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Business Planning

Small Business Accounting

Payroll Services

Part-Time CFO Services

Bank Financing

Strategic Business Planning

Succession Planning

New Business Formation

Non-Profit Organizations

Business Planning

Starting and running a business can be difficult, especially without proper business planning. Check out this page to see how LongSchaefer can help.

Business Planning

Starting and running a business can be difficult, especially without proper business planning. Check out this page for guides on running your own business.

Starting a business is by no means an easy endeavor. It takes a lot of business planning, hard work, and knowledge. Once you get your business off the ground, running it isn’t any easier. Eventually, you may even want to sell your business. If you want to start, run, and sell a business, you’ll need to have a plan in place. Our guides can help you do that.

Business Planning Guides

Learn how to start, run and eventually sell a successful business with these helpful business planning guides.

Starting A Business – This guide will help you start a business from the ground up.
Running Your Business – Read this guide to see the next steps after you start your business.
Growing Your Business – This guide will teach you how to bring your business to the next level.
Securing Business Loans – Loans aren’t always easy to secure, read this guide to find out how.
Selling/Exiting Your Business – Ready to sell your business? This guide can help!

Contact LongSchaefer Today for More Information

Business planning is hard enough to do on your own. Using our guides, you can get a good head start. Once your business is up and running, LongSchaefer has various services that can help you. Tax services for businesses, after the fact payroll services (PayOptions is our preferred live production payroll provider, contact us for an introduction), and small business accounting are just some of the ways we can help. Contact LongSchaefer today for more information about our services and to set up an appointment for your complimentary discovery meeting.

Small Business Accounting

As a small business owner, you have more important things to do than to keep your own books. Time is money, and we can help give you more time with our small business accounting services. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Small Business Accounting

As a small business owner, you have more important things to do than to keep your own books. Time is money, and we can help give you more time with our small business accounting services. We take care of your books for you, so you can get back to the job of running your business and generating profits.

As a small business owner, you have more important things to do than to keep your own books. As part of our financial services, we take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we’ll do the following things for you…

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger
  • Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of financial services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to:

  • Identify lost checks, lost deposits, and unauthorized wire transactions.
  • Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing. You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively. Proper management of funds not only saves you money but also makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance, and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to:

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

A balance sheet helps you:

  • quickly get a handle on the financial strength and capabilities of your business
  • identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
  • determine if your business is in a position to expand
  • determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
  • determine if you need to take immediate steps to bolster cash reserves
  • determine if your business has been slowing down payables to forestall an inevitable cash shortage

Providing a balance sheet along with income statements is one of the most basic financial services for reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

As part of our financial services, we review your general ledger system each month, which allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip-top shape.

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial services we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

Payroll Services

Payroll can be an arduous and time-consuming task. That’s why we offer payroll services at LongSchaefer. Make payroll one less thing you have to worry about. Contact us today for more information.

Payroll Services

Payroll can be an arduous and time-consuming task. That’s why we offer payroll services at LongSchaefer. Make payroll one less thing you have to worry about. Contact us today for more information.

When it comes to paying employees, laws and the IRS have made the payroll function a time-consuming nightmare for the small business owner. Even if you own a larger scale business, the employees you’ve assigned to payroll could be performing other essential functions instead of putting time and effort into payroll functions.

Small business owners spend an average of eight hours a month performing payroll functions, and that number is even higher for large businesses. That’s at least 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers. This doesn’t mean you should payroll fall by the wayside. It’s important to still do quality work when it comes to payroll functions. But it doesn’t have to be you doing the work.

After-the-Fact-Payroll Services

Let LongSchaefer take care of your payroll services. We have experienced professionals that are dedicated to customer service and satisfaction. We fully understand all the laws and the compliances that have to be made to the IRS. This means you don’t have to worry about your payroll services anymore. We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get:

  • Worry-free IRS and state tax reporting as well as EFTPS tax deposits.

  • User-friendly and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3, and 1099 forms.

  • Detailed reports on your employee’s vacation day, sick day, and personal day accruals.

  • Creation and filing of the required new hire reports

  • Your payroll records maintained in tip top shape.

Of course, our payroll services professionals will be available to answer any questions you might have, Monday-Friday, from 9-5. That means you have more knowledge, right at your fingertips.

Contact LongSchaefer Today

Don’t waste any more time and resources on your payroll. As a business owner, you have much more pressing things you could be attending to. That doesn’t mean payroll instant extremely important, but why not let the professionals handle it. When you choose LongSchaefer for your payroll services, you’re choosing the best. We tailor our services to meet the needs of your business, and with the time you save, enlisting our services is an easy decision to make.

Part-Time CFO Services

Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. Learn more about this service here.

Part-Time CFO Services

Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. Learn more about this service here.

Growing businesses often reach a point where they need professional financial advice but can’t afford a full-time CFO or controller. If you’re fortunate enough to be in this position, then we have the perfect solution for you. LongSchaefer’s Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. The cost of hiring a full-time CFO can range from $60,000 to over $100,000 per year plus bonuses and benefits. LongSchaefer Part-Time CFO services provide you with experienced support at a fraction of the cost. LongSchaefer can advise you on various financial situations, all without the hassle of hiring a full-time employee.

What You’ll Get With Our Part-Time CFO Services

  • More time to focus on new services, new customers and other core business issues. A growing business needs to put customer service at the top of their priorities, and our services allow you the time to do it.
  • Better understanding of the financial side of your business, so you have fewer surprises and more control over the money.
  • Improved decision-making capabilities from clearly seeing the hard and true numbers of your business.
  • A readily available sounding board to help you with those tough business decisions and to help you clarify your business plans.
  • The comfort of knowing that a professional is overseeing, protecting and constantly improving the financial side of your business.
  • A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.
  • Training and managing your accounting staff.
  • Improved quality and timeliness of financial information.
  • Budget preparation and monitoring.
  • Profitability analysis by service or product line.
  • Tax saving strategies.
  • Trend analysis.
  • Assistance in defining long-range plans and the quantification of goals.
  • Cash management.
  • Liaison with bankers, attorneys, vendors, insurance agents, etc.
  • Assistance in obtaining financing from banks, including assistance with negotiations.
  • Review/negotiation of insurance policies.
  • Development of company accounting procedure manuals.
  • Analysis of equipment purchases, expansions, etc.
  • Mergers and acquisitions assistance.
  • Custom designed collection policies and procedures.

Contact LongSchaefer Today for More Information

LongSchaefer is happy to offer our expertise to our valued clients. The benefits of Part-Time CFO companies are numerous, and they can help make a real difference for your growing business.Part-Time CFO Services

Bank Financing

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! It pays to be prepared and organized in your approach for financing. Let us advise you before you go in.

Bank Financing

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! It pays to be prepared and organized in your approach for financing. Let us advise you before you go in.

If you need money to grow your business, you’ve more than likely considered a business loan as your means of financing. Getting a loan isn’t always easy, especially if you’re not prepared. Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized when approaching them for financing. Put your best foot forward by allowing LongSchaefer to prepare a winning loan proposal for you.

Our proposals have a high likelihood of success because they’re created from the lender’s perspective. Through bank financing services at LongSchaefer, you have a much better chance of getting the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you’ll be able to pay them back.

What Our Loan Proposals Include

Here are some of the things LongSchaefer proposal services will include:

Executive Summary

We concisely state the purpose of the loan, the exact amount of money required, and offer an explanation of what the loan will be used for and why it’s needed. Lenders need to see clear goals and how the money will be spent to achieve those goals, otherwise they’ll be apprehensive about approving your loan.

Pro-forma Cash Budgets and Financial Statements

We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to. This data can be overwhelming and time-consuming to properly put into a lender perspective, but our skilled professionals are up to the task.

Owners Personal Financial Statements

We make copies of the last 3 years of personal tax returns for the bank and identify the collateral being pledged as security for the loan.

Representation

We help substantiate your financial needs and position to your banker in person.

Contact LongSchaefer Today for More Information

The professionals at LongSchaefer have the knowledge and expertise needed to advise you on a number of matters. Although tax services are our specialty at LongSchaefer, we also offer a variety of business services. Take advantage of our expertise next time you’re in need of a loan for your business.

Strategic Business Planning

If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction. Allow us to help you with your planning.

Strategic Business Planning

If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction. Allow us to help you with your planning.

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction. It can ensure that your key leaders are all on the same page, and keeps both management and staff focused on the tasks at hand.
A Strategic Plan is often needed when…
  • Starting a new venture, product or service
  • Expanding a current organization, product or service
  • Buying a new business, product or service
  • Turning around a declining business
The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks. The plan allows you to…
  1. Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
  2. Justify that your plans are credible by fully researching the need being filled with your new venture.
  3. Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
  4. Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
  5. Develop management plans including full descriptions of management systems and timelines for implementation.
  6. Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company’s success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan.
  7. Identify building and equipment needs including vendors and cost estimates.
  8. Formulate company milestones including timelines for upcoming products and services in development.
Remember: Failing to plan is planning to fail. Let us help you develop a powerful Strategic Business Plan that drives your business to the level of success you deserve.

Succession Planning

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. This can be difficult without the proper knowledge. LongSchaefer can help advise you on these matters.

Succession Planning

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. This can be difficult without the proper knowledge. LongSchaefer can help advise you on these matters.

If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore. You’ve got some critical questions to answer like…
“What happens to the business when you’re no longer running it?” and “Will you have enough money to retire?”
The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs. Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both. Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
We help you with these key issues –
  • Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
  • Who’s going to run the business when you’re gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they’re actively involved in the business or not.
  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
  • Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
What we do for you… Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues…
  1. Business Valuation
  2. Business Restructuring
  3. Tax Consequences
  4. Retirement Projections
  5. Tax Projections

New Business Formation

Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. Allow us to help you make sure that your business continues to grow.

New Business Formation

Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. Allow us to help you make sure that your business continues to grow.

As part of our range of financial services, LongSchaefer can help you set up and maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items:
  1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent, etc.
  2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable, etc.
  3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  5. Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, so it’s imperative that you build your accounting system around these revenue and expense classifications.

Here’s what LongSchaefer will do for you:

  • Review and compile your financial statements.
  • Design, install, and maintain your accounting system.
  • Weekly, bi-weekly, or monthly payroll preparation.
  • Payroll tax preparation and deposits.
  • Provide training for your accounting personnel.
  • Complete and file your non-profit status application.
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices.
  • Prepare and file the 990 and 990T tax forms.
  • Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
  • For churches, LongSchaefer prepares the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
If you’re starting a new not-for-profit organization, LongSchaefer can help you prepare your organization’s 501(c)(3) application for tax-exempt status.

Here’s LongSchaefer needs from you:

  • Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 (“Organizational Test”).
  • Employer Identification Number
  • By-laws of the Organization
  • Minutes of Board Meetings
  • Names, Addresses, and Resumes of Board Members
  • Names and addresses of all Active Members
  • Inventory of Assets like cash, furniture, equipment, property, pledges, etc.
  • Inventory of Liabilities like mortgages, accounts payable, loans, etc.
  • Rent/Lease Agreements and Contracts
  • Revenue and Expense Statements for the last four years, or as far back as possible if your organization has been in existence for less than four years.
  • Written Reason for Formation and History of the organization.
  • Organization Mission Statement or Statement of Faith or Beliefs for churches and other Religious Organizations.
  • Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets, etc.
  • Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers, etc.
  • Fund Raising Program Descriptions
  • IRS Processing/Filing Fee
Longschaefer is happy to prepare any of these items if you need help.
  • Days Until April 15th
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When You Need Guidance, Call LongSchaefer

Financial planning is difficult for everyone. It’s unreasonable to think you can handle it all yourself, especially when you’re juggling personal and business-related finances. Let financial services from LongSchaefer help you secure the financial future you deserve.

"Each person has their own definition of success, our job is really to figure out what that is and help them achieve that."

- Ron Schaefer, CPA/PFS