Monthly Accounting and Tax Return Preparation

Having real-time access to your firm’s numbers is critical to making wise business decisions. Through monthly accounting and tax return preparation, Elevate gives you the financial information you need.

Why do you need to know your numbers?

The short answer: Knowing your numbers (i.e., having access to an updated financial statement) is more than smart business—it’s also a regulatory requirement.

Rule 204-2 under the Investment Advisers Act identifies the books and records an RIA is required to create and retain. Pursuant to the SEC rule and similar state rules, books and records must typically be maintained and preserved in an easily accessible place for no fewer than five years. This means you must keep voluminous books and records for your firm that include the following:

  • Cash receipts
  • Disbursements
  • Internal working papers
  • Financial statements
  • Checkbooks
  • Bank statements
  • Cancelled checks
  • Cash reconciliations

What do the numbers tell you?

At a minimum, you should review two reports on a monthly basis: your firm’s balance sheet and income statement. Elevate provides management reports that provide so much more than your basic financial statements.

We will work with you to develop a management report best suited to your goals. Our management reports provide valuable information in an easy-to-analyze format. Your management report will help you answer questions like: What is my firm’s current and projected cash balances? What is my firm’s burn rate? What Key Performance Indicators (KPIs) will help predict future performance?

Your time is valuable. Let us help you maximize the time you spend on your business by providing you with the numbers.

What’s inside your numbers?

Reviewing the numbers on your firm’s financial statements and management reports with your Elevate CPA Group Team will provide you a deeper understanding and insight—as well as ideas on how to address upcoming problems or tax planning opportunities.

Some of the insights Elevate can provide include taking a look at several KPIs, including your firm’s new revenue and clients, revenue from existing clients, and performance within the market. We can also help you measure your revenue growth by AUM, which is a key component of determining your firm’s value. This involves taking a look at several KPIs, including your firm’s new revenue and clients, revenue from existing clients, and performance within the market. By digging even deeper into your firm’s revenue and expenses, we can provide you with your average revenue and cost per client costs of client acquisition (everything from producing marketing emails to participating in networking events).

Ready to know your firm’s numbers?

You monitor the value of your client’s assets; we’ll monitor the value of your firm through monthly accounting. As your strategic growth partner, we give you more than access to real-time financial information. We help you understand what it means for your firm’s future.