BIG can ease the burden and increase the chances of success of your start-up by helping with the accounting, operational, strategic planning and tax areas of your new and existing business. The professionals at BIG have many years of experience with small business and also have started their own small business. This gives us added insight and experience that is invaluable to the new business owner.
Business Start-Up Requirements
We can help you get everything you need to start your business here in Ohio. This includes:
- File for federal ID number
- Set up bank accounts
- Register and open employee tax accounts
- Advise on credit & credit card services
Requirements for Starting a Business in Ohio
We take pride in our ability to get businesses off to a strong start and increase your chances of success in business. We can also provide premiere CPA Services for your business.
Contact Us About Your Business, Finance, Accounting or Tax Needs
We can be your part-time CFO which will allow you to utilize our vast business and financial experience on an as needed basis, saving you thousands in employee costs and missed opportunities. We will help you to convert problems into opportunities, weaknesses into strengths, and potential debts into valuable assets. We provide all of our clients the tools required for the company to not just survive, but experience sustained prosperity and growth into the future.
Business Mentors & Advisors in North Royalton & Cleveland Ohio
We aren't just Accountants providing CPA Services!
Contact Us About Your Business, Finance, Accounting or Tax Needs
What Type of Business Entity Should I Register As?
We can advise you on the most beneficial entity to select;
- Sole Proprietorship
- C Corp
- Partnership, etc.
Choosing the right entity can save thousands of dollars in taxes and many hours in administrative tasks.
Business Entity Selection
We make this simple and easy. That is why we are consistently voted the #1 provider of CPA Services in the North Royalton & Cleveland area.
Accounting & Administrative Tasks
Accounting System Implementation - We can help you decide on the best system for your business, whether it is QuickBooks or another software. We will help you set up your books quickly and educate you on proper monthly accounting and reporting.
Accounting & Administrative Tasks
Payroll Set Up - We will guide you toward the correct set up of employee payroll and the most efficient way to regularly process your payroll.
Tax Consulting & Tax Return Filings
We can help navigate the choices of proper expensing of items, how to legally minimize your tax obligation, and help you to implement proactive tax reduction strategies as the business grows. We can file all required tax returns, business, personal, employer, sales tax, and CAT.
Tax Consulting & Tax Return Filing
We can help you determine if your business is eligible for available financing and credit, and if it is, we can help you to obtain it at the best terms and rates.
Business Financing in North Royalton & Cleveland Ohio
We have helped numerous companies obtain financing critical to their growth!
Purchase of a Business
If you are looking to purchase a business, we can help you determine if it is a viable business, what the right price to pay is, and how to set it up and operate it under new ownership.
How to Purchase a Business
Most potential business owners have questions about how to purchase a business, how to get business financing, what type of business to buy and many other business buying questions.
We can help!
Strategic Business Planning & Consulting
Business owners have a different set of needs than individuals and families. In many cases, however, a small business owner's personal tax issues are intertwined and directly connected with those of the business. CPAs act as independent advisors who can work with business owners to help them meet day-to-day and long-term goals. We can:
- Create a realistic business plan, and help you select an organizational structure that meets your needs
- Help identify financing and negotiate financing terms and conditions
- Manage finances and accounting processes: Balance budgets, oversee taxes and payroll, determine sales tax liability, value products and inventory, track performance, monitor costs, develop marketing and pricing strategies, explain government, environmental and economic regulations and ensure compliance
- Advise on day-to-day operations, including salaries and benefits, IT system requirements, internal controls, fraud mitigation and risk management, retirement plan and health care options, and insurance-provider selection
Business Planning & Business Consulting in North Royalton & Cleveland Ohio
Contact us to today for help growing your business today.
BIG specializes in finding hidden assets, overlooked opportunities and underperforming activities in companies which are growing, changing or in financial distress. Whether the issues are financial, operational or personnel based, we convert problems into opportunities, weaknesses into strengths, and potential debts into valuable assets.
Turn Around Management
BIG has the experience and the ability to work with an organization to formulate and implement the turn around initiatives required to rapidly move the company from one that is bleeding money to one that is a profitable, positive cash flow generating company. Our turn around plan is derived from an operational analysis and/or strategic analysis that, when completed and implemented, have the ability to change a company’s fortunes.
The new business model we develop allows us to sell off assets, divest and retrench from non-core assets and segments, and bridge the time required to determine the long-term viability of the company.
We perform an independent Financial Analysis to determine root cause and level of distress. Using a three phase process we work with businesses to help them determine the next steps.
PHASE 1: Short Term Tactical Analysis
- Analyze recent financial and operational performance;
- Analyze capitalization to determine if company is insolvent, the legitimacy of collateral and cash disbursements, and identify operational issues negatively impacting cash flow and collateral;
- Develop a short term tactical business plan focused on aggressive management of A/R, inventory, A/P, and non-core assets;
- Develop a 13 week cash projection;
- Negotiate and communicate with creditors and vendors through a priority ranking system;
- Negotiate payment terms and favorable pricing with customers; Conduct customer revenue and profitability analysis;
- Identify operational inefficiencies and hidden resources and make recommendations regarding:
- Effective resource utilization - people, money, assets, equipment, facilities;
- Elimination and redeployment of non-value added resources;
- Retrenchment to eliminate non-value added transactions throughout organization;
- Vendor/ product line/warehouse/manufacturing plant rationalization.
PHASE 2: Mid Term Tactical and Strategic Analysis & Implementation
- If Entity is determined to not be viable, assist with one of the following:
- Sale, partial divestiture, out of court liquidation, receivership, bankruptcy proceedings.
PHASE 3: Long Term Strategic Analysis & Implementation
- If Entity is determined to be viable:
- Develop strategic plan and implement re-engineered, redefined leaner business model focused on profitable and sustainable growth;
- Explore bank options – sale, equity infusion, re-financing, return as non-criticized credit.
Turn Around Management in North Royalton Ohio
Through operational and strategic analysis, BIG Financial & Advisory Services has the ability to quickly improve the condition of financially distressed companies through our Turn Around Management Program.
Specializist CPA Services in North Royalton Ohio
Do you have fraud or theft happening within your company? Most business owners quickly respond “No” without realizing that it has been happening for years.
Fraud within a company encompasses many areas, such as:
- Phantom vendors, employees or customers
- Employee or partner diversion of cash
- Inflated collateral asset values to support asset based lending collateral certificates
- Improper use of company cash
This occurs when companies do not have proper controls in place and rely heavily on their employees, trusting them without question. Regardless of the size of your company and the tenure of the employee, internal controls are critical to protect your finances.
BIG is experienced in auditing financial records, company procedures, and vendor, customer, and employee structures. Through our independent assessment we can quickly identify potential risk areas and determine if any theft may be occurring. We can implement the correct segregation of duties and provide a “checks and balance” system to ensure the prevention of fraud in the future.
Forensic Accounting in North Royalton Ohio
Fraud and theft can happen within any company. We specialize in auditing financial records, company methods, and employee structures to prevent such activity.
Feel secure working with the best North Royalton Accounting Firm
The objective of a receivership is to protect and enhance the value of the assets and maximize return to the creditors. Not only do we understand that, we excel at it.
BIG’s receivership services are relied upon by banks, law firms, and courts throughout the region. The objective of each receivership is to secure the assets, stop any further deterioration in value of the assets, and maximize return to the creditors. BIG accomplishes this and makes improvements to the business model in question by tapping into our extensive business expertise, operations experience, and forensic analysis capabilities. We are able to quickly assess whether maximum value will be returned to the creditors through either a liquidation or a going concern sale.
When liquidation is inevitable, BIG identifies ways to minimize the cost of liquidation proceedings, accelerates the time frame for completion, and maximizes the value returned to creditors. Steps include:
- Collecting outstanding accounts receivables and selling remaining inventory, while maximizing the value in each;
- Liquidating hard assets, including warehouse equipment and machines, vehicles, real estate, and office equipment; and
- Pursuing litigation of fraudulent conveyance, mere continuation, and additional charges.
If a going concern sale is the determined route, BIG assesses the root cause of the business problem. Restoring profitability and cash flow while we determine the best course of action is always our first goal. Operational issues are carefully analyzed, strategies are developed to alter the business model, and non-essential and personal expenses are eliminated from the business. BIG has had much success negotiating the sale of companies as a going concern business, preserving the company’s value, saving jobs, and maximizing return to the creditors. Our methods include:
- Effectively managing the company's operations, including sales, procurement, inventory, manufacturing, and distribution;
- Generating cash flow from internal operations to fund continued operations of the company;
- Discovering and recovering diverted assets back into the company through forensic analysis;
- Reversing losses to break-even thresholds in short periods of time, often achieving profitability within 6-12 months; and
- Obtaining “stalking horse bids” and holding sale auctions (in one case we obtained a final sale price 30% higher than the “stalking horse bid”)
Receivership in North Royalton Ohio
Through business expertise, operations experience, and forensic analysis, our receivership services enhance the value of assets and maximize return to creditors.
We are the top North Royalton CPA Firm in Ohio.
Financial, Operational & Strategic Advice
There is an old adage which says: “Those who fail to plan, plan to fail.” BIG helps your business to succeed by developing a plan which reflects your organizations’ goals and visions.
The first step in this process is to perform a strategic analysis. Then we develop and implement a strategic plan that consist of:
- Eliminate operational inefficiencies resulting in increased shareholder and enterprise value;
- Help organizations achieve world class manufacturing and distribution;
- Create lean manufacturing to save money;
- Find domestic and international sourcing solutions; and
- Provide quality measurement systems and efficient business processes.
BIG helps organizations improve their performance by “peeling back the onion” and analyzing current business problems and then developing actions to be implemented for improvement in the following areas.
Business Strategy Consulting
- Clarify strategic priorities
- Set organizational objectives regarding markets, products, technology, geography
- Allocate organizational resources, redeploy capital
- Match organizational core competencies to markets with potential growth
- Identify margin improvement
- Redeploy organizational resources
- Identify and analyze all costs
- Segment products and customers into profit levels
- Identify areas for pricing changes to improve profit
- Develop pricing strategy utilizing strategic, value, transaction, unbundling concepts
Financial, Operations & Strategy Advice - North Royalton
The Business Improvement Group helps organizations improve performance by analyzing current business problems and implementing actions to fix those issues.
The premiere CPA Services North Royalton Ohio
Business Check Up
Need a Business Check Up? Think BIG. If you are like most, you avoid going to the doctor for a check up until you don’t feel well. Unfortunately, many executives do the same with their businesses.
Why wait until your business is sick? At BIG, we have developed a comprehensive Business Check Up that will help you to make your business healthier. And in corporate America, a healthy business means a lean, highly profitable business.
Through a thorough financial, operational, competitive and strategic analysis, a BIG Business Check Up will help you to identify your company’s viability and identify major roadblocks that may be preventing you from growing profitably.
What We Do
Our comprehensive methodology begins with a thorough assessment of your company. We will:
- Analyze your financial data
- Tour your facilities to evaluate operational performance
- Interview owners and key management
- Gain an understanding of your market, transactions, operations, and sales trends
- Research your customers and competitors
- Understand and review your pricing strategies
- Review your assets, if requested
The deliverables of a Business Check Up are aimed at determining whether your company is properly positioned for long-term success; and if not, how we can help you get there. The professionals at BIG will develop a short term tactical business plan focused on the aggressive management of accounts receivables, inventory, accounts payables and non-core assets.
Business Advising & Check Up in North Royalton Ohio
We make sure your business is properly positioned for long term success by analyzing financial data, reviewing assets, and understanding pricing strategies.
BIG Financial & Advisory Services are the top Accountants in North Royalton Ohio
Cost & Profitability Analysis
Understanding your costs is the first step to improving the profitability of your business. It is not uncommon for business owners to wonder if their pricing models are sufficient to turn a profit. Gathering the data sometimes seems like an overwhelming task.
At Business Improvement Group, Inc., we have the expertise and a proven process to gather, organize, and quantify your historical costs and inventory values, and help you determine which business opportunities and pricing models will help you to maximize your profit stream over the long term.
There are a variety of costing systems that work, and we are adept at determining which one makes the most sense for your business and industry. So whether you need to segment your profit by product offering, customer type, or region, we can help.
Stop guessing and start planning. At BIG, we can help you to forecast “what if” scenarios, prioritize opportunities, develop appropriate pricing models, understand how market changes will impact your business (before it happens), and increase your sales, cash flow, and profitability.
Cost & Profitability Analysis in North Royalton OhioOur financial consultants gather, organize, and quantify historical costs and inventory values to help your business determine opportunities and pricing models.
Your partner for Tax Accounting in North Royalton Ohio
Raising of Capital / Financing
Sometimes, businesses need money to continue to grow. BIG can help you obtain the capital which may be necessary to obtain new equipment or real estate, stave off creditors or just accomplish your business goals.
BIG is your liaison between the bank and your company, bridging the gap of credibility and moving the transaction forward.
The key to successful equity investments, mezzanine financing, acquisitions and mergers is thorough and accurate due diligence before the completion of a transaction. We have a system that not only encompasses the legal and financial aspects but also the strategic, operational and cultural aspects of the deal. For capital influxes, we provide the analysis and measurements to help turn your business around as well as providing you the means to monitor your ongoing progress.
An influx of cash is only a band-aid. BIG will determine the steps needed to strengthen your cash flow position and keep you moving in the right direction.
Capital Raising in the North Royalton & Cleveland Area
Utilize our ability to raise capital for your business so you can achieve your goals, obtain new real estate, purchase new equipment, or stave off creditors.
CPA Services in the Cleveland area
Crisis & Interim Management
Business Improvement Group provides seasoned professionals to navigate your organization through a crisis, project management and/or a period of explosive growth.
In this capacity, we can deploy senior management individuals to fill the roles of:
- Chief Restructuring Officer
- Chief Executive Officer
- Chief Operating Officer
- Chief Financial Officer
- Middle Management professionals
- Project Management professionals
These individuals are hands on professionals with an extensive amount of operational experience gained from actually working in industrial companies.
North Royalton Ohio Financial Crisis Management
We can deploy senior management individuals to help navigate your business through any financial or operational crisis. Call 440-884-1400 to learn more!
The most trusted Finacial Advisors in North Royalton Ohio
Out of Court Liquidations
An alternative to the expensive and lengthy formal bankruptcy procedures administered by the U.S. bankruptcy courts is a process commonly referred to as "out-of-court settlements."
A company can use it instead of Chapter 7 liquidations or Chapter 11 restructuring. The benefit to creditors is that they can receive their payouts much faster than in a formal bankruptcy process.
Credit professionals should be aware that there are still costs associated with this type of transaction. Lawyers are hired to negotiate with the debtor and structure the transaction properly. Accountants are utilized to value the assets and the potential payout to the unsecured debtors for any pre-petition debt.
Out-of-court settlements are used in the following situations:
- If a large percentage of the debt is held by a small number of creditors; and when there is a limited number of land-lords involved, especially if rent has not been paid.
- The debtor needs to reveal the extent of its financial problems. It must make a complete disclosure of its assets and cash on hand. With this information the accountant should be able to quickly formulate a report that can be used to negotiate a fair liquidation or restructuring plan.
If it appears that the debtor is anything but completely honest, creditors should re-evaluate their decision to go along with an out-of-court settlement instead of the formal bankruptcy process. The debtor should keep creditors updated about its financial progress throughout the negotiations. Under the right circumstances, out-of-court settlements offer the best resolution to both the creditor and the debtor in unfortunate financial circumstances.
Out of Court Liquidations & Court Liquidation Management
Our accountants can help your business through the process of an "out-of-court settlement" as an alternative to a lengthy and expensive bankruptcy procedure.
The #1 CPA Firm in North Royalton Ohio
Contact Us About Your Business, Finance, Accounting or Tax Needs
Strategic Loan Partnership Services
Successful bank lending officers distinguish themselves by bringing BIG value to their business loan clients and process. They know the record of excellence and reputation for integrity of BIG financial professionals, relying on us to enhance their credit risk analyses, loan portfolio performance, client relationships and new business loan opportunities.
BIG partners with banks and businesses of all sizes, structures and industries, providing expert financial and operational assessments, consulting, collateral value verification and securitization, debt covenant renegotiations, recapitalizations, and forensic accounting.
BIG’s expertise perfectly complements and supplements your in-house due diligence and credit risk analyses and provides a BIG value-added service to your clients. Our multi-dimensional, proprietary approach applies strategic assessments and forensic evaluations to a company’s operations and financials that are different from yours, their CPA’s and auditor’s. As an independent assistant to the lending process and company management, we provide synergistic services that will:
- Verify and project the company’s financial ratios, as well as their future profit and growth centers;
- Help the company achieve the right kind of profitable, sustainable growth and improve its competitive position;
- Provide mid-term reviews to detect and address problems within company operations before they stall profitable growth;
- Generate improved loan collection rates and mitigate the risk of late payment or default;
- Secure additional new business loan opportunities;
- Strengthen your relationships with clients; they will be indebted to you for referring our services.
Together, we will help your business clients improve their financial ratios, debt repayment abilities and credit scores in a BIG way--via our system of increasing productivity and asset utilization, revenues, profitability and cash flow and uncovering overlooked opportunities. At every stage of a loan — application, middle or troubled — partnering with BIG maximizes the process and financing options for bank officers and business owners alike. This benefits your portfolio performance and provides additional opportunities to fund your growth and theirs.
In short, by helping your clients succeed, you succeed.
Strategic Loan Partnership Services
We are the the only strategic loan partner capable of providing the most profitable results for you or your clients. Located in North Royalton, near Cleveland Ohio.
Contact Us About Your Business, Finance, Accounting or Tax Needs
BIG can help to devise practical savings and investment strategies that help you stay on budget, capitalize on your fiscal strengths and address your financial weaknesses. We can also help monitor and revise your budget as necessary, and improve your peace of mind about your financial health as you deal with life's uncertainties
Income Tax Planning
A continuing education requirement keeps CPAs up to date about constantly changing tax laws so they can provide prudent, year-round tax management counsel. We can:
- Design strategies you can follow throughout the year to reduce your taxes, save money and achieve a smoother tax preparation process
- Clarify the impact of the latest tax laws, legislation and IRS rules on your tax liability
- Identify the long- and short-term tax consequences of your spending, investment and other financial decisions, and advise you on the steps you can take to reduce your future tax liability
- Counsel you through tax return issues, complete all required forms and compile necessary backup materials
- Explain what the numbers mean and ensure you are complying with the law, so you know what's in your return and can be confident in its accuracy
Income Tax Planning in North Royalton & Cleveland Ohio
Be prepared, because working with us will save you a lot of money and a lot of time.
Income Tax Return Preparation & Filing
We prepare and e-file both simple and complicated tax returns for Federal, State, Local and School District. This also includes filing Extensions, Gift Tax, Estate, Trust, Final, Self-Employed, Child and Amended Returns.
Tax Filing in North Royalton & Cleveland Ohio
We can do it all, are accurate and get you the most return.
It is never too late to plan for retirement; however, the sooner planning starts, the more financially prepared you are likely to feel when the time arrives. Specialized guidance and support from a CPA can help you develop a plan that delivers a secure and comfortable retirement and peace of mind during your pre-retirement years. We can:
- Review expenses that will be,or are likely to be,incurred during your retirement and create a plan to eliminate any shortfall between income and expenses
- Identify the primary sources of retirement income that you have or should have and calculate the savings required for you to retire at a specific age and achieve your desired lifestyle
- Create strategies for preserving and growing retirement account balances and determining distribution amounts
- Recommend a diverse range of tax efficient financial tools - IRAs, 401(k)s, investments and tax-sheltered opportunities -that are best suited to your age and retirement time frame
- Develop a backup plan that responds to unpredictable and unfortunate events, such as death or disability, which can undermine even the best-laid retirement plans
Retirment Planning in North Royalton & Cleveland Ohio
Ensure your future is a prosperous one.
- Review wills, trusts, retirement plans and other estate planning documents
- Develop a strategy that fulfills your goals while preserving assets, reducing estate tax liability and providing for sufficient liquidity
- Explain different methods of property transfers, estate tax rules, the impact of the most current estate planning legislation and possible future changes in rules and regulations
- Collaborate with other team members - attorneys, investment advisors, appraisers and insurance agents, among others - to ensure that every issue is properly addressed by the appropriate expert
Estate Planning in North Royalton & Cleveland Ohio
Keep your assets safe and in the hands of those you wish to receive them.
You and your family can look to the future far more positively when you have a well-planned strategy for education costs. With a plan that features a CPA's tax-savvy investment advice and guidance, you can realize your education funding goals and reap the benefits. We can:
- Create a timely, diverse college investment strategy designed around your financial resources, child's age, risk tolerance and projected educational costs
- Explain tax credits and deductions that can defray education costs, and the tax implications of education-related investment and savings decisions
- Recommend ways for the student to become involved in the planning process and contribute to the education fund
- Keep your plan updated to reflect changes in your employment situation, investment options, savings plans, financial aid requirements and tax laws
Education Planning in North Royalton & Cleveland Ohio
Do not underestimate the power of planning for your families education.
BIG can assist elderly individuals who wish to maintain, for as long as possible, their lifestyle and financial independence. BIG Elder Planning can also assist individuals making decisions about an aging parent, individuals currently dealing with the loss of a loved one, or those who simple want to proactively be ready for the future. Services offered include;
- Cash Flow Planning & Budgeting
- Pre and Post Retirement Planning
- Social Security Planning
- Retirement Health Care
- Asset Protection
- Insurance Reviews
- Tax Planning
Elder Care Planning in North Royalton & Cleveland Ohio
Ensure comfort and peace for you loved ones.
Financial & Advisory Services
BIG Financial & Advisory Services focuses on being the best CPA in North Royalton, the Cleveland area and the entire region. Our services put to work for you a true strategic partner that is dedicated to helping your business succeed.