Taking care during coronavirus

Businesses are slowly beginning to reopen and different areas are relaxing some of the requirements to shelter in place as a result of the COVID-19 health crisis. As we move into this next phase, it is important to remember that seniors and individuals with underlying health conditions remain vulnerable to coronavirus, but also to remember to take care of your physical and mental health. Below are some ideas for you and your family members to take some measure of control in this time of uncertainty.

Estate planning

We strongly recommend taking the following steps so that your heirs, your partners and your employees can manage operations and makes sure your business is not jeopardized during a health crisis.

  • Make sure your will and estate plan are up to date. Review whether you need to add or remove any beneficiaries. Verify that the people you have named as your personal representative, trustee or legal guardian are still willing and able to fill those roles – or if those are who you still would like to fulfill those duties.
  • Update your records of account information, essential documents, and any personal property.
  • If you own a business with several owners, consider drafting a buy-sell agreement that outlines how the sale process for the business and owners’ interests are determined and paid; whether the remaining owners have the option or obligation to buy the deceased or incapacitated partner’s interest; and whether certain individuals will be allowed – or not allowed – to participate in the business.
  • Consider creating a trust. A revocable living trust is one that allows your successor trustees to manage your assets while you are undergoing treatment. A traditional trust allows any assets owned by the trust to bypass the probate process upon your death. In any event, we encourage you to appoint an agent under a financial power of attorney to assist with managing your finances should you become incapacitated.

Financial planning

  • Complete or update a power of attorney. We recommend having one in place for both your finances and your medical care.
  • Utilize online banking when possible and make sure your personal representatives have access to account numbers, passwords, etc.
  • Link your bills to your online checking account. You will be able to make payments without having to leave home. Again, be sure that your trustee or personal representative has access to these accounts so they can make payments on your behalf if needed.

Connecting with others

  • Becoming digitally connected and comfortable with technology has never been more important. Skype, FaceTime and other video conferencing platforms are great ways to visit with friends and family during times of quarantine. If you are not sure how to set these up, younger family members will probably gladly help.
  • Find online workout programs to follow at home.
  • Try to get outside as much as possible for fresh air and exercise.

Please call us if you have any questions.

Carolyn Allen is a Manager with the Business and Tax Advisory Group with Antares Group, Inc. She can be reached at cja@antarescpas.com.

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Succession & Transition Strategies

Creating a successful succession plan is about protecting the future of a business and/or brand and ensuring there is a strategy in place to ensure your business continues to thrive.

After years of investing time, money and other resources, it’s imperative to prepare for this next stage in business and life. Poor planning can increase risks for stakeholders and tarnish legacies. Let’s make sure the next generation is well-equipped and ready to take your life’s work and family legacy to an even greater level of success.

Each situation is unique because the needs of each one involved are unique. We carefully review each opportunity to determine how best to structure a transition while meeting your goals, complying with any brand licensing polices and minimizing the tax implications of the transfer.

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Antares Group’s technology team provides convenient hardware and software support, along with comprehensive cloud accounting services with 24/7 access to up-to-date financial information exactly the way you want it, on any connected device, with a customizable dashboard interface. We use best-in class cloud accounting platforms and software including Sage Intacct, Bill.com and robot process automation (RPA) with integration capabilities with some of the leading point-of-sale, payroll, and business operations management software programs.

Cloud accounting is just the beginning; Antares Group’s experienced technology team also performs system evaluations and makes recommendations for products and services that will help your business run more efficiently, as well as protecting your information and infrastructure with robust security options. Using the right technology for automation will simplify your life and keep your valuable data safe..

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An accurate understanding of your company’s current value and financial viability is vital for achieving business success and the launch pad to boundless possibilities in the years to come. Realistic valuations are essential for long-term strategic plans, business successions and expansions, gift and estate planning, and a lucrative retirement package. Planning for where you want to go in the future is what our business and tax advisors do best. Whatever your goals, we are here to provide you with the right plan and insightful guidance to achieve it.

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Back Office Solutions

In such a fast-moving business environment, business owners need every advantage to succeed. Improving efficiency should be an ongoing part of your strategy for financial success, empowering you to make continuous improvements.

Whether your business is a single location seeking to grow effectively and sustainably, an established franchise brand adding new locations, or something in between, Antares Group provides a suite of back office services and the financial expertise to help business owners and managers achieve their operational and financial goals. In the process of supporting your essential back office operations with practical solutions, we analyze the function and effectiveness, looking for inefficiencies and potential liabilities, offering valuable insights for owners and managers.

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Tax Advisory

Minimizing your tax burden is a year-round strategy; planning for and preparing complex business and individual tax returns is where Antares Group excels. Beyond simply helping you fulfill basic tax obligations, you can rely on our tax advisory team to keep you informed of ever-changing regulations and keep you in compliance. We conduct regular reviews to make sure all methods of reducing your tax liabilities are being used. We routinely assess your personal income tax situation and cash flow to guard against the unexpected. This ongoing strategic analysis empowers you to maximize tax savings and capitalize on new opportunities.

In addition, we provide advisory services for new business startups, acquisitions, and dispositions. Through careful analysis, we help clients determine the best structure and make the process as seamless as possible.

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Cloud Accounting

Whether you run a small closely held business or a large franchise operation, maintaining a firm grasp of accounting and bookkeeping can be challenging. Between managing staff and overseeing daily operations, there is not enough time to dig into the books and make sense of the financials. You need to know the facts and the implications. – having precise, up-to-date information at hand means you always know your financial position so you can make informed decisions that keep your business moving forward.

The financial experts at Antares can create a custom menu of accounting and tax services perfectly catered to your business needs, including accurate and timely financial statements and reports, so you are always prepared to respond quickly to changing and challenging circumstances. Along the way, we provide clear feedback and financial guidance to help you predict trends and recognize issues, then make the necessary adjustments to sustain cash flow throughout the year.

  • Timely preparation of financial statements based on your particular needs
  • Complete preparation of sales, payroll, inventory, accrual, and prepaid journal entries
  • Meticulous monthly bank and credit card reconciliations

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