Jenkins & Vojtisek, S. C. provides a wide range of services to individuals and businesses in a variety of industries. At Jenkins & Vojtisek, S. C., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:
Basic accounting for any organization provides the financial foundation necessary for business analysis and decision making. Most clients already know how to pay bills, invoice customers and collect cash. We help our clients so that the by-product of these daily activities is a timely and accurate financial data-base, or general ledger.
From this foundation, a basic accounting system can automatically produce relevant financial information which is critical for forecasting cash, analysis of product cost and profitability, monitoring expenses, and a myriad of other basic financial information that can be customized to each individual organization.
What does a good accounting system provide?
* Timely Financial Information - Available in final form within a week or two from the end of the month.
* Accurate Information - Basic procedures performed every month-end assure that information will be accurate and reliable and will save time rather than taking extra time.
* Financial Statements - The basic financial statements directly from your accounting package should be formatted to provide relevant data, cost relationships, variances from budgets, etc. as needed by the individual organization.
* Simple to Use - Once properly set up and running, a system should be simple enough to be efficient while providing necessary information.
We train our clients on how to achieve these standards, and we work closely with them to stay there once they are on track.
Our clients can then spend time making business decisions based on good information, rather than working with chaos and old information.
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We believe no firm understands and delivers on the Contract CFO concept better than our team.
No matter the size of your organization there is always a need for your top financial person to have a peer or mentor with whom they can work to tackle unfamiliar projects. We provide those services to companies that range from $50,000 in annual sales to $100,000,000 or more in sales. Following is a short list of topics that we cover in the Contract CFO function:
* General accounting and reporting
* Accounting systems
* Lease vs. buy decisions
* Income tax planning
* Payroll and compensation issues
* Banking relationships and financing in general
* Product pricing
* Analysis of fixed and variable costs
* Health care and related insurance issues
* Industry trends
Our clients realize that we care about their organizations and have experienced many circumstances that may be similar to what they are facing. Accordingly, they feel comfortable calling or getting together for brief meetings to brain-storm issues and ideas through which we provide practical advice covering just about any business issue that may arise.
All of our people are in training to provide Contract CFO services.
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This is another area that we believe in which we excel. The Controllership concept essentially is a functional area midway between our Accounting function and our Contract CFO function.
Specifically, our Controllership personnel work hands on with our clients to train them on accounting systems, entering financial activity and reconciling accounts on a monthly basis so that clients can operate without our monthly oversight. While basically trying to work ourselves out of this job by transitioning our skills to client personnel, we do not leave them out on a limb. We may start with monthly training and then transition to quarterly assistance. After that, we may just visit the client office two or three times a year to make sure the client is not drifting away from the basic monthly procedures.
The outcome of this process is that the client becomes self sufficient for the daily and monthly processing and has better and timelier information on-site from their own systems. This reduces the cost of producing good financial information and helps the clients better understand and manage their business.
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It's been said that there is nothing certain in life except for death and taxes. While it's true that taxes are a certainty, there are many things that can be done to limit their impact.
Avoid and/or Minimize
Avoidance is legal and encouraged by the tax codes. Evasion is not. We work with our clients to utilize the remaining tax opportunities that exist; and there are still many. Much planning and avoidance can be done if the client and tax professional work proactively. The results of good planning can be enormous.
Some of the biggest opportunities come in the areas of capital gains rates being utilized instead of ordinary income tax rates. Timing of sales, like-kind exchanges, proper structuring of business sales, etc. are examples where being proactive can provide great benefits.
There are many other areas of planning that are critical as well related to alternative minimum taxes, sale of personal residences, gifting of appreciated property, gifting to children and grandchildren, funding further education, retirement; the list is long.
Many tax professionals can give you good advice. However if they don't talk to you until after the end of the year or after the transaction is completed 90% or more of the planning opportunities may be gone. Our clients appreciate that we know the tax code, but more importantly, that we care enough about them to listen and provide proactive planning with them. Our client may not even know that there may be large tax implications of an upcoming event, but we listen and understand where they are and many times can identify opportunities because we put ourselves in our clients' shoes. You should never have to wonder if your CPA is looking at an issue from your perspective or not.
Delay Paying Taxes
Taxes that cannot be avoided can often times be delayed. This provides for more positive cash flow and helps minimize borrowing needs, funds capital expenditures, and compensation of owners and employees.
Delays in taxes are accomplished with planning and operating within the applicable tax code. A short list of opportunity areas that can cause a delay in paying taxes follows:
* Expensing of capital equipment purchases
* Like-Kind Exchanges
* Electing the proper accounting methods (cash vs. accrual; completed contract; inventory costing method selection, etc.)
* Installment sale elections
* Bonus Depreciation
Plan for Tax Liabilities
The only thing worse than paying taxes is being surprised with a large tax liability and having to scramble to find enough cash to pay it.
We put ourselves in your shoes and work throughout the year to help project your upcoming tax liability so that there are no surprises or last minute cash flow crunches. The basic steps in the process are as follow:
* Prepare the prior year income taxes on a timely basis to provide the basic information necessary for planning the upcoming year.
* Project the upcoming year taxable income and establish a plan for funding the taxes and using income tax "safe harbor" rules to make sure penalties and interest are not incurred.
* Monitor the established projections on a quarterly basis so that adjustments in estimated payments can be made if revenue projections were overstated or so additional funds can be set aside when projections understated the taxable income.
* Discuss changes in the tax code and developments in the business that can have tax implications throughout the year. Many tax credits and write offs are available and may become options based on the direction of your company.
* Make sure you have a good idea of your actual tax burden four to six months before your taxes are due. We finalize our projections a month or two before year-end so our clients are aware of the cash flow requirements well in advance. Preparation of the actual returns then confirms the planning and provides the actual amounts due; there should be no surprises!
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Financial - Achieving long term financial goals is easier with goal and a plan. We can help you analyze the history and use the trends to model the future and help develop a strategy to move towards your goals. It can be a very valuable process to step back and look at revenues, costs of sales, major expense categories like wages, health care costs, and other trends and take proactive steps to improve financial performance; we can help in that process.
Human Resources - Fully utilizing your people and helping keep them motivated is what makes or breaks many companies. Our Human Resource consulting function can help your organization in the following areas:
* Evaluate your organization to determine the areas of greatest HR needs - Usually done by performing an "HR Audit" which looks at all areas of HR to identify non-compliance issues and opportunities.
* Review compensation methods and consistency with the organization and in the marketplace.
* Prepare employee handbooks to provide documentation and consistency of company policies.
* Consult on specific areas of concern or weaknesses you have identified in your organization.
Overall Organizational Analysis - Sometimes our clients are more interested in spending a half day just going over big picture concepts. We do that using the SWOT methodology, wherein we discuss your Strengths, Weaknesses, Opportunities and Threats to your organization and discuss what might be proactive approaches to building on the strengths and opportunities and minimizing the potential threats and weaknesses.
The outcome of this half-day effort normally is a list of internal and/or external projects and assigned to specific groups with specific deadlines. These are conducted at client offices, our offices or sometimes off site.
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General - We believe there are no other firms in the Southeast Wisconsin area with the combination of expertise our firm has; regardless of their size. Our firm is certified for selling, installing and reselling the top three accounting systems in the country (Peachtree, QuickBooks and MAS 90). We not only provide the software and support, but more importantly, we have the accounting and auditing experience to make sure that the software is properly used after the sale. Many of our clients have had software installed by technology firms only to find that the vendor was not able to help them get the accounting side of things efficiently up and running. The actual implementation and follow-up is the critical phase and we believe that we do that part better than anyone else.
Remote Access - Many of our clients are located a long distances from our office. To operate efficiently with them, we often access their systems electronically from our office. There are a number of options for electronic connections through the Internet, PC anywhere and via emailing of files. We can find an efficient method for you if that is the most efficient approach.
Peachtree - This is a very functional and powerful accounting package for a reasonable price. We have installed more than 100 Peachtree systems, and as a result can help our clients very efficiently because we work with this software every day. Many of our staff are well trained in Peachtree, so there is almost always someone available to help our clients with Peachtree questions.
Quickbooks - This is the Number One accounting package in the world and like Peachtree - it is very powerful and affordable. We have certified professionals that know the software and the accounting principles that must be followed to make the software and financial statements relevant and we provide installation, training and ongoing support for many clients in Southeast Wisconsin and Northern Illinois.
MAS 90 - This software is much more complex and a larger investment so it is used only for the more demanding applications with large volumes of activity or specialized reporting requirements. The data base management capabilities and reporting flexibility make the software very effective in the proper circumstances. We can determine if this is right for you.
Other Accounting Software - There are hundreds of good accounting packages available. Finding the right one for your organization can become a very complicated process. Most organizations find it beneficial to start simply and cost effectively and then move on to something more robust only when absolutely necessary. While many vendors will push more complex and expensive solutions than a client needs, we will help you select the proper system for YOUR business. There is no single answer to the "what is the best package" question. We can, however, help you find the package that delivers on the things that are most important to your organization.
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Jenkins & Vojtisek is a leader in providing audit services to clients in Southeast Wisconsin and across the country. Our clients include for-profit and not-for-profit organizations from the smallest organizations to companies with over $100 million in annual sales. We also work with complex corporate structures that include multi-national owners and locations.
We are particularly proud of our not-for-profit practice where we help organizations comply with regulatory and other grant obligations and we help them efficiently operate their organizations so they can make the most of their limited resources.
The audit area has grown dramatically in complexity and cost to clients over the past several years. We work very hard to provide complete and thorough audits with the least amount of time and costs to our clients. This is accomplished by significant up front planning, advanced scheduling and coordination with our clients and the most continuity in audit staff on jobs in the business so that our clients are not seeing different people every year.
As a result, our firm has grown rapidly in the audit area and has risen to the point where our firm has more market share in not-for-profit audits than any other firm in the Racine-Kenosha market.
All audit firms are required to have peer reviews of their work every three years. These reviews are done by specially trained and independent audit firms. Since our inception in 1997, we have received unqualified peer review reports. These unqualified reports indicate that we have achieved the highest level of professional performance and our audit clients can be assured that our final product will meet or exceed the audit standards.
