term and long-term financial consequences. We can assist as you decide which works best for your firm.

Buy-Sell Agreements
A must-have for organizations with two or more owners, these documents dictate what will happen if an owner dies, is incapacitated, or wants to leave the company.

Admission and Exit of Owners
We can help you determine how to add owners, calculate buy-in, and think through other financial matters. Similarly, we can assist with payout provisions as owners depart.

Tax Planning and Consulting
We want to help you keep more of what you have worked so hard to earn. Effective planning will help you reach your financial goals in the most tax-advantaged way.

Key Performance Indicator (KPI) Trend Analysis
Do you know how well your business performs? Daily? Weekly? Monthly? Yearly? We can help you identify your key performance indicators and set up a dashboard to help you track key metrics.

Benchmarking Studies
How do you stack up against the competition? Are your costs in line? A benchmarking study can provide insight and information to improve your position.

Accounting System Consulting
Let us weigh in on which software and system will work best for your company.

Billing and Accounts Receivable Management
We can offer strategies to help you get bills out more quickly and improve collections.

Accounting Services Support
Our team can help with record keeping, bookkeeping, or other areas as needed. Learn more about our Small Business Accounting Services. 

For more information about these services, please contact:

Partners:

Richard M. Busofsky, CPA
W. Keith Haney, CPA
James F. Hutcherson, CPA
Glenn M. Lankford, CPA
Phillip W. Shiflett, CPA

 

Related Articles

Defined Contribution Plans Versus Defined Benefit Plans

Defined Contribution Plans Versus Defined Benefit Plans

Have you procrastinated in setting up a tax-advantaged retirement plan for your business? If the answer is yes, you fit right in with many other business owners. Still, not having a plan in place hurts you and your business. Why? You pay more income taxes every year...