A midyear checkup with GMP CPA

by | Jul 11, 2018 | Blog | 0 comments

July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!). GMP CPA looks forward to July, not only for vacations, but because in most cases we now have six months of data to look over for our clients. Just like you are supposed to see the dentist every six months (except that you won’t dread our meetings and there is NO DRILLING, EVER), GMP CPA offers a mid-year review of your business’s results so that we can mitigate any cavities surprise tax bills that might be forming. When it comes to taxes, there is never a such a thing as a good surprise. Even when the tax bill is lower than expected, it usually means that the profit was lower than expected. We will also review your business’s expenses, major suppliers/vendors, and cash flow to analyze what to improve.

Our client’s appreciate the ability to see different scenarios as to how their business’ profit could end up and get an expectation for what the taxes would be for each scenario. We might recommend “brushing and flossing more” purchasing equipment, prepaying some next year expenses, adjusting payroll, or increasing a retirement plan contribution based on the likelihood of each scenario becoming a reality. We also might recommend delaying major purchases and cutting payroll or expenses if the need for cash flow is more important than tax liabilities. The mid-year check up provides the opportunity for a conversation, one where the business owner’s goals and objectives are the priority and GMP CPA spends most of the time listening.

Our mid-year review is also a great time to review what kinds of technology are working for/against you. After six months, if you are still working around something rather than through it, then it’s probably a good time for change. Does your point-of-sale system work for you, is it setup correctly, does it even provide the information about your sales that is useful? How is your payroll provider? Is their support lackluster, are they expensive, are they ADP/Paychex/TriNet? Are you getting crushed by high bank fees, credit card processing fees, or do you even know what you pay for those services? How about invoicing and collections? Did you know there is a better way forward than Excel, MS Word, or QuickBooks Online? If you are not familiar with Xero, Gusto, Square, Bill.com, or Stripe.com, then now is the perfect time to have a conversation with GMP CPA about what they are and what they do. We can save you time and money by providing objective advice about what the latest business technology can for your business by shortening the learning curve and cutting down on your admin time. Let’s get an appointment with GMP CPA for a mid-year check up on the books as soon as possible.


2019 Payroll w/Gusto

Payroll is often a source of pain for business owners. S-Corp owners know that they have to have it, although most still find it a bit…mysterious. The big payroll companies offer ready-built platforms that offer a ton of features, although they are often difficult to...

Cost segregation

Dear GMP CPA Client: Cost segregation is the magic sauce that breaks your real property into its components and some of these components can depreciate much faster than the typical overall standard 27.5 or 39 year periods. This magic sauce is brought you courtesy of a...

S-corporations – What’s not to love?

The majority of GMP CPA’s clients own and operate S-corporations (“S-corp”), as our firm specializes in the administration, accounting, and taxation that is unique to this type of business entity. Most types of businesses can be an S-corp and from our perspective, the...

What S Corporations and C Corporations should consider

The battle of supremacy between S & C corporations continues to rage with the new tax law changes. Even lowering the corporate tax rate does not tip the scales in C-corp’s favor, S-corp still stands for savings. Useful facts about the Tax Cuts and Jobs Act of 2017...

Forming a Management Entity

Many organizations experience a level of growth that stretches the leadership or executive team thin across several entities. This is especially true when there is one executive that is responsible for the day to day decisions of several operating units or divisions....
Payroll with GUSTO!
Commercial leasing the greater Charlotte area