Business Strategy & Development

Business Strategy & Development

One of the components that sustainable businesses possess is strategy. This term has been identified as “complex” and a task that only large corporations engage in. Here at Faith Bynum, CPA, PC, we have dispelled this myth and dissected strategy and development to accommodate small to mid-sized businesses and nonprofit organizations. Our goal is to partner with CEOs and business owners to construct the best plan and models that will position their businesses for success and aide in their governance decisions.

These services include:
  • Building Company Goals and Objectives
  • Budgeting and Forecasting
  • Cash Flow Projections
  • Proforma Financial Statements
  • Business entity creation or redirection
  • General Business Strategy Sessions
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Business Consulting

Nonprofits

Nonprofit organizations are vitally important in the work they do. Although nonprofits are mission based, these organizations are held to high compliance standards. Since nonprofits are generally supported through donations and grants, funders require periodic program and financial reports on use of funds. Similar to businesses, nonprofits also have annual filing requirements with the IRS called an Information Return or Form 990. Many nonprofits must have annual audits that reports on their financial statements and their internal control structure.

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Our team has over 16 years of nonprofit accounting and board governance experience and here is how we can partner with you:
  • Form 1023 assistance – Application for Recognition of Exemption
  • Outsourced accounting department
  • Form 990 and 990-ez preparation
  • Budgeting and Cash flow projections
  • Strategic Planning and Sustainability Plans
  • Board of Directors trainings
  • Ad-hoc consultation and advisory
Start-Ups & Entrepreneurs

Taxes

The thought of tax preparation can be an anxious process. Many people do not understand the tax cycle or merely how taxes work. We understand how overwhelming taxes can be and our CPA firm has taken an intentional approach in helping our clients turn their fear of taxes into confidence. Through tax planning and guided preparation, we have helped our clients transition into a more favorable tax position. Our philosophy is that tax planning DURING the year can mitigate any surprises when the time comes to file your taxes.

Our team engages in the following services:
  • Individual tax preparation (Form 1040 and various schedules)
  • Corporate tax preparation (Forms 1065, 1120s and 1120)
  • Quarterly tax planning sessions
  • Tax withholding assistance
  • Tax code interpretation
  • General tax consultation and advisory
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Non-Profits

Outsourced CFO and Accounting Department

As your business grows, so do your financial needs. CEOs and business owners must have a solid understanding of their company’s financial position and one way that solidity is developed is through accounting. Having a strong accounting foundation is a vital business investment but sometimes it is difficult to know where to start in building a finance infrastructure.

Our firm serves as an outsourced accounting department for businesses and nonprofit organizations.
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Here are various ways our team can aide in your accounting needs:
  • Establish and build accounting processes, policies and systems
  • Manage and process accounts payables and receivables
  • Monthly accounting and bookkeeping
  • Payroll
  • Prepare financial statements
  • Budget and cash flow projections
  • Ad-hoc accounting projects and consultation

We have formed an accounting department model that can fit the needs of a sole proprietorship, a small business, all the way to the multi-million dollar enterprise.

Our CPA firm caters to the needs of businesses and we have the flexibility to serve in various accounting and finance capacities.

We have incorporated segregation of duties within our infrastructure to ensure accountability and accuracy.

Having more than one staff person on an engagement enhances the quality of care that our firm takes pride in.

We engage our clients by having monthly/quarterly meetings.

These meetings provide a common ground for financial review, understanding and general guidance. This partnership approach has been a staple in our business relationships and deemed successful with our clients.

Start-ups & Entrepreneurs

Starting a business can be exciting, yet, overwhelming. There are so many components to consider in stepping into entrepreneurship. The main aspect of business start-up is understanding the entity that will best fit your industry and business infrastructure. Furthermore, entrepreneurs must have basic business knowledge to build a solid foundation and set-up for success.

Our staff can provide the following:
  • Business entity consultation
  • Limited Liability Corporation, S-corporation and C-corporation company set-up
  • Employer Identification Number (EIN) retrieval
  • IRS, State Revenue Department and Unemployment Insurance set-ups
  • General business advisory
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Taxes & Accounting

Small Businesses

The small business community are strong economic stimulators and has grown exponentially over the years. Our firm has championed the small business through providing essential collaborations with entrepreneurs to teach financial fundamentals and construct the foundational business tools for success. Accounting, tax positioning and helping to build sound strategic plans for small business, have been ways our firm has partnered with business owners.

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Our firm offers a number of services tailored to the needs and challenges of small businesses:
  • Outsourced accounting department
  • Business entity consultation
  • Tax preparation and planning
  • Strategic planning and positioning sessions
  • Budgeting and Cash Flow projections
  • General small business advisory

Build Your Business with a Leap of Faith.

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