Should I Outsource my CFO Services?Posted on May 2nd, 2018
Developing an upward climbing enterprise requires the assistance of skilled professionals. As the owner, you may be wearing many different hats, taking over and making small decisions on subjects that take away your time from running your business.
At Lake Financial Services, we offer the assistance of a skilled financial professional who can help manage and restructure your business to push it forward towards its goals and mission. Here are a few reasons why you should seek out an outsourced Certified Financial Officer (CFO).
Education and Experience
Our founder, David Lake, has worked with a number of closely held businesses, professionals, and contractors within a number of industries. He also has his MBA from a top twenty university. He has taught Financial and Managerial Accounting for over seven years at Southern Connecticut State University. This education and experience has taught him how to implement marketing and financial strategies for a disparate group of clients across different industries. He understands how businesses operates and how they can be financially successful.
Checks-and-Balances within Accounting and Project Management
A part-time CFO offers advice on effective budgeting and management of your company’s finances and processes. Successful outsourced CFOs listen to your situation and understand what underlying rules and regulations are needed to keep you and your company accountable and organized.
As your in-house CFO, we can explain business in non-technical language and help accounting teams understand the numbers while offering senior-level perspective helping you to make decisions on your business’ growth.
Select Financial Management Services
Part-time CFOs can work remotely from our offices and collaborate with you on important matters within your accounting and marketing departments easily. They assist in seeking forms of financial support from investors and businesses and work with attorneys to ensure you and your company are protected.
Focused on furthering the growth of your enterprise, our team is diligent in helping businesses improve their processes. We offer select services from managing your accounting departments to looking for investment opportunities and handling discrepancies within cash flow. You receive a professional CPA dedicated to establishing strong financial control, overseeing your financial operations, and constantly protecting and improving the financial side of your businesses.
From budget preparation to trend analysis, a part-time CFO works to ensure insurance policies and company accounting procedure manuals are up to date and are in place to protect your bottom line.
Whether you seek to better understand the financial side of your business or require assistance on complex financial decisions, an outsourced or part-time CFO allows you access to financial management and leadership without the cost of hiring a full-time employee.
Contact Lake Financial Services today for more information at 203-634-7549 or 203-318-1488.
How to Start Planning for RetirementPosted on April 2nd, 2018
Being proactive when planning for retirement is necessary to ensure your needs are met comfortably once you stop working. Even if your finances are already tight due to expenses and other obligations, finding ways to save within your budget helps you prepare for the future. The first step you must take to develop a comprehensive retirement plan is to evaluate all facets of your future, even those that do not seem financially relevant. Lake Financial Services, LLC has provided the following guideline to begin preparing for the future.
Secure a Comfortable Standard of Living
For a majority of people, retirement means a permanent change in income. Based on your pension and other potential revenue from assets or other enterprises, you can draft a framework of the realistic income you would receive during your retirement years. To uphold your current lifestyle on a smaller budget, you must recognize non-essential expenditures you can eliminate or find other solutions to afford your present expenses.
Waiting later in life to begin saving for retirement may not leave you with enough savings to sustain a comfortable way of living. By checking your accounts and money transactions on a daily basis, you can find unnecessary spending habits and reduce extraneous costs.
Plan for the Unexpected
Unexpected events happen which may require digging into a retirement fund, diminishing savings for living expenses or other necessary expenditures in the future. To be proactive in retirement planning, you should put aside enough money to cover liabilities during an emergency. Failing to plan for sudden, unanticipated expenses can disrupt future financial plans and runs the risk of maxing out funds.
As life events change upon entering retirement, so does the circumstances involving taxes. Depending on your situation, you may acquire additional credits and deductions or may incur new liabilities. It is essential to reevaluate your current tax strategies and plan for future tax obligations. A retirement plan that includes tax-deferred accounts helps to secure your long-term financial well-being.
Estate planning is part of designing a successful retirement framework. Dividing your assets before you retire creates legally binding boundaries and can minimize your tax payment when the time comes. It can also reduce the stress of addressing this difficult topic and ensure beneficiaries receive exactly what is to be expected.
Our CPA at Lake Financial Services offers comprehensive tax planning for business owners and individuals. With our meticulous accounting records and tax strategies, we help clients prepare for the future and secure long-term financial success. To learn more about retirement planning, call our Meriden office today.
Changes in Tax Law – 2018 Tax ReformPosted on March 26th, 2018
At Lake Financial Services, our goal is to help you build a sound financial future and remain abreast of changes to taxes. The recent changes to the U.S. tax code could have an impact on your filing for 2019. To prepare you, we have outlined some of the major changes made in the tax reform for 2018.
2018 Tax Reform Changes
The marriage penalty has been revised. Previously, married couples that filed jointly were hit with higher taxes and bumped into bigger tax brackets. The new reform allows couples to fall within the same bracket regardless of whether couples file together or separate. Couples combining for more than $400,000 annually are an exception of this rule, which could entice couples to file separately.
The standard deduction has been nearly doubled for all taxpayers, but the personal exemption has been eliminated. While this does simplify filing and allows for a potentially bigger tax break, it is marketed as beneficial as it is now “doubling the standard deduction”; however, we feel it is important to note the trade-off that is being made.
Parents can now benefit from an expanded Child Tax Credit, which is double the previous credit. Additionally, parents also benefit from maintaining the standard Child and Dependent Care Credit, allowing multiple tax benefits.
Affordable Care Act penalties have been repealed, eliminating the need to prove coverage as well as the fines associated with not having the supporting documentation to prove coverage.
Numerous deductions have been eliminated as part of the tax reform, in addition to those previously mentioned. those not already mentioned. The deductions for 2018 include casualty losses, tax preparation fees, unreimbursed employee expenses, moving expenses, and employer-subsidized transportation and parking reimbursements.
Corporate taxes also received a huge overhaul, with the most significant change being a flat 21% tax on all profits, which is a huge cut compared to the previous structure.
If you are trying to understand how these updates to the tax code apply to your finances, our team is here to help. We welcome you to bring any questions to your tax appointment, or give our team a call to schedule a time for us to discuss.