PROFESSIONAL SERVICE FIRMS

Architects, engineers, physicians, dentists, lawyers — and accountants. We have a lot in common. 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’s 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 experience with these types of firms over many years. 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 works — and what doesn’t.

It’s our experience that professionals would rather do what they love, and focus on their area of expertise — not on the accounting, tax, and detailed financial matters that we address. That’s why these firms turn to us for our knowledge. We do what we do best so that you can do what you do best.

In addition to our traditional accounting, audit, and tax services, our professional service firm clients often take advantage of other services tailored to their needs:

  • COMPENSATION MODELS – Determining a fair and reasonable compensation system can be a complicated task. Let us help you consider your options.
  • RETIREMENT PLANNING – There are many retirement plan options that might make sense for your firm, and each has tax and other short- 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’ve 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 – How is your firm doing? 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 recordkeeping, bookkeeping, or other areas as needed.

 

For more information about our services for nonprofit organizations, please contact:

Partners:
Richard M. Busofsky, CPA
W. Keith Haney, CPA
James F. Hutcherson, CPA
Glenn M. Lankford, CPA
Lawrence J. Martin, CPA
Phillip W. Shiflett, CPA

Nonprofit Insights