❋Financial Advisory

Quarterly Tax Advisory Meetings

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What to Expect

Steps to Create a Manual P&L Statement

A manual profit and loss (P&L) statement tracks business revenue and expenses over a specific period (monthly, quarterly, or annually) to determine net income. It requires summing total sales, subtracting the cost of goods sold (COGS) to find gross profit, and then deducting operating expenses to calculate net profit or loss.

You can use this P&L template here.

Quarterly tax advisory meetings serve several critical purposes:

  1. Monitoring Financial Performance: Regular check-ins allow you to monitor your clients' financial performance, identify potential issues, and make timely adjustments to their tax strategies.

  2. Staying Compliant: By reviewing tax obligations and deadlines every quarter, you help ensure that your clients remain compliant with federal, state, and local tax regulations.

  3. Identifying Opportunities: Quarterly meetings provide an opportunity to proactively identify tax-saving opportunities, such as taking advantage of new tax credits, deductions, or entity structures.

  4. Strengthening Client Relationships: Meetings to help build trust, demonstrate your commitment to your clients' success, and position you as a valued advisor.

❋ Review Client Data

Before the meeting, thoroughly review our client's financial statements, tax returns, and any relevant documentation. This will help us identify trends, potential issues, and opportunities for improvement.

❋ JMC Agenda

Covers the most important topics, such as financial performance, tax strategy updates, and action items. Share the agenda with your client in advance so they can prepare accordingly.

❋ Prepare Visuals

Create visual aids, such as graphs, charts, or presentations, to help illustrate complex tax concepts and make the information more engaging and accessible to our clients.

❋ A Supportive Space

Based on our review of the client's data and our expertise, we anticipate potential questions or concerns that our clients may have. We work hard to prepare thoughtful responses and solutions in advance.