COMPACCT360 Full Circle Solution


Running a small business is do it yourself and multi-tasking environment. Small business owners take care of all core business activities like selecting or developing products, managing supplies, creating markets, distributing them while running the day to day operations. Moreover, they need to take care of accounting, regulatory & lending compliance and other regulatory activities either by themselves or taking help of their limited number of staffs. Attending all of them simultaneously and determining long-term strategic direction analyzing strengths, weaknesses, opportunities, and threats; and their underlying variables over the years is almost impossible for the entrepreneur and few of her aides. Such truth is implied in recent surveys, which indicate that average length of most small businesses is five to six years. We do design and offer business-specific full circle solution covering your accounting, regulatory & compliance and strategic planning needs in an integrated approach, where we identify all inclusive requirements for your specific business, analyze the gap between your existing practices and stipulated requirements; and suggest you  few course of alternatives to tweak them aligning with your business goals and immediate priorities in given resources. We would be happy to hear your story and would love to explain our methodology and how our comprehensive solution can add value to your specific business situation.

 

01

All Inclusive List of Requirements

Small businesses very seldom identify and establish a comprehensive list of all requirements in single place, like-

  • Laws and rules applicable to specific business type;
  • Terms and conditions specific to  secured licenses and permits;
  • Registration requirements with agencies like FINCEN, State Department of Finance, etc;
  • Reports to be submitted to Secretary of State, State or City Department of Finance, IRS, SSA, County Gov, etc;
  • Terms to be complied as per industry specific law, regulators’ guideline, agreement with lenders, Banker’s advise, merchant account provider;
  • BSA compliance related operational and reporting requirements;
  • Preparation of financial statements, reports and submitting to proper authorities;
  • Financial capacity, minimum capital, required types of cash flows related requirements;
  • Requirements related to signs, name, displays, etc;
  • Requirement related to sound governance structure, internal controls and qualification of key people;

and lot more. Such requirements vary a lot from industry to industry. Complying with them doesn’t bring any direct financial benefit for any entity but complying them is must to sustain a smooth operation. Weak preparation and absence of thorough understanding of them may result in missing many of them. Such a situation may distract attention from core business activities and may force to concentrate more on operational surprises did arise.

Comacct360 full circle solution starts with identification and thorough understanding of all requirements specific to any business. Then such requirements are complied by establishing supervisor or department based responsibility and staff assignable tasks with multiple lines of defense in governance structure, even in a small business.

02

Gap Analysis and Recommendation

Once our experts finish identifying required ‘to do’s, we identify gaps in your existing practice and the requirements identified.  Identified gaps and your existing way to do help us to prepare a set of recommendations keeping cost-benefit aspect in mind. We believe, tweaking in limited and affordable extent sometimes may shift the output of your same human resources upward to a great extent. As most of the small business don’t design jobs with great effort and resources, we recommend such gap detection and implementation of recommendations to establish good governance, accountability and the entity’s ability as a whole to run as a compliant business.

03

Accounting Service

We offer cloud accounting solution backed by Quickbooks online cloud-based platform. We will help you to integrate your Quickbooks with your company’s transaction processing system, bank accounts; merchant accounts (for the online service provider). Integration with credible third-party apps will help you to import all transaction in a very fast environment and will help in decisions based on real transactions data. Cloud accounting will establish secured data sharing and will establish appropriate financial statements within the deadline. We provide very customized quote evaluating your business environment and transactions volume. Available features include-

  • Managing accounts receivable;
  • Managing accounts payable and recurring bills;
  • Pay W2 employees and file payroll tax;
  • Managing 1099 contractors;
  • Quickbooks set up and support;

04

BSA Compliance Program

Depending on types of your business, we can create BSA compliance program aligning with industry-specific requirements, your operating processes and governance structure. Having written compliance programs is one of the key prerequisites for money service businesses.

Besides that, we can offer an independent review service to evaluate appropriateness and adequacy of your compliance programs and its implementation across your organization.

05

Governance and Regulatory 

We offer regulatory compliance services for financial institutions, where we identify all regulatory requirement in single place, implement a structure involving operation, compliance and internal audit so that the entity runs the operation in compliance with rules, regulations and written operating procedure developed in a consultative manner.

We help our clients to prepare federal, state and local tax returns, pay the taxes as per the requirements. We do assist in IRS audit and resolution service.

06

Corporate Compliance

We can help you in submitting your annual/biennial corporate return to Secretary of State specifying appropriate information. Our services include renewal of fictitious name as well.

07

Strategic Planning

Small businesses succeed based on its competitive strengths over the same of competitors, but those underlying success factors and variable influencing them are changing almost all the time, even when your small business is running well.  Identifying success factors, evaluating the role of competitive strengths and financial value drivers putting in a timeline of 5 to 10 years could be imperative to study in the light of strengths, weaknesses, opportunities, and threats involving the regulatory environment, industry compositions, internal value drivers, customers, suppliers, etc. We address such issues under our compacct360 full circle solution and advise our clients with facts established from rigorous analysis and projections. Our objective is to help our clients to have surprise free smooth operation focused on strong core business activities with mid to long-term focus on competitive strengths and sustainability.

Schedule Free Consultation

We would love to hear your story and would love to share our experiences. You may consult us in our office, or at your location or any suggested city or online. We can confirm ensuring logistics.

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Please schedule an appointment using this website or over the phone before visiting our office at 45 Carey Ave, Suite # 250-8, Butler, NJ 07405