What is Business Management? Business Management encompasses the activities associated with running a company, such as controlling, leading, monitoring, organizing, and planning. It is the function that coordinates the efforts of people to accomplish goals and objectives by using available resources efficiently and effectively.
At Piemonte & Liebhauser, LLC, our business is taking care of your business. While you are busy growing your business, or on the road, we are managing your AP, your AR, monitoring your budget, planning for taxes, and communicating with your team. We report back to you on your timetable and our staff is available whenever you need them. When we do our job, you are free to concentrate on your job, without any interruptions or worries.
Here Are 5 Ways That a Business Manager Can Make You Rich:
A Financial budget helps you set goals and objectives. A formal budget helps ensure that resources are available for the things that support business growth and development. A well-communicated budget helps everyone understand the priorities of the business, control spending, eliminates infighting and provides a profit margin. At P&L, we will prepare an annual budget, monitor, and review it with you monthly. This is an invaluable tool in that it keeps you focused, aware, and able to address issues before they become huge problems. It provides necessary information that allows you to make sound business decisions.
Many business owners are surprised at how much cash they free up when they effectively manage working capital. We will review your accounts to see where we can save you money, make sure your bills are paid on time and in full to avoid costly late fees, finance charges, and reconnection fees. With the proper cash planning, there shouldn’t be a need to incur these costs, and they add up over the course of a year. This will increase the accuracy of your balance sheets. Prompt payment of bills will also make you seem more credible in the eyes of your vendors and service providers. It will also help your credit score, which will ultimately lower your interest rates on mortgages, auto loans etc.
The funds collected through your accounts receivable process is the food that fuels the actions of your company. Inconsistent attention to the task can starve a company’s growth, while a steady and efficient process results in a well-fed machine capable of achieving all of its goals. If you do not keep track of accounts receivable, you may forget to bill certain customers or will not know if you have been paid. You may end up providing your product or service for free and negatively impact your ability to be profitable. The longer it takes to send the invoice, the less likely it will be that your payment will be sent. Moreover, most nonpayment errors develop in the first 60 days after delivery because of insufficient or incomplete customer contact. We will make sure that all of your invoices are generated on a timely basis, with the proper payment terms, submitted to the correct person, and will follow up immediately and until they are paid.
Coordination of your team of professionals.
We are the liaison that everyone on your team will report to so that all of the information ends up in one central location and accounted for. We reconcile your bank and investment accounts each month for accuracy. This keeps the bank and your wealth manager honest. We reconcile tours to ensure that all monies were paid out and received as they should be, which keeps the venues, agents and tour managers honest. We partner with your insurance broker to ensure that you have adequate coverage personally, as well as for your endeavors.
We all have to pay them so why not be smart and plan for them. We will help you take advantage of all applicable tax credits and strategies to make sure you are prepared in April. We plan in advance to make sure that you are paid in and don’t incur any non-payment penalties and interest. We perform quarterly reviews of information to calculate estimated taxes due, provide tax projections to calculate year-end officers salary and SEP or Pension contributions, strategize with financial advisors to maximize tax benefits as pertaining to gains or losses in investment portfolios, conduct an annual review of financial position to determine appropriateness of gifting, and analyze tax benefits of multiple filing scenarios. We can also assist if you have any back tax issues and are very well versed in audits. We are your Liaison with the IRS and/or state government to provide documentation and support during audit examinations. We negotiate payment plans, offers in compromise and settlement agreements with all government agencies.
For entertainers we minimize non-resident state and foreign income tax withholding, assist in obtaining individual tax id numbers for non-residents of the United States, obtain Central Withholding Agreements for Non Resident Entertainers performing in the U.S. to reduce withholding tax, apply for reduction of state and Canadian tax withholdings when available, liaison to accountants in different countries to ensure overall maximum tax benefit and prepare and file U.S. tax returns when necessary.