Gain Control of Your Finances

Professional Accountants with a Balanced Approach

 

 

 

 

Taking Care of Your

NEY
Home About Us Services FAQs Useful Links QuickBooks Testimonials Client Login Contact Us

Thompson Accounting Company, PLLC          vthompson@vivianethompson.com          O: (520) 822-8208          C: (520) 481-8015

Privacy Policy

Home About Us Services FAQs Useful Links QuickBooks Testimonials Client Login Contact Us
Home About Us Services FAQs Useful Links QuickBooks Testimonials Client Login Contact Us
  • What is a periodic business manager?
      Small businesses need the expertise of a business manager but not on a full time basis. As your periodic business manager, I will work and be available a few hours a month or be available for one-time special projects. You call me when you need me!
  • What's the difference between a controller and a business manager?
      A controller is the head of the accounting department of a business. The accounting staff is responsible for the day-to-day accounting tasks for the business. The controller supervises the staff, controls the finance of the firm, and is the liaison with upper management.

      A business manager does all the functions of the controller and, because the firm is smaller, he/she is involved in all other financial aspects of the business from negotiating contracts to human resources activities and of course, taking care of the accounting and bookkeeping, thereby doing many tasks that are performed by the owner.

  • Do I need a business manager?
      Small business owners do not need to wear all the hats. A business manager takes over all the accounting and financial tasks to leave you free to concentrate on what you do best: your business.
  • What are the benefits of having a periodic business manager?
      It will free up your time currently used in bookkeeping and administrative tasks while giving you comfort that the work is done by a professional accountant. You retain control while gaining the flexibility of utilizing a professional only when needed.
  • My current accounting records are a mess!!!
      I have many years of experience in "cleaning up" accounting problems. I'll reconcile your bank accounts (several years back if necessary), fix the general ledger, and do any other work needed to clean up your accounting. Although there is a cost associated with the clean-up, there are many hidden costs of not cleaning up your records.

      Here are a few examples of those hidden costs: penalties and interest on late payment of taxes, missed deductions leading to a higher tax liability, late filing of tax returns leading to a higher chance of audit, decrease of apparent value of the business should it be sold, etc...

  • I have been using Quicken. Can I upgrade to QuickBooks?
      Absolutely. The first decision is to identify which QuickBooks product you need. You can read their web site (QuickBooks.com) or you can ask me and get an immdiate answer so that you can make the right decsion. Buying the correct software can save you a lot of time and hassle later!

      I'll transfer your Quicken data, properly set up the accounts and reports, and train your staff (or yourself) on how to correctly use the software.

  • I already use QuickBooks. How do I know I use it correctly?
      QuickBooks is a wonderful software for small business. However, as any other software, it works better when used as intended. As soon as I have reviewed how you are currently using it, I'll be able to make recommendations about ways you can improve the data entry, the reporting and use of tools such as inventory and fixed assets.
  • I use another software?
      No problem - QuickBooks is very versatile.
  • I would like to offer benefits to my employees. Can you help?
      I will provide you with critical research and so that you have a number of choices available while advising you on the best options. I will help you with the set-up and refer you to appropriate resources.
  • I don't have employees but would like a 401(k).
      As a self-employed business owner with no employees, you can have a SEP (Simplified Employee Pension) plan in which you can defer your income tax-free just like in a regular 401(k). I will help you with the set-up and refer you to appropriate resources.
  • Can financial analysis help grow my business?
      Absolutely. In order to grow a business such as adding employees, opening a new location, or changing product mix, you need sophisticated financial analysis, in other words: somebody should "do the math."

      I will provide you with detailed financial analysis that you can use because it's tailored to your business, it uses your historical financial numbers and answers the questions you are asking. My worksheets are clear and concise and are built to be easily read.

  • Do I need a budget?
      Absolutely. Budgets are very important because they help you benchmark how you are doing as well as help you make financial decisions that are beneficial to your business.

      Many business owners operate "by the seat of their pants" which is one of the reasons why so many businesses fail. Having a professional like myself prepare a budget will pay for itself by providing you multiple benefits.

  • I would like to use a business plan. Can you help?
      Absolutely. There are many parts to a business plan, one of which being the financial reports: Income statements (past and future,) balance sheets, cash flow forecasts, etc. The key to a useful business plan is to create statements that are realistic and yet show the true potential of your business.

      The rest of the business plan analyzes markets, competition and many other essential parts of a business. Getting help with other professionals may be required.

  • I have a feeling one of my employees is stealing!
      You are not alone! Through audit procedures and financial analysis, I can review your accounts and attempt to identify the theft. I can also help you set up safeguards so that future problems are eliminated or at least minimized.

      I will also help you design employee procedures and policies that will minimize the risks of theft.

  • Can you come to my office?
      I most often work at the client's office because that's where all your records are. No critical information leaves that office so that the integrity of the data is safeguarded. For certain financial analysis and with your permission, I may be able to work from my home office.
  • Do you train people?
      I work one-on-one with yourself or your employees. A session lasts from one to three hours and is at the speed of the user. The training is completely geared to your needs and we discuss only the topics that are of interest to you, using your data file so that the information is pertinent to your organization.
  • I have other questions!
      Feel free to email or better yet, to call me. As long as I am not working with a client, I'll answer the phone.

Frequently Asked Questions

Business Solutions

 

 

Click on the question for the answer: