The core of our business is our clients.
We strive to exceed your stated goals by delivering comprehensive accounting solutions and innovative financial strategies. Our results accounting services are tailored to meet individual and business objectives based upon a combined platform of accounting, finance, and tax preparation, plus an array of development, advisory, and consulting services.
As Trusted Advisors, Hodges & Hart navigates the rapidly shifting landscape of marketplace opportunities. We build rewarding client relationships by offering advice, experience, and knowledge.
As trusted advisors, we work with a wide variety of clients-entrepreneurs to managers-from a wide variety of businesses, successful and challenged.
Transforming risk into opportunity
As a business, we experience many of the same issues our clients face every day; from assessing financial risk, evaluating costs, to retention of a quality team. In successfully meeting each short term issue, our firm prospers thereby driving growth and operating efficiencies into the future. From our vantage point, we’re able to make objective evaluations and considered suggestions that build a competitive business advantage.
No matter the size of your business or organization, we provide the experience and expertise to ensure a clear, fair and reliable presentation of your financial position.
Highly skilled in preparing a complete range of financial statements, you can rely on us to thoroughly review controls, systems and procedures.
We deliver innovated accounting strategies consistent with achieving our client’s stated goals and objective. We offer consultation in planning your next step, address current and evolving legal and regulatory concerns.
Whether a business, corporation or an individual, our dedicated team seeks to optimize tax savings, leverage tax structures and minimize risk.
Appropriately reducing or positioning the payment of federal, state, and local income taxes is a critical component of assembling and retaining capital from which wealth grows. Although income taxes may seem hopelessly complex, effective planning is a critical element in capitalizing on tax benefits.
Adaptive Planning
Good budgets are worth the time and trouble
Working with small and middle market businesses with few or limited cash resources, a good budget can be the difference between financial success and fiscal challenge-or the business’s inability to expand to its full potential.
Budgets prepared by closely held companies vary widely from no written budget at all (“It’s all in my head.”), to fairly detailed and accurate ones. In the case of business valuations, an ownership interest depends on what the business will accomplish in the future, while reasonable estimates of the future assists in arriving at a value.
A budget functions as an action plan. In essence, it is the translation of strategic plans into measurable quantities that express the expected resources required and anticipated returns over a certain period. It is an adaptable tool for management to achieve its goals and objectives.
A key feature to the budgeting process is that it helps assess whether or not the business will have adequate financial resources to stay the course. The resulting budget for individual operating units and/or for the business as a whole can be a powerful control mechanism.
In addition, the exercise forces management to estimate how many of each product or services it will produce and sell, the cost of those items, the pace at which receivables will be collected, general expenses, and taxes. These figures provide a forecast of the months or years ahead.
The budget should be evaluated to determine if the performance (or expectations) meet, exceed or fall short of operating results. Effective performance evaluation, contribute to the achievement of goals, and budgets provide essential tools for measuring performance. In comparing the actual results to the budget, an evaluator can determine the overall success in achieving objectives.
In preparation of a budget the process is predominately a matter of crunching numbers, but behind those numbers are the people who make assumptions, the people who think about future situations, people who understand the idiosyncrasies of customers and competitors. Ideally, everyone involved in the budget process has the same goal in mind-achieving the organization’s strategic objective.
Budgets are heavily relied upon in valuation, especially for mergers and acquisitions. In most cases, a company that produces convincing budgets will command a higher value than one that does not.
At Hodges & Hart, we are available to assist in developing and/or reviewing your budget and process.
This article is authored by: Brian Tanz, AVA, CBA & Director
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