Phillips Services provides a wide assortment of services to individuals and businesses in a variety of industries. At Phillips Services, we make every effort to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory atmosphere. Our professional services include:
Tax Management Services
At Phillips Services, we direct our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.
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IRS Representation
Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.
Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.
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Accounting Services
From start-ups to established businesses, enterprises rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Phillips Services accounting services guide you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
These services include but are not limited to:
- General ledger and financial statement preparation
- Bookkeeping (Monthly, quarterly, or annual)
- Accounting system setup and support
- Payroll processing
- Cash flow budgeting and forecasting
- Personal financial statements
- Employee benefit and profit-sharing plans
- Corporate tax planning and return preparation
- Litigation support
We can set up financial reports for your view to streamline your business and save your valuable time. These reports are important tools that can guide your business in making financial decisions, planning, and evaluating performance.
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Reviews and Compilation
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that look for material modifications that may be needed to properly reflect the financial statements. This is not the same as an audit report.
Compilations are usually requested for internal purposes or for third parties that are familiar with the business entity, and are based upon information provided by the company's management. These financial statements are not audited or reviewed and does not offer assurance as these other statements would. Compilations may involve some adjustment to the accounting records and recommendations as needed.
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Litigation Support and Forensic Accounting
Phillips Services litigation support and forensic accounting services can be employed in a wide range of situations, including commercial litigation, financial investigations, business valuations, business and marital dissolutions, and bankruptcies. These services can involve quantification of economic loss or damages, analysis of financial records, and fraud and theft investigation. Financial and personal records are often vast and confusing to sort through. With our professional training in this matter, we can make sense of these records and transactions and get to your bottom line.
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Bokkeeping/Write-up
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Phillips Services can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business. We can assist with the reconciliation of your business bank accounts and general ledger reports.
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Employee Benefits, Pension, and Profit-Sharing Plans
Choosing and administering benefit plans for your employees is often a complex process. Phillips Services can help you develop, implement, and administer your benefit, retirement, and profit-sharing plans with an eye toward rewarding your employees and reaching your company's financial and business goals. We can also help maximize tax advantages in implementing these plans. As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business.
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Payroll Services
Phillips Services payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns. We can train you or your staff to process payroll in the most cost effective system appropriate to your business operations.
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Cash Flow and Budgeting Analysis
Good cash management can improve a company's liquidity, reduce costs, and increase profitability. Phillips Services can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business' ability to survive. We can help you analyze your spending, rebalance your budget and/or debts for an optimal cash flow to support your business' success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.
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Subcontractor Services
Phillips Services will compile and reconcile subcontractor costs including the preparation and filing of Federal and State 1099 tax forms.
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Mergers, Acquisitions, and Sales
Business transactions and transitions are complicated affairs, and whether you're buying, selling, or considering a potential merger, Phillips Services can provide professional know-how to help you successfully structure and negotiate the deal. Phillips Services employs careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.
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Buy/Lease Analysis
Analysis and consulting related to the financial decision to either purchase or lease equipment or vehicles to maximize tax benefits and cash flow implications.
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Business Planning
A thorough analysis and planning relating to the formulation of a detailed business plan. A good business plan should be used by the management to steer a business in the right direction.
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Financial Aid Forms
We can assist and consult in the preparation of college financial aid forms to maximize your potential benefits.
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Debt and Finance Advising and Assistance
Whether your needs are corporate or personal, Phillips Services professionals can assist you in organizing different options for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments. We can also assist with the compilation and preparation of detailed loan applications.
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Sales Tax Services
Compilation, analysis and preparation of monthly and quarterly sales tax returns, and reconciliation of general ledger to tax returns.
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Entity Selection and Restructuring
Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, Phillips Services can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.
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Computer Consulting
As technologies rapidly advance, companies increasingly need to update their computer systems. Phillips Services can audit your system competencies and gauge upgrade needs as well as provide support in choosing and implementing new hardware or network systems. We also offer website development and hosting. As experts in this field, we can put your computer problems at bay as well as improve your computer system's performance taking into consideration any budget you may have.
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Financial Projections and Forecasts
No one can predict the future perfectly, but we can all benefit from planning for it. Phillips Services combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.
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Business Valuation
The range of needs for valuing businesses continues to widen, and Phillips Services can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest. Uses for this service include estate planning and compliance, buying and selling businesses, divorce matters, family limited partnerships and ESOPs. There are so many factors that contribute to the perceived value of a business. Our expert help can help you evaluate entities that you have an interest in and guide you towards making business decisions that you feel confident with.
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Not-for-Profit Services
Not-for-profit organizations are faced with challenges including increased regulation, media scrutiny of organizational finances, IRS audits related to income sources, expenditures and activities, and economic conditions hindering fundraising. At the same time, they must take steps to ensure they maintain their tax exempt status, develop ways to increase revenue sources, maintain the public’s trust in their ability to provide services and programs and to show funds are being spent wisely and appropriately. Phillips Services are experienced in helping Not-for-Profit entities especially Police and Fire Fraternal Organizations get through these obstacles.
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