Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting personalized service that is beyond comparison. Below we have listed a few of the services we offer to our clients along with a brief description.As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. Through our affiliation with the Plante & Moran Alliance™, we can develop a team of professionals to tackle virtually any problem you face.
Accounting Services
Financial Statements
“I need a loan and my bank is requiring financial statements.”
“I need help preparing my company’s financial statements. I am not an accountant and sometimes I don't know what I am looking at."
There are many reasons managers might need financial statements prepared by an accountant. In addition to the requirements of lending institutions, many managers need additional assurance that the financial information they use is accurate.
Willis, Osmond & Beilstein, LLP is recognized in the community for providing users with quality financial statements which are used as a basis for decision making. When required, we strive to make financial statement disclosures easy to understand, as well as complete and accurate.
We aim to do more than just provide our clients with a set of financial statements. From the sophisticated accountant, to the entry-level bookkeeper, we work with our clients at the necessary level to ensure they understand the financial statements and the underlying documentation. We believe this is a critical step because it allows our clients to take ownership and responsibility for the financial information and to use the statements as a tool for decision making.
Having quality financial statements is also the first step in forming business strategies. It is difficult to plan for the future without historical information. Benchmarking, forecasting, and cash flow models all depend upon having historical financial statements.
Tax Services
Payroll Services
“With complex payroll tax filing requirements, as a manager, I no longer have time available to keep up on the changes.”
“My business tracks payroll costs in a lot of detail. I worry that a third party payroll service will not be able to accommodate my need for payroll information.”
“As a cost saving strategy, we make every effort to ‘Go Green’. How can we do this with our payroll process?”
By offering a payroll service, Willis, Osmond & Beilstein, LLP provides a solution to many concerns employers have regarding time constraints, complex payroll tax issues, confidential payroll processing, and online access to payroll information.
Not only do we prepare payroll tax returns and process payroll checks, but we also provide for reporting and remittance of third-party checks, such as child support, garnishments, tax authorities, and benefit administrators.
Our payroll services are unique because we have the ability to customize our services to the specific needs of our clients. We understand the importance of payroll information, and provide our clients with the customized information they need for decision making.
Our clients can opt to ‘Go Green’ with:
- Electronic timesheets or time clock files emailed to our office, as opposed to handwriting hours and faxing them.
- Direct deposit vouchers emailed to employees.
- Secure employee online access to their paystub history saving employers administrative costs related to fulfilling employee requests.
- Reports emailed to clients, instead of maintaining paper copies.
- Electronic payment of tax deposits, as well as electronic filing of payroll tax returns.
- Automatic tracking of employee vacation, sick, or paid-time-off hours.
Miscellaneous
Audits of Financial Statements
“Why does our entity need a financial statement audit?”
“Are there benefits I gain with selecting a local firm as opposed to one of the ‘Big Firms’?”
“How do we meet our financial reporting requirements in a timely and cost efficient manner?”
“How do we utilize our audited financial statements to identify opportunities for improvements?”
An audit is the examination of financial statements by an independent third party which results in an independent opinion on whether the financial statements are relevant, accurate, complete, and fairly presented. Audited financial statements provide users with confidence in the information they rely on when making decisions.
Willis, Osmond & Beilstein, LLP offers personalized services with professional results. With resources that are comparable to national CPA firms, we are committed to providing unrivaled service and superior client satisfaction. We offer expertise, individualized client attention, and state of the art technology. Because we are a local firm, we have flexibility in tailoring our services to the specific needs of our clients.
We understand our clients often have reporting deadlines established by third-party financial statement users and fee constraints resulting from straining budgets. With the cooperation of our client’s accounting personnel, we strive to keep our fees contained and to satisfy reporting requirements.
From knowledge we gain while performing financial statement audits, upon completion of the engagement, our team of professionals meets with members of management or those charged with governance to review the results of the audit and offer suggestions to capitalize on strengths and improve upon weaknesses.
Benefit Plan Audits
“Why does our benefit plan need an audit?”
“How do we meet our DOL requirements in a timely and cost efficient manner?”
“How do we utilize our DOL reporting requirements to identify opportunities for improvements?”
At Willis, Osmond & Beilstein, LLP, we are committed to achieving the highest quality audit possible. We understand the complexity of performing employee benefit plan audits and that’s why we have a dedicated team of auditors that possess the specialized knowledge and experience to help ensure compliance with the appropriate standards and changes in regulations that may impact your employee benefit plan audit. We have over 85 years of experience, performing audits and accounting; we presently audit numerous plans. We plan and execute our audits in a way that maximizes audit efficiency and quality and we offer your plan administrator and human resources personnel confidence in their plan reporting and management.
We use some of the most current technology available to help us better serve you. Our use of scanners, paperless software, and client portals allows us to perform the audit efficiently and allows us to conveniently serve you. The technology we use allows us to adapt to your specific needs and also allows us to bridge the distance gap between our office and yours.
Our Quality Commitment
As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, we are committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for our employee benefit plan audit practice (Our Employee Benefit Plan Audit Practice Leader is R. Scott Roush, CPA – Partner at 419-529-5500 extension 33 or at Scott.Roush@wobcpa.com), establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.
At Willis, Osmond & Beilstein, LLP, our goal is to continue to enhance our quality initiatives within our employee benefit plan audit practice to deliver the highest quality audit services possible.
Employee Benefit Plan Audit Services
Our employee benefit plan audit services include:
- Pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL).
- Consulting services related to employee benefit plans.
Staff Expertise
Our team of employee benefit plan auditor specialists stays current in this highly technical practice area by attending various continuing education programs including the annual Ohio Society of CPAs Conference on Employee Benefit Plans and other relevant seminars and by reviewing monthly publications.
Business Benchmarking
“My company made money this year, but how well did we really do compared to our industry?”
“How can I identify our company’s specific financial strengths and weaknesses?”
“Where should I start making changes that will improve our financial position?”
Willis, Osmond & Beilstein, LLP uses benchmarking techniques to help our clients identify performance strengths and weaknesses when compared to the industry in which they operate. Comparisons to industry averages are helpful because they offer a starting point for planning.
Our unique benchmarking reports interpret and explain industry benchmarks. The customized features of our business benchmarking reports include:
- Executive Summary highlights strengths, weaknesses and key points
- Industry percentile rankings shown for 20 major financial ratio comparisons
- Interpretation of variances from industry norms
- Bold graphs that illustrate comparisons with industry peers
- “Discussion ideas” section provides ideas for profit improvement
Clients are presented with countless strategies that impact financial position. These strategies focus on areas where they fall short of industry averages. Generally, we recognize there is no single strategy that will make a significant difference. The value of our benchmarking process is to implement a combination of small strategies which collectively will have a meaningful impact over financial performance.
Business Income Taxes
“How can I be sure I am complying with all the federal, state, and local filing requirements?”
“With all the tax changes coming out of Washington, how do I know which ones affect by business? I don’t want to find out in March or April what I should have known last December.”
Willis, Osmond & Beilstein, LLP has been serving clients in Richland and surrounding counties since 1925. Our team of professionals is required to obtain a minimum of 40 hours of continuing education each year. In addition, countless hours are spent keeping up-to-date on all the tax and regulatory changes that are rapidly occurring at all levels.
Our understanding of income tax regulations enables our clients to benefit by maximizing allowable deductions, taking advantage of new tax incentives, and planning for the future.
We keep our clients informed so they can make sound business decisions during the year to ensure there are no surprises when their returns are filed. Our staff is always available to answer questions and to provide quality service and solutions to clients on tax issues as they arise. Willis, Osmond & Beilstein, LLP tax professionals work hard to be our clients’ “Tax Advisors” and not just their “Tax Preparers.”
Closely Held Business Services
“With turmoil in the economy, I worry about my company’s ability to survive the next five years.”
“I do not want to work forever; what are my options when it comes to exit strategies? What is the best way to transition my business to my children? Should I sell my business to a third party? How do I know if this is a good deal for me? What do I need to know to make a good decision?”
Business strategy is critical when owning and operating a closely held business. With turmoil in the economy, it is more important than ever to analyze all business processes for potential improvements.
Willis, Osmond & Beilstein, LLP understands business processes. With innovative software, we help clients benchmark company performance against their peers, looking for ways to take advantage of strengths and improve upon areas where they fall short of the industry. Under management’s direction, we develop forecasts and projections to use as tools for strategy development and measurement. We understand that ‘Cash is King’ and we have specific tools that show the impact decisions have on cash flow. Goal setting and monitoring become critical with uncertain economic conditions, and our tools allow clients to closely monitor performance. We help clients to continue looking down the road so they can take advantage of opportunities and have time to be proactive when facing potential financial problems.
Business transitions are often difficult and complex issues that require proactive strategies to ensure a smooth process. By always looking forward, setting goals, and monitoring performance, our clients benefit down the road when it is time to enjoy retirement.
Along with strategy development, Willis, Osmond & Beilstein, LLP offers a wide variety of services helpful to our closely held business clients, including quality financial statements, tax planning and preparation, and bookkeeping services.
Fraud Risks
“With difficult economic times, I am worried that I will be more susceptible to becoming a victim of fraud. What are my risks, and what can be done to mitigate them?”
The Association of Fraud Examiners’ 2008 Report to the Nation on Occupational Fraud and Abuse defines occupational fraud as “The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.”
Willis, Osmond & Beilstein, LLP recognizes the importance of fraud prevention techniques, especially when the risk of fraud increases as employees feel increased personal economic pressures. Although organizations cannot completely prevent becoming victims of fraud, there are steps they can take to mitigate their risks.
When looking at occupational fraud, it is important to understand: how fraud is committed, how fraud could be detected, the victim organizations, and the perpetrators who commit these acts. We understand these factors and help our clients identify areas where they are at risk, and develop strategies that will help mitigate the danger of becoming a victim of occupational fraud.
Individual Income Taxes
“How can I be sure I am complying with all the federal state and local tax filing requirements?”
“Why do I need a CPA to prepare my income taxes when I could just buy some software and prepare them myself or go to a seasonal tax preparer?”
Willis, Osmond & Beilstein, LLP has been serving clients since 1925. We invest significant resources to keep our staff up-to-date on all tax and regulatory changes that are rapidly occurring at all levels. Consequently, our understanding of income tax regulations enables our clients to maximize allowable deductions, take advantage of new tax incentives, and plan for the future.
A common misconception is that only large businesses and high-wealth individuals benefit from utilizing a CPA firm. Our client base ranges from simple to complex returns, with clients across the spectrum of financial circumstances who benefit from the tax savings and peace of mind we can bring.
The knowledge and experience of our team of tax professionals far surpasses that of a seasonal tax preparer whose education consists of a brief training course. Income tax regulations are complex. Even with the best software packages, erroneous returns can still be filed when not reviewed by someone with intricate knowledge of tax regulations.
Tax minimization is a year-round process that requires our clients to be informed so they can make sound tax planning decisions. Our staff is always available during the year to answer questions and to provide quality service and solutions to clients on tax issues as they arise. Willis, Osmond & Beilstein, LLP works hard to be our clients’ “Tax Advisors” and not just their “Tax Preparers.”
Investment Advisory Services
“I need an accountant who is independent of my investment advisor. When accountants also sell investments and insurance I worry about their motives. Are they looking out for my financial interest or are they more concerned with getting fees and commissions?”
“Is my portfolio diversified enough? Should I be involved in a different investment vehicle?”
Willis, Osmond & Beilstein, LLP understands insurance and investment decisions are major concerns for our clients. We have taken the position that we should be independent advisors to clients. Receiving commissions from selling investments and insurance jeopardizes this independent relationship. Therefore, we prefer to refer our clients to local professionals who specialize in these areas.
We believe insurance agents, investment advisors, and accountants offer specialized services in distinct and specific areas. It is difficult for one professional to be an expert in everything.
Just as physicians have specialties, financial professionals also have areas of expertise. While ‘one-stop-shopping’ is convenient, we do not believe it is always the best course of action when it comes to our clients’ financial well-being.
Long Term Financial Forecasting and Cash Flow Modeling
“My best and largest customer has come to me with a deal I can’t refuse: They will add $5M to sales, but I will need to reduce my price resulting in a 5% reduction in margin for each of the next 3 years. I will need to spend $2M for new equipment to make the additional sales. Will the deal work?”
“One of my two partners wants to be bought out. Will the bank finance the deal? What terms can the partners live with? What is the impact on profitability, liquidity, and leverage?”
“What happens if our suppliers raise their prices by 2%?”
Long term plans and models work at a high level of detail. They start with forecasting an income statement and building a balance sheet based on historical and projected relationships. The cash flow is driven from the results of operations and the impact on the balance sheet. Once the model is created, an unlimited amount of ‘what if’ scenarios can be run. Managers and owners can visually see the financial consequences of their decisions, both positive and negative; making cash flow models a useful tool for decision making.
A forecast is a helpful tool for long term business planning. It helps managers and owners see into the future. It allows them to formulate plans that prepare them to take advantage of opportunities or mitigate possible future setbacks.
Long term models are used for long range financial and strategic planning, financing decisions assessing the ability to repay debt and meet loan covenants, determining maximum growth rates, evaluating expansion plans, and evaluating lease verses buy decisions for equipment purchases.
"Outside Controller" Services
“I have a bookkeeper employed to help with the daily operations of my business, but I am not sure everything is being accounted for correctly. I need to focus my time and efforts on increasing revenue, not monitoring the company’s accounting function.”
“I would love to hire a controller for my company, but I do not need someone full-time. Part-time controllers are difficult to find.”
Willis, Osmond & Beilstein, LLP can assume some or all of the duties of an in-house controller. Without the need to hire a full-time employee, an outside controller allows owners to focus on critical company operations instead of overseeing the accounting function.
Outside controller services are extremely flexible to accommodate the needs of our clients. Many clients find it beneficial to have their outside controller available to work with the in-house bookkeeper on a weekly basis to ensure the accounting records are accurate and complete. The outside controller also works with the in-house bookkeeper to prepare financial statements, budgets and other financial reports helpful to the owners when making business decisions. Having a CPA oversee this accounting function provides owners with confidence in the information they receive.
Outside Controller Services include:
- Consulting on management issues
- Developing long term financial goals
- Planning for financing and capital needs
- Procuring bank financing
- Reviewing monthly financial reports and cash flows
- Projecting future cash flow needs
- Meeting with management and consulting on company operations
Short Term Financial Forecasting and Cash Flow Modeling
“Can I increase my compensation this year?”
“Do I have enough line of credit to support the seasonal nature of my business?”
“Because new products planned for July did not materialize, our labor efficiency drops as employees fear the loss of their jobs. What is the effect on profit, ratios and the line of credit?”
“Can I offer better terms to customers to encourage earlier payment on their accounts?”
Cash flow is a major concern for most businesses. Cash flow models are an excellent tool for improved decision making. Managers and owners can visually see the financial consequences of their decisions, both positive and negative. It allows them to take advantage of opportunities and to identify potential problems and proactively make operational changes to mitigate encountering a cash flow crisis. Inadequate cash flow can lead to loss of trade discounts, dissatisfied suppliers, inadequate inventory levels, poor banking relations, lost expansion opportunities, loss of operating control, and even bankruptcy.
Short term plans and models work at a low level of detail. They start by determining the drivers of business activities and forecast detailed cash flows, including revenue, expenses, inventory, asset purchases and loan payments. Once the model is created, an unlimited amount of ‘what if’ scenarios can be run. This tool helps with decision making because it will confirm or deny management’s intuition.
Short term models are also helpful in financing and line of credit availability, budgeting and control, and the evaluation of expansion plans.
Software Consulting
“How can my software help me with budgets and cash flow?”
“As a manager, how can my software alert me to significant transactions without me spending a lot of time reviewing the detail transactions?”
“I do not understand how to set up payroll in my software. I need someone to review the setup to ensuring payroll is being calculated correctly.”
As QuickBooks ™ and Peachtree ™ Pro Advisors, Willis, Osmond & Beilstein, LLP helps companies set up accounting and payroll systems and trains users to maximize all the features offered.
By utilizing the extensive knowledge of our team of advisors, users will discover how easy it is to compile, track and understand the information produced by their in-house software.
Most software packages have customizable alert functions. For example, in Peachtree ™, the software can automatically send email alerts to managers when certain events happen, such as significant sales or cash receipts. It allows management to become more efficient because the software generates critical information in a timely manner without any human involvement.
We invite our clients to take advantage of one of our in-house QuickBooks™ or Peachtree ™ classes. We also offer individualized demonstrations. Users learn how to easily set up and monitor budgets, track inventory and prepare accurate payroll checks and tax returns.