Complete Guide to Our Business Advisory and Accounting Services

Financial Planning & Analysis

Financial planning and analysis, which you might see as FP&A, is a set of processes that help organizations plan, forecast, and budget to enable you to make informed business decisions to create excellent financial health for your company. 

Budgeting & Forecasting 

The Whitlock Co. can help develop a comprehensive budget that aligns with your strategic objectives. This involves analyzing historical financial data, market trends, and future assumptions to create accurate and realistic financial projections. Forecasting includes short-term and long-term financial projections, helping your team anticipate future revenues, expenses, and cash flow.

Financial Modeling

We’ll help you build detailed financial models to simulate various business scenarios. These models can assess the impact of different strategies, investments, or market conditions on your company’s financial performance. By using tools like scenario analysis and sensitivity analysis, The Whitlock Co. can help you understand potential risks and opportunities.

Variance Analysis

This involves comparing actual financial performance against budgeted figures or forecasts. The goal is to identify discrepancies, understand their causes, and recommend corrective actions to help your business stay on track and adjust your strategies as needed.

Cash Flow Management

Proper cash flow management is critical for maintaining liquidity and operational efficiency. The Whitlock Co. can help you track cash inflows and outflows, optimize working capital, and develop strategies for managing cash reserves. We’ll also provide insights into improving cash conversion cycles and managing receivables and payables effectively for the best results.

Strategic Planning Support

You can receive expert guidance on strategic financial planning, including mergers and acquisitions, capital investments, and expansion plans. You will benefit from evaluations of financial viability, thorough due diligence, and support in decision-making processes through in-depth financial analysis and recommendations.

Performance Measurement

By developing and monitoring key performance indicators (KPIs) and financial ratios, The Whitlock Co. helps your business assess its operational efficiency and financial health. Regular performance reviews and benchmarking against industry standards provide valuable insights for continuous improvement.

Business Strategy & Consulting

You can enhance your company’s overall performance and achieve your long-term goals with our help. The Whitlock Co. will apply our financial expertise to support and enhance strategic decision-making. 

Cost Management

Effective cost management is crucial for profitability and competitiveness. We can take an objective look at your numbers to analyze cost structures, identify inefficiencies, and recommend cost-saving measures. Our experts will evaluate operational expenses, supplier contracts, and internal processes to optimize spending and improve margins.

Strategic Business Planning

Develop long-term financial strategies that align with your company goals. The Whitlock Co. helps you by analyzing financial data, identifying trends, and forecasting future performance. Further, you’ll have the knowledge that allows you to allocate resources effectively, manage risks, and optimize tax strategies while setting realistic financial objectives, ensuring compliance with regulations, and providing insights on cost-saving opportunities. The end goal is to have sustainable growth and profitability.

Tax Planning & Compliance

Strategic tax planning is important for optimizing financial performance and ensuring compliance. We’ll provide advice on tax-efficient strategies, leverage available tax incentives, and make sure all documentation is ready for filing taxes.

Risk Management

In risk management, we partner with your teams to identify, analyze, and mitigate financial and operational risks that could impact your business’s stability and growth.

Risk Identification & Assessment

The Whitlock Co. conducts thorough analyses to identify potential risks affecting the business, such as financial risks, operational risks, compliance risks, and market risks. This involves reviewing financial statements, internal controls, and industry-specific challenges.

Once identified, risks are evaluated to determine their potential impact and likelihood of occurrence. This involves assessing the severity of risks and their potential impact on the company’s financial health and strategic objectives. 

The overall goal is to mitigate risks and identify possible strategies for growth where calculated risks may have benefits.

Development of Risk Management Strategies

Based on the assessment, we develop strategies to mitigate the identified risks. This may involve implementing internal controls, revising financial policies, or adopting new risk management practices to reduce exposure.

Then, we take this one step further by developing contingency plans to address potential scenarios that could adversely affect the business. This includes creating action plans for emergencies, financial downturns, or other unforeseen events.

Internal Controls & Compliance

Designing and implementing robust internal control systems can prevent and detect errors, fraud, and inefficiencies. The Whitlock Co. can asses segregation of duties, regular reconciliations, and approval processes.

We can also ensure that your business complies with relevant regulations and industry standards. Our team can perform compliance audits and reviews to identify areas of non-compliance and recommend corrective actions.

Financial Risk Management

Financial risk management involves two main steps. First, we’ll analyze your cash flow management to ensure your business has sufficient liquidity to meet its obligations and sustain operations.

Second, the risk associated with credit extended to customers and clients must be assessed. This includes evaluating creditworthiness and developing policies to manage and mitigate credit risk, especially if lending is part of your business model.

Risk Monitoring & Reporting

We can set up your business to continuously monitor risks and the effectiveness of mitigation strategies. Part of this includes regular reviews and updates to risk management processes as business conditions and external factors change.

The Whitlock Co. provides detailed risk reports to management and stakeholders, highlighting risk exposure, mitigation efforts, and recommendations for further action. These reports can help you formulate or improve your business strategy moving forward.

Outsourced CFO Services

If you are a growing company but can’t afford to hire a full-time CFO, the Whitlock Co. can act as a chief financial officer. A CFO does more than make sure your company’s finances are accurate every month. CFOs offer strategic support that helps your company grow based on data-driven insights. Outsourced CFO services also bring in tax strategists from our team to prepare tax filings and develop year-round strategies to optimize your tax liability.

Financial Strategy & Growth Planning

The Whitlock Co. can develop long-term financial strategies aligned with your company’s business goals. Tasks include financial forecasting, budgeting, and scenario planning to guide your company through growth, expansion, or market changes.

We will also provide financial insights and advice to support broader business strategies, such as mergers and acquisitions, market expansion, or new product launches. The financial numbers we see will drive this type of growth strategy.

Financial Management & Reporting

When you hire us as an outsourced CFO, we will prepare and analyze financial statements, including balance sheets, income statements, and cash flow statements. We will ensure accurate and timely reporting to stakeholders.

Our team will also establish key performance indicators (KPIs) and dashboards to monitor financial performance and operational efficiency. The goal here is to help your business stay on track with its goals.

Cash Flow & Budget Management

Overseeing cash flow can ensure sufficient liquidity for daily operations and strategic investments. Tasks include managing receivables, payables, and working capital. Cash flow management leads to more accurate budgeting. By creating and managing budgets, a CFO can ensure that expenditures align with your company’s financial goals and make adjustments as needed based on performance and market conditions.

Financial Strategy & Advising

Our experts offer strategic advice on capital structure, financing options, and investment opportunities. The outsourced CFO helps navigate complex financial decisions and improve overall financial health. As such, we also manage relationships with investors and stakeholders, providing them with financial updates and addressing their concerns.

Transaction Advisory Services

If your company is undergoing a merger or acquisition, rapidly growing and considering an exit strategy, a family-owned business planning a succession, or undergoing significant restructuring or divestitures, hiring an accounting firm for transaction advisory services is a prudent course of action. Private equity firms are also good candidates for transaction advisory services. These services are designed to help businesses make informed decisions, manage risks, and maximize value during the transaction process.

Due Diligence

We will examine the financial health and performance of a target company, whether you are the buyer or the seller. The Whitlock Co. will review financial statements, assess revenue streams, analyze cost structures, and identify any potential financial risks or discrepancies.

Our team will also assess the operational aspects of the target company, such as business processes, systems, and workforce, to understand how they may impact the transaction and integration. The overall goal is to make sure the target company has a low risk profile from a financial perspective.

Transaction Structuring

Our experts will advise you on the optimal structure for the transaction, including terms, conditions, and financing arrangements. Among other things, we can recommend whether the deal should be structured as a stock purchase, asset purchase, or another form. We can also evaluate the tax implications of different transaction structures to minimize tax liabilities and ensure compliance with tax regulations.

Integration & Post-Transaction Support

Finishing the deal isn’t the end of our services. Developing and implementing integration plans ensure a smooth transition and can help align business processes, systems, and cultures. We’ll conduct reviews after the transaction to assess its success and address any emerging issues.

Succession Planning

Succession planning has many moving parts, and we can help you with this process to ensure your wishes are met.  

Tax Planning & Structuring

We will advise you on the tax implications of different succession scenarios, such as ownership transfers, sales, or estate planning. This includes optimizing the tax structure to minimize liabilities and ensuring compliance with relevant tax laws. Estate planning strategies can also manage the transfer of ownership and assets in a tax-efficient manner. 

Development of Succession Plans

We can design a succession plan that outlines the transition process, including timelines, roles, and responsibilities. The goal is to have leadership transitions that are smooth and strategically aligned with the business’s goals. Our team identifies and addresses potential risks associated with the succession, such as financial stability and continuity of operations, and develops strategies to mitigate these risks.

Implementation Support

During the transition phase, The Whitlock Co. provides support, including financial oversight and guidance, to ensure the effective execution of the succession plan. This may involve monitoring financial performance during the transition and making necessary adjustments. Communication strategies are also important during this time, as they ensure that all stakeholders, including employees and investors, are informed and prepared for the changes.

Accounting

Hiring an accountant to handle basic accounting tasks can help you focus on the heart of your business.  We offer a comprehensive range of accounting tasks essential for maintaining accurate financial records and ensuring smooth business operations.

Transaction Recording

One of the core tasks we perform is recording daily financial transactions. This includes documenting sales, purchases, receipts, and payments. Your company’s financial records will be accurate and up-to-date, which is crucial for future financial reporting and tax compliance.

Account Reconciliation

Account reconciliation occurs when we examine your company’s internal records with external bank statements. Reconciliation can help identify discrepancies, errors, or omissions in the financial records and verify that all accounts are balanced. Regular reconciliation prevents issues such as fraud or financial mismanagement by maintaining the integrity of your company’s financial data.

Expense Management

Managing and categorizing business expenses verifies that all expenditures are recorded appropriately. Think of racking receipts, processing invoices, and monitoring expenditures to ensure they align with your company budget. Proper expense management helps maintain accurate financial statements and control costs while also preparing for tax time.

Financial Reporting

Do you need regular financial reports for stakeholders or investors? We’ll run regular reports like income statements, balance sheets, and cash flow statements based on your company’s financials. These reports provide valuable insights into the company’s financial health and performance, aiding in strategic decision-making. You’ll be able to understand financial trends and make informed decisions.

Tax Preparation & Filing

We can prepare and file tax returns, ensuring that all required documents are submitted accurately and on time. Our team can identify eligible deductions and credits to minimize tax liabilities and optimize your tax position.

Financial Statement Preparation

When we prepare financial statements for a business, it’s a detailed and meticulous process that ensures your company’s financial position is accurately represented.

Gathering Financial Data

We begin by collecting comprehensive financial data from various sources within the business. We’ll review transaction records, invoices, bank statements, and receipts. Then, we gather and organize this information to create a clear and accurate picture of your company’s financial activities over a specific period.

Compiling Financial Statements

Once we collect the data, we present it with key financial statements: the balance sheet, income statement, and cash flow statement. The balance sheet provides a snapshot of the company’s assets, liabilities, and equity at a particular moment in time. The income statement details the company’s revenues, expenses, and profits or losses over a given period of time. The cash flow statement shows how cash is generated and used within the business, reflecting operational, investing, and financing activities.

Ensuring Accuracy & Compliance

Accuracy and compliance are crucial in the preparation of financial statements. We’ll thoroughly check and verify entries and calculations to ensure they reflect true and fair financial conditions. We adhere to generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the applicable regulatory framework. This ensures that the financial statements meet legal and industry standards and provide stakeholders with reliable information.

Analyzing & Interpreting Data

In addition to preparing the statements, we can analyze and interpret the financial data. You’ll get insights into financial trends, performance metrics, and potential areas for improvement. This analysis helps business owners and stakeholders understand the company’s financial health and make informed, data-driven decisions.

Providing Guidance & Recommendations

We’ll offer guidance and recommendations based on the financial statements and help you understand the implications of the financial data while suggesting strategies for improvement. 

Employee Benefit Plan Audits

If your organization has 100 or more employees enrolled in an employee benefit plan (EBP), you must fill out Form 5500 with the U.S. Department of Labor every year. The Whitlock Co. can audit your EBP to make sure it adheres to generally accepted audit standards (GAAS), DoL regulations, and ERISA requirements. The overall goal is to make sure your organization is fulfilling its fiduciary responsibilities to pay for the employee benefit plan.

Examine Financial Statements & Payroll

During the employee benefit plan audit, our team will examine financial statements to see if they are accurate. If we notice any weaknesses, we will outline those and suggest improvements. 

We will also look at your payroll to make sure employer contributions, employee contributions, and any distributions are made properly to pay for the plan assets. Our team will ask for any documentation from third-party administrators of the EBP to examine plan participation numbers. We will also talk to your direct filing entity (DFE) if there is one.

Look for Operational Errors & Proper Controls

An employee benefit plan audit can find operational errors that reduce the plan’s efficiency and financial reporting. Who sponsors the plan? Who administers the plan? Do these administrators follow through with the plan correctly?

Having the proper controls in place is designed to prevent fraud. Even with a third-party administrator of the plan, fraud can occur. We will dive into your processes and the controls of the plan administrator to make sure your employees are receiving the benefits they deserve. 

You will receive a full report before filing Form 5500 with the DoL. If the DoL requests to see the audit, you can send it to them.

Tax Services

Tax services for your organization or as an individual are much more than preparing and filing taxes with the IRS once a year. Having an ongoing tax strategy partner at your side is helpful because the regulatory climate for taxes can change from year to year. A comprehensive approach is important to help manage your business or individual tax responsibilities effectively while optimizing your tax liability.

Strategic Tax Planning

The Whitlock Co. can provide a tailored tax strategy that aligns with your organization’s financial goals. We’ll look at your financial position and forecast future tax implications. By anticipating potential tax liabilities and opportunities, you can make informed decisions that can minimize tax burdens and maximize savings for businesses.

Detailed Tax Preparation & Filing

Once the planning phase is complete, the focus shifts to tax preparation and filing. We’ll work with you to make sure we have all of the documentation we need regarding income, deductions, and credits to report them properly to the IRS based on the current tax code and regulations.

Compliance & Risk Management

Beyond tax preparation, we will help you with compliance and risk management. We will review your business or individual tax positions to identify and mitigate any potential risks. This includes staying updated with the latest tax legislation and regulations, and advising on changes that could impact your taxes. The goal is to avoid surprises and remain in good standing with tax authorities.

Ongoing Support & Advisory

Tax services extend beyond the annual filing. We offer ongoing support while answering any tax-related questions along with addressing any issues that arise throughout the year. We can assist you with complex tax scenarios, implementing effective tax strategies, and help you adapt to any changes in your financial landscape. 

Some of the ways we can help you are by offering relevant advice on investing in a new piece of equipment, buying a new property, undertaking a cost segregation study, and other tax-related issues that might come up with your company’s finances throughout the year.

Audit & Assurance

When The Whitlock Co. performs audit and assurance services for your business, we deliver a thorough evaluation that enhances trust and reliability in your financial reporting. This comprehensive approach is essential for maintaining transparency and building confidence among stakeholders, investors, and lenders.

In-Depth Planning & Preparation

We do more than just deliver reports. Your audit team dives deep into your business to understand its operations, financial processes, and the specific requirements of your industry. We’ll gather relevant documents, analyze internal controls, and assess risk to set the scope of the audit. This groundwork is crucial for ensuring that the audit is both comprehensive and tailored to the unique aspects of your business in order to assure stakeholders that your financial position is sound.

Thorough Examination & Verification

Following the planning phase, The Whitlock Co. conducts a rigorous examination and verification process. This involves detailed testing of accounting records, analytical review of significant changes, and discussions with key staff. The team meticulously tests data accuracy, assesses compliance with accounting standards, and evaluates the effectiveness of internal processes. The aim is to uncover any discrepancies, risks, or areas for improvement, ensuring that your financial reporting is both accurate and reliable.

Detailed Reporting & Recommendations

Once the examination is complete, The Whitlock Co. compiles a detailed report that outlines our findings. This report not only highlights any issues but also provides actionable recommendations for enhancing financial practices and controls. The goal is to help your business improve its financial reporting and address any weaknesses that may have been identified during the audit.

Accounts Payable & Receivable Management

When The Whitlock Co. manages accounts payable and receivable for your business, we can provide a strategic approach to handling your financial transactions with precision and efficiency. The goal is to optimize cash flow, improve financial control, and enhance the overall operational effectiveness of accounts payable and receivable functions. 

The core of accounts payable and receivable management is about monthly and quarterly cash flow. However, our team can offer a strategic view of your cash flow if you rely heavily on invoicing as a steady source of revenue.

Efficient Invoice Processing & Payment

We begin by streamlining the processes for handling accounts payable. This involves efficient invoice processing, which typically involves looking at your software stack. Does it perform the functions you need it to? Are you employing this functionality as it is intended? Are there ways to improve this process? We can take a strategic look at your invoices as a whole to see what you can do better.

Accurate Receivables Management

On the accounts receivable side, The Whitlock Co. focuses on optimizing cash collection. We can optimize how your software monitors outstanding receivables, follows up on overdue accounts, and manages collections processes. This diligent management helps your business maintain a healthy cash flow and reduce the risk of bad debts.

Comprehensive Financial Reporting

To keep you informed and in control, The Whitlock Co. provides detailed financial reporting on both accounts payable and receivable on a monthly, quarterly, and yearly basis. This includes regular reports on cash flow, aging reports, and payment histories. These reports offer valuable insights into your financial status and help you make informed decisions about your business’s financial strategies while making sure your invoicing software is robust.

Cost Accounting

The goal of cost accounting is to assess the different costs of your business and how they affect operations, expenses, efficiency, and profits. Our team provides a detailed and strategic approach to understanding and managing your costs, allowing you to make informed financial decisions, improve profitability, and enhance overall operational efficiency at your company.

Detailed Cost Analysis & Tracking

First, we look at your cost structure. We’ll identify and categorize direct and indirect costs associated with your products or services. By meticulously tracking expenses and evaluating cost behavior, The Whitlock Co. provides a clear picture of where your money is going and how it impacts your financial performance. You’ll gain a greater understanding of cost drivers to identify areas where savings can be achieved, whether it’s from a labor, facilities, or process standpoint.

Accurate Cost Allocation & Control

Effective cost accounting requires precise allocation of costs to various departments, products, or projects. The Whitlock Co. can show you a robust report for allocating costs accurately, ensuring that expenses are properly attributed to their respective areas. You’ll get access to accurate budgeting and financial forecasting with the goal of maintaining profitability and making informed decisions about pricing, budgeting, and resource allocation.

Strategic Cost Reporting & Insights

To support your business’s strategic planning, The Whitlock Co. provides comprehensive cost reporting and insights. These reports include detailed breakdowns of cost structures, variance analysis, and profitability assessments. By presenting these insights in a clear and actionable format, they help you understand the financial impact of your decisions and develop strategies to optimize cost management. You can more easily plan for the next month, quarter, and year with stout reporting and analysis.

Regulatory Compliance

Does your business have a higher regulatory compliance based on your industry or business size? The Whitlock Co. can help you navigate the standards you must adhere to regarding financial services, taxes, and general accounting standards.

In-Depth Compliance Assessment & Planning

The Whitlock Co. provides a thorough assessment of your business’s regulatory environment to see if there are any specializations that you should be aware of. For example, a healthcare provider may have different regulatory requirements compared to insurance or wealth management. If you have an employee benefit plan, we will review it to make sure you are in compliance and file a Form 5500 if required.

We’ll review applicable laws, regulations, and industry standards to understand your specific compliance obligations. We’ll develop a detailed compliance plan that addresses these requirements while setting you up for success in the future.

Comprehensive Policy & Procedure Development

Effective regulatory compliance requires the right controls. The Whitlock Co. assists in developing and implementing comprehensive compliance policies tailored to your business’s needs, such as creating documentation and guidelines that ensure your operations adhere to legal and regulatory standards. A bank is one such example, and having an employee benefit plan audit is another.

Ongoing Monitoring & Auditing

Compliance is an ongoing process, especially when reporting deadlines must be met, and regulations change from year to year. The Whitlock Co. provides continuous monitoring and auditing to ensure that your business remains compliant. This includes a close look at operations, conducting audits, and assessing your adherence to regulatory requirements. 

Forensic Accounting

The goal of forensic accounting is to uncover financial truths while looking for potential fraud. In general, you hire a forensic accountant to present evidence in court. Forensic accounting provides clarity in legal and financial disputes.

Thorough Investigation & Analysis

Our team starts with an initial investigation to understand the scope and nature of the financial issues at hand. We examine financial records, transactions, and internal controls to uncover discrepancies or suspicious activities and provide a clear and accurate picture of any irregularities or fraudulent activities.

Evidence Collection & Documentation

In forensic accounting, the collection and documentation of evidence are crucial. We gather and organize financial documents, correspondence, and other relevant materials in order to preserve evidence. Then, we make the evidence presentable in court during legal proceedings to make it admissible, if necessary. This requires attention to detail and integrity of the investigation to strengthen any potential legal case. W

Expert Reporting & Testimony

We generally create an executive summary followed by documentation that backs up the overall findings. In cases where legal proceedings are involved, we provide expert testimony and explain complex financial matters in court under oath in front of a judge.

Community Bank Risk Advisory

The Whitlock Co. can help identify, assess, and manage the unique risks faced by your community bank. The goal is to give you the tools you need to make changes that can strengthen your bank’s overall financial position. We usually perform a community bank risk assessment once a year.

Comprehensive Risk Assessment & Evaluation

We will evaluate various risk factors, including credit, operational, information technology (IT), market, and liquidity risks. By analyzing your bank’s risk profile and the broader economic environment, our team provides a clear understanding of potential vulnerabilities and areas that require attention. This comprehensive evaluation sets the foundation for developing effective risk management strategies.

Identifying, Noting & Mitigating Risks

Based on the risk assessment, The Whitlock Co. will identify where the risk is and the severity of the risk so that your community bank can properly mitigate any risks identified. Your strategy should include creating procedures to mitigate potential threats, enhancing internal controls, and implementing best practices for risk management. We’ll help you establish a robust risk framework that aligns with regulatory requirements and supports the safe and sound operation of your community bank.

Expert Guidance & Training

Our experts can help train and empower your team to manage risks effectively, including valuable insights into regulatory changes, industry trends, and best practices in risk management. After we complete our risk assessment, we can hold training sessions to enhance your relevant staff’s understanding of risk-related issues and ensure they are equipped to handle them effectively.

Wealth Management

We partner with Oppenheimer & Co. to provide wealth management services for high-net-worth individuals. Our team works in conjunction with Oppenheimer & Co. to develop tax strategies that help you keep and distribute your wealth according to your financial goals.

Personalized Financial Planning & Strategy

Are you a business owner? We can help you develop a financial plan that creates a growth strategy for your profits, investments, and income. We’ll also help you with succession planning if you plan on selling your business. 

Asset Management Through Oppenheimer & Co.

Our clients have access to Oppenheimer & Co.’s considerable asset management capabilities, as well as an array of investment products and services. We work in conjunction with this valued partner to keep as much of your wealth as possible.

Estate Planning & Taxes

Protecting and preserving your wealth is a top priority for The Whitlock Co. Part of our wealth management services includes estate planning, tax optimization, and tax filing. Our goal is to ensure that your wealth is well-protected and that your financial legacy is secured for future generations.

Talk to The Whitlock Co. About Business Advisory & Accounting Services

One thing to remember is that many of our services can happen year-round. As regulations change, the economy evolves, and the business climate adapts, your company needs to stay on top of many things that can affect your profits. In addition to hiring an objective third party to help with various financial aspects of your company, we offer year-round advisory services to keep your business healthy, stable, and moving forward.

Contact The Whitlock Co. to request a consultation today.