Bookkeeping & Accounting Service for Funeral Homes
Our services are 100% online and available to funeral homes nationwide. Death care company owners must consider tax laws and implications that could help maximize financial benefits. As your business adapts, expands and potentially passes from one generation to the next, new leadership and modernized IT solutions must be implemented to sustain your legacy.
Services for the Death Care Industry
We want to see the operating business pay rents to the real estate LLC. The rents provide a return on investment and pay any mortgage for the acquisition. While there are many considerations, most small funeral homes should own their real estate in an LLC and lease it to the operating company. Giersch Group management consulting services will create a time and cost-effective approach to achieving your goals, whether it’s growing your business or improving internal processes.
- In Sheryl’s off hours, she enjoys the outdoors and the challenges of hiking.
- Prior to her accounting career, Sheryl worked as an Assistant Trust Administrator in Wealth Management and Private Banking.
- The software rolls up financials while still providing visibility at the individual location level.
- She has managed budgets up to $700M and has extensive experience leading multi-location dispersed, cross-functional teams.
- So many of you employ accountants and bookkeepers that don’t know funeral service.
Can I select which services I need help with?
There are many factors that make the funeral profession unique, and the right accounting firm will know how to navigate the right path through these ins and outs. They may even be able to help you increase your funeral home’s value over time by analyzing your financials and providing guidance for growth. We’ve said before that your time as an owner is worth $1,000 per hour. For ownership and management to make the best decisions financially, they must have meaningful financial statements with benchmarks related to their profession.
Bookkeeping Services for Funeral Homes
Giersch Group uses QuickBooks cloud-based accounting software to simplify financial management and handle the unique bookkeeping needs of the funeral industry. QuickBooks provides real-time visibility into key metrics – revenue, cash flow, profit margins, accounts receivable, trust & preneed tracking and more. Our customized setup provides funeral directors with actionable insights to inform business decisions. This is true for any business, especially small or family-owned businesses that may not have the staffing or expertise to dedicate the proper time to bookkeeping. Berny brings extensive experience to Johnson Consulting’s financial services. He graduated from the University of Utah with a Bachelor’s Degree in Accounting.
A partnership offers no protection to the personal assets of the partners. In addition, the income of the partnership that flows through to the partners is subject to the 15.3 percent self-employment tax. So, while it provides simplicity for two people, it puts the business assets at risk, and the owners pay the most in income taxes. Congress created the S corporation to combine the benefits of limited liability and pass-through income for small business owners. The S corporation was created to benefit small- and family-owned businesses. As part of the creation of the S corporation, there were limitations to ensure the election was open only to small businesses and became a preferred choice for many small business owners.
Meet our Accounting and Financial Services team
Bookkeeping is the most important aspect of the longevity of funeral homes. Precise data on the economic and financial reality of a funeral home business help anticipate future events and how to navigate them. Giersch Group’s free consultation will evaluate which services best suit your business. When the time comes to sell your funeral business, having an experienced accountant on your team is crucial for preparing an accurate business valuation and getting the most from your sale.
This means the tax laws are written and available for all of us to read. The corporation pays a tax of 15 percent on the first $50,000; then 25 percent on the next $25,000; then 34 percent on the next $25,000; and approximately 39 percent on anything over $100,000. Of course, with all tax rates, this is subject to change when new tax bills are passed by Congress. It is intended to segregate the assets of the corporation from the assets of the owner.
As a Johnson Consulting Group Senior Accountant, Sheryl builds and maintains strong client relationships and anticipates their needs. Sheryl is responsible for providing accounting and bookkeeping services to our Accounting client base. In Sheryl’s off hours, she enjoys the outdoors and the challenges of hiking. With over $600 million in revenue and more than 145,000 cases under management, JCG has all the know-how and experience to help you thrive in a competitive business environment. While it is easy to be a sole proprietor, it does not offer any protection to the owner’s assets from creditors of the business. So, while it provides simplicity, it puts the business assets at risk and has the owner paying the most in income taxes.
In order to benefit from our Online Access services, you must first enroll. Bookkeeping services allow you to do what you do, serve Wisconsin families. For more information or to discuss your business needs, please connect with a member of our team. JCG’s monthly reports are so beneficial, and the quarterly visits with Sheryl, my JCG rep, always make a significant impact. Whenever I have an industry specific question, the JCG experts are always there to answer my concerns, because they know what is going on in the industry, and what industry standards are.
In this guide, we’ll discuss funeral business accounting firms and how these professionals can help drive the strategic planning of your funeral home. To understand the financial health of your funeral business, the right advice is essential. One of the best ways to dig deeper than surface-level numbers like profit and loss statements is by hiring an accounting firm specializing in funeral home business operations. Sheryl brings over 15 years of accounting experience to Johnson Consulting Group. While earning a Bachelor of Science degree in Business Accounting from the University of Phoenix, she worked with certified public accountants and tax attorneys. Prior to her accounting career, Sheryl worked as an Assistant Trust Administrator in Wealth Management and Private Banking.
Distribution of earnings is accomplished through dividends to stockholders, generally taxable as ordinary income to the stockholder. Additionally, transferring the ownership of a corporation is a fairly simple prospect of selling the shares either in part or all of the shares of the corporation. In this article, we are going to show you the top five mistakes funeral home accountants make that adversely affect the financial results to the business owner. Partner with Giersch Group to implement QuickBooks online for your funeral home. We handle the QuickBooks migration, configuration, training and ongoing support so you can focus on client families. Our tailored accounting solution enables you to optimize finances, gain insights and elevate your business.
Madison graduated from Northern Arizona University with a Bachelor of Science in Business Administration – Management and certificates in Marketing and Accounting. She was on the executive board for the professional business fraternity, Delta Sigma Pi. During her college career, Madison worked at an accounting firm where she found a passion for helping clients with their businesses and assisting in reaching their goals for their business. If you can’t answer that question with confidence, you are aren’t alone.
