If you are the leader or team member of a small business, you are probably used to wearing more than one hat at a time. With the staff or resources of a larger corporation, you could have whole departments dedicated to plotting and building your business retirement plan. However, all of this could fall on you as the leader of your smaller company. It is simple to say that we all should be saving for retirement, but it can be a complicated hill to climb when managing your different retirement accounts. GJR Consulting is here to help your small business figure out which plan is right for your organization. 

Why Should My Small Business Have a Retirement Plan?  

Having a retirement plan sounds sensible because of us would like to reach retirement age one day with a comfortable sum of money, but that is not the only reason to set up a retirement plan for your small business. The steps you take now will not only help you, they also have a major impact on the lives of your employees. The plan a small business owner offers might be the best option for employees to navigate their own retirement strategy. 

Speaking of your employees, offering a retirement strategy makes your business more attractive to new employees. It can also help enhance retention by encouraging your workforce to stay with your plan. Providing a better quality of life for your employees is something that all business leaders should strive for, but those are not the only reasons to look into retirement with GJR. Depending on the details of your business, we will look into the potential tax benefits you could have from offering a plan to your employees. 

Most 401(k) plans offer an arrangement where the employer matches the employee’s contribution. These contributions are tax-deductible for the business owner as a business expense. There is nothing wrong with being pragmatic about the profitability of your business and taking advantage of every opportunity. Besides, an employer matching program works in favor of the business and the employees at the same time.    

Is It Just a Choice of What Is the Best 401(k) Plan for My Small Business?  

When business owners first come to us, many of them will say they just want a 401(k) plan. That is often the answer because it is the plan most people know about and understand, but it is not always the best or only option. GJR Consulting is equipped to assess your business and make recommendations for what type of retirement accounts would suit your situation. We’ll examine your number of employees, your financial goals, and the tax implications of your industry. From there, we’ll make our recommendations and assist you in setting up and managing your accounts. 

What Are the Questions I Should Ask When Considering a Small Business Retirement Plan?

When you contact us about building your unique retirement portfolio, we’ll be able to answer many of your questions and give you a list of the options that are available for businesses like yours. The struggle that some business leaders have is wondering what questions they should ask in the first place and what points should get the most attention. These are just a few of the questions you can have in mind when you start to consider your business retirement planning. 

What Is a Simple IRA Plan?

This type of plan is best for businesses that have 100 or fewer employees. It is similar to a 401(k) plan because it also relies on a combination of tax-deductible employer contributions and pre-tax employee contributions. 

Is Retirement Plan Administration a Concern?

Some businesses have the resources to dedicate an employee to handling their retirement plan, and others do not have the manpower. You might be better off selecting a low maintenance option that can run without much interference from anyone on a day-to-day business. 

Is Employee Contribution a Critical Component to the Plan? 

There are many advantages to a plan that relies on employee contribution, but it is not right for every work environment. Think about your workforce, how they manage their funds, and what is best for the business. You can come to us with an answer to all of these or just more questions; either way, our team will be prepared to help your business build a plan for the future. 

Don’t Be Afraid of How Much You Don’t Know About Retirement Planning 

Everyone is starting from a different point of view and level of knowledge in retirement accounts. Our services are here to support and educate you in everything you need to know to make informed decisions. From there, our team is there to support your plans with practices like accounting, tax planning and preparation, and payroll services like cash flow management. To learn more about the methods and practices offered by GJR Consulting, contact us today.  

Cannabis

In many states, the legalization of the marijuana business is still only a couple of years old. Some cannabis accounting services are still trying to find their footing and figure out the best practices for their clients. GJR Consulting is ready to hit the ground running for your company. We already have experience in the cannabis space and the codes that govern how these businesses operate. We can tell you what to avoid and what will serve you well in the future.    

3 ‘Tricks’ to Avoid in Cannabis Accounting

Being a relatively new industry is not slowing the growth of cannabis companies across the U.S. Inexperience in this thriving market has led many organizations to try to find shortcuts or ‘tricks’ around the tax codes and accounting regulations of selling cannabis. Here are three accounting practices to avoid in your cannabis business. 

  1. Trusting the CEO to handle everything.
    The cannabis industry is one of the most strictly regulated in the country. You must comply with local and federal regulations just to keep the doors open. Your tax planning and accounting services should not be left to just anyone with some bookkeeping experience. Without a professional, experienced partner in your corner, your business could be hit with significant fines or just be shut down altogether.

  2. Trying to shortcut the IRC 280E and IRC 471 Codes.  
    Section 280E of the IRS code prevents any business or trade from making tax deductions or receiving tax credits if any part of their business sells controlled substances. Cannabis is still considered a Schedule 1 substance and falls under this federal law.

    Unlike with other industries, this means you can’t claim typical business deductions such as the costs of administration, marketing, or rent. The one thing you are allowed to deduct is the “cost of goods sold” or (COGS). These rules have led many businesses to wildly over-inflate their COGS. They try to move costs around in complicated ways that can backfire. If done incorrectly, this can end up costing much more than if you had not tried to shortcut the system.    
  3. Not investing in the latest financial tools and processes.

    The strict regulations of the cannabis field require software solutions tailored to their standards. GJR Consulting has the cannabis accounting software to perform all the tasks you need. We even offer training for your staff to keep your books more accurately. Trying to save money by not investing in cannabis software like this ends up costing your business more in the long run. 

Cannabis Accounting Services From an Experienced Firm

GJR Consulting is the accounting firm your cannabis business needs. One of our specialties is navigating the intricacies of Section 280E and other regulations like it. We offer a broad range of financial consulting solutions and business tax services. We believe in collaborating with our clients. You can take advantage of our comprehensive services or just come to us for targeted assistance with things like payroll or tax preparation. 

To learn more about the things to avoid in the cannabis industry or the ways we can help your business, contact GJR Consulting today.

stethoscope and calculator

Running any medical practice comes with all sorts of challenges. Some you expect, and others blindside you. Many people do not see all the hurdles that will come their way through medical accounting errors or mistakes. GJR Consulting has years of experience working with doctors, dentists, and other healthcare providers to help get their finances on the right track. 

4 Most Common Mistakes in Medical Accounting Services   

The healthcare industry has many unique aspects, but the challenges of maintaining accounting and financial records are universal across most businesses. These are some of the issues you can run into without professional accounting services on your side. 

  • You’re trying to manage everything yourself.
    Many of us like to think of ourselves as a jack of all trades. You might even like being involved in every aspect of your practice, but no one can do it all. As your medical or dental practice grows, you’re going to find all new responsibilities. Don’t limit yourself by refusing to partner with someone else. GJR Consulting can take over your medical practice accounting and let you focus on all your other responsibilities.
  • You don’t follow a set schedule for financial reporting.
    Do you have a five-year plan for your growth and revenue? Without accurate cash flow forecasting, you won’t be able to build for the future. You need a system in place for regular financial reporting to know where you started, where you are, and where you’re going.  
  • You aren’t using, or you don’t know how to use, your accounting software.
    Healthcare professionals are expected to know how to use a broad range of technologies. You might not have thought to invest in the best accounting software or how to train your staff in the best practices for using it. GJR Consulting offers bookkeeping services and training in software like QuickBooks for your staff.  
  • You aren’t able to keep up with billing or coding changes.
    Even in dental accounting services, there are always going to be regulation changes in new billing codes or new laws. Without professional assistance, you’ll never keep up. Our accounting firm is continually educating ourselves and training in the latest tax services across multiple industries.  

 

We Can Resolve Accounting Issues for Doctors and Dentists

Accounting and tax planning for any business requires professional expertise and experience. The medical field operates under some of the highest standards and strictest regulations in the country. Don’t let these mistakes happen in your practice. GJR Consulting is here to provide the help that doctors, dentists, and other healthcare professionals need.  


To learn more about the ways GJR Consulting can improve your medical accounting services, call us today.