Client Accounting & Financial
Services
Our staff of experienced Certified Healthcare Business Consultants (CHBC) and
Accountants are committed to providing quality and responsive services to
ensure that our client's monthly needs are met. We view our role in the monthly
financial reporting process as an opportunity to provide business strategies
for maximizing success.
-
Monthly Accounting
-
Check Writing Services
-
Payroll and Payroll Tax Compliance Services
-
Workers Compensation, ESC, and DOL Reviews and Audits
-
Periodic On-Site Financial Consultation
top
Payroll Services
It pays to outsource your payroll. Cost assessments have proven businesses save
money by outsourcing payroll processing, tracking, and filing. There is more
involved than writing payroll checks and the distribution of checks to
employees on time. Accurate records must be maintained, taxes must be
calculated and paid timely, and employers and employees need clear, concise
records. To help you make profitable use of your time, we offer affordable and
comprehensive payroll and payroll tax solutions to our clients.
Our payroll services:
-
Save staff time = more productivity
-
Save money = more profit
-
Avoid penalties = peace of mind
Calculating the federal and state employment taxes and filing the related
paperwork accurately results in fewer penalties. Our expertise and close
tracking of government regulations assists the employer by the preparation of
timely reports as required by law.
The process – Quick, Accurate and Easy!
The payroll process is a simple streamlined process. Clients send in the data
by fax, email, or by a quick phone call. Payroll is entered, employee records
revised, and updated at each payroll by a staff accountant. The client tells us
how many hours or earnings for each employee. We calculate the payroll,
including deductions for taxes, 401K, cafeteria, insurance premiums, and
garnishments.
Check options:
-
Live checks
-
Direct deposits
-
Direct deposit checks can be inserted in envelopes, sealed for security, and
ready for distribution. Advantages:
-
Risk of stolen or lost checks is reduced
-
Employees spend less time cashing or depositing checks
-
Funds are available on payday
Delivery options
-
UPS overnight or two-day delivery
-
US Mail
-
Pick-up at our office
Support
Support is only a phone call away. We provide up-to-date answers to questions
our employers may have. We work with the office manager or owner to insure your
questions are answered accurately, timely, and professionally.
Supplies:
-
Professional Management supplies forms needed for payroll
-
New hire
-
Federal W4, W9, I9
-
State withholding forms
General Ledger interface
The payroll processed each pay date is electronically imported into our
Creative Solutions general ledger software. Benefits of this interface include:
-
Convenience – no retyping data
-
Safety & Security
-
Improved management reporting
-
Meets tax obligations
-
Flexibility
-
Bonus payroll runs can be scheduled when needed
-
At year end, bonus checks can be calculated without the hassle of regimented
prior scheduling.
Year-Round preparation of federal and state forms:
-
Each payroll
-
Social Security, Medicare, and Federal taxes are computed.
-
State withholding taxes are calculated.
-
Quarterly payroll returns are prepared for federal and state agencies.
-
Quarterly forms are sent to you for signature and mailing.
-
Easy-to-follow instructions save time and headaches.
-
941 preparation
-
940 preparation
-
State withholding form
-
State unemployment form
We offer enrollment in Electronic Federal Tax Payments System (EFTPS).
This program allows easy tax payment for federal tax payments and is required
by the IRS for most companies.
W2 and 1099 Processing:
We calculate and produce the W2s and 1099s necessary at year end.
We prepare the 940 and annual state withholding forms required.
Workers Compensation Audit Preparation:
Our automated payroll system helps us verify wage reports needed to complete
workers compensation audits. Audits are usually required annually by the
insurance company, and we complete these forms for you. Our accurate record
keeping enables us to provide this valuable service to our clients.
top
Management & Business
Consulting Services
In today's changing healthcare environment providing cost-effective healthcare,
while not sacrificing the quality of service, is a major hurdle to ensuring
success. As one of the exclusive Practice Management and Financial Consulting
firms throughout the Carolinas and Virginia, we use our expertise and resources
in order to educate and assist our clients with ways to ensure their success
within the healthcare industry. All of the consultants at Professional Management are Certified Healthcare Business Consultants with the Institute of Certified Healthcare Business Consultants (ICHBC).
We help our clients understand the issues and assess the risks, then seek to
eliminate problems based on the client's informed judgment. We understand the
practical issues and risks faced by start-up and growing businesses. Whether we
are preparing business plans used to obtain financing, projecting cash flow for
future growth or acquisitions, implementing internal procedures for regulatory
compliance or preparing cost studies and reviews, our firm individually tailors
its services to meet each client's specific requirements.
top
Retirement Plan Administration
Services
Professional Management has a team of Certified Retirement Planning Specialists and they provide all aspects of plan design, document maintenance, and administration. We offer a number of different plans and have the ability to tailor each plan to meet the needs and objectives of the plan sponsor. In addition to plan setup and design, we provide ongoing correspondence to ensure that you are aware of ever-changing pension law and regulations.
We offer the following types of plans:
- 401(k) Plans including Safe Harbor
- Profit Sharing Plans
- Money Purchase Pension Plans
Professional Management provides the following services:
-
Plan Consulting
- Initial in-depth plan design and ongoing review with plan sponsor
- Yearly enrollment meetings with staff
- Discussions with plan participants regarding individual accounts
-
Plan Document
- Standardized Prototype
- Non-standardized Prototype
- Volume Submitter
-
Plan Administration
- Annual nondiscrimination testing
- Top heavy and annual additions
- Funding calculations including forfeiture allocations
- IRS Form 5500 preparation including Summary Annual Report
- Monitor value of plan and ensure fidelity bond is adequate
- Preparation of year end tax forms including Form 1096, 1099-R and Form 945
- Internal Revenue Service/ Department of Labor audit assistance
- Vesting calculations
- Valuation of trust accounts
- Processing of plan distribution including loans and hardships
- Participant statements
- Calculation and processing of Required Minimum Distributions
- Maintain beneficiary forms on file
Quote for Services
If you are interested in receiving a quote from Professional Management regarding your retirement plan, please email the information below to info@pmhcc.com
- Company Name
- Company Contact
- Phone Number
- Email Address
- Is this an existing plan?
- Comments/Questions
top
Practice Management Services
-
New Practice Establishment
-
Financial Statement Presentation
-
Accounts Receivable Management
-
Expansion of Practice Operations
-
Practice Merger & Acquisitions Support
-
Overhead Expense Analysis
-
Comprehensive Practice Assessments
-
Income Division Formulas
-
Group Practice Evaluation
-
Evaluation and Negotiation of Contracts
-
Office Automation Assessment
-
Appointment Scheduling Review
-
Practice Survey Development & Implementation
-
Reimbursement Analysis
-
Fee Structure Analysis
top
Corporate Compliance Services
-
Risk Assessment
-
OSHA & HIPAA Compliance Plan
-
Development & Implementation
-
Education & Training
-
Ongoing Support
top
Practice Valuation Services
-
Practitioner Buy-in or Buy-out Formulas
-
Practice Combinations
-
Practice Valuations (Non-Certified)
-
Dissolving Partnerships
-
Mediation Support
-
Acquisitions by Hospitals or other Healthcare Organizations
-
Obtaining Financing
top
Information Technology Services
The application of computer technology to monitor daily, weekly and monthly
progress is key to sound management planning. As healthcare regulations
increase so will your need for the latest technology. Whether opening your
first practice, expanding your practice or simply replacing your current
technology, our consultants will assist you with the design and implementation
of the latest technology to maximize efficiency and profitability.
-
Hardware Recommendation & Support
-
Groupware Recommendation and Implementation
-
Business Software Analysis
-
Accounting Software Analysis and Recommendation
We also provide guidance, installation, setup, training, and support for the
accounting software package, Creative Solutions CBS. We train your
personnel to assimilate all key elements of financial information.
top
Employee Benefit Services
Our Employee Benefit Service or Cafeteria Plan Service generally refers to
Flexible Spending Accounts. Flexible Spending Accounts, under Section
125 of the Internal Revenue Service, allow employees to set aside pretax
dollars to pay for out-of-pocket eligible health care expenses and dependent
day care expenses. Professional Management offers
full-service Flexible Spending Account administration and makes it easy and
convenient for employers to offer Health Care Reimbursement Accounts,
Dependent Care Reimbursement Accounts, and Premium Payment Accounts.
top
Tax Advisory Services
At Professional Management, we provide assistance
with tax issues affecting planning, reporting, and tax position support to
ensure our clients properly achieve maximum tax advantages. By keeping current
on new tax laws and legislation, we are in a position to identify key tax
planning opportunities that minimize both your current and future tax
liabilities.
Our firm provides tax planning, compliance and preparation, representation and tax advocacy and support for Individuals, Fiduciaries, Corporations, and Partnerships. Our certified tax department prepares Corporate, Individual, Partnership, LLC, Fiduciary and Estate tax returns.
Tax Planning: Our tax planning services offer insight
and guidance to individuals, partners and business owners on a wide range of
tax aspects and with strategic planning. Some of our tax planning services
include:
-
Entity Formations and Acquisitions
-
Reorganizations and Dissolutions
-
Business Succession Planning
-
Sales and Use Tax Issues
-
Tax Loss Utilization Planning
-
Payroll Tax Matters
-
Procedural and Compliance Issues
-
Tax Valuations
Tax Compliance: Most taxpayers find it difficult to
stay ahead of the rapidly changing and complex tax laws to accurately prepare
their tax returns. To maintain a level of expertise, our firm constantly
attends conferences and other education courses to ensure that we have a
comprehensive understanding of the latest tax laws or current developments
relating to our client's needs and reporting requirements. Our Tax Department
will assist our clients with the preparation and filing of all tax and
informational returns in all jurisdictions (Federal, State, County, or City).
Tax Advocacy & Support: Part of ensuring our
client's success is serving as their tax advocate through assistance or
representation during tax disputes or audits involving all taxing authorities.
When deemed appropriate, our firm will coordinate efforts with those of our
client’s legal, insurance, and banking consultants.
top
Comparative Annual Surveys
Professional Management provides both internal
and external practice management surveys on an annual basis. These
annual surveys allow us to statistically compare your practice to those of
your colleagues in your specific field, both locally and nationally.
-
Salary and Benefit Survey – Our firm gathers employee data from our
clients in order to create a unique, “localized” survey detailing
employee salary and benefits by job title and experience. This survey
enables our clients to fully realize the local market value of their staff and
is used as a tool to assist our clients in their ongoing efforts to attract
and retain employees.
-
Practice Statistics Report of Income and Expenses – Our firm submits key
cost and revenue components from our clients’ year-end financial
statements to our national organization as part of a larger nationwide survey.
This survey provides key statistical benchmarks on a national level such as
overhead percentage, expense ratios, and average monthly charges in accounts
receivable. We use the results of this survey as a management tool,
assessing the current financial status of your practice, as well as
identifying areas in need of improvement.
Professional Management highly values our clients’
confidentiality in regards to their financial data. In no way does the
submission or presentation of these surveys violate our confidentiality
agreement. These surveys are always presented as an aggregate of all the
data collect
top
Human Resource Consulting Services
-
Staff Needs Assessment & Issues
-
Personnel Management Issues
-
Office Policies and Procedures Manuals
-
Employee Fringe Benefits Assessment & Implementation
top
|