There are many wheels that need to turn and gears that need to shift when running a business to make things go smoothly. Essential to success is not just an understanding of finances, but a proper management of them. Whether a small business or multi-million-dollar company, Mark and Donna Molin offer bookkeeping and CFO services on Shelter Island tailored to the individual needs of their clients, ensuring proper accounting, finance management, and peace of mind.
The husband and wife team have two firms: Molin and Molin Bookkeeping Services and Molin and Molin CFO Services. The latter was born out of the knowledge that every business with revenues of $5 million or more require a chief financial officer. While the accounting and bookkeeping fundamentals are the same for the various industries they serve, ranging from contractors, landscapers, and interior designers to newspapers, nonprofits, real estate, and much more in between, each industry has its own particular needs.
“Over the history of our bookkeeping service we have always taken the initiative to assume responsibilities of a Chief Financial Officer (CFO) when presented with the opportunity,” Mr. Molin shares. “Since proper accounting and bookkeeping is our expertise and the foundation for all the other financial team members to succeed, we concluded that offering CFO services would be the next logical progression for our company.”
The makeup of the financial team members will vary, including financial advisors, tax planners, investment bankers, bankers, lenders, credit card services, and insurance agents, depending on the needs of a particular industry. Bank account structure for clarity of cash flow and money management, application of industry banking technology, setting up QuickBooks features for maximization of efficiency, administrative tasks as they relate to streamlining information flow, insurance audits and knowing how to reduce your insurance costs per industry will also be unique to each business.
Evaluating and managing every financial aspect of a business, Molin and Molin CFO Services serves as the team leader and point person of the financial team. Most importantly, they will ensure each member of this team is adding value to the business’s bottom line. They will also help to reduce and eliminate expenses where possible and improve the collections flow of income.
While there are online platforms and major national firms that can offer similar services, there’s a particular level of comfort only a fellow local business can offer. “Simply put, there is nothing like a personal relationship,” Mrs. Molin says. “There are meetings and challenges that have to be handled personally to achieve the best result. With the advent of technology most work can be done virtually, but nothing can replace a personal relationship.”
Tax season is a busy time of year for businesses and bookkeepers. With the season officially here, one of the most important things a business should be prepared for is the 2020 tax season. Yes, start preparing for the next year now. Molin and Molin CFO Services will immediately begin building the framework to reduce a business’s tax burden. There’s a risk and reward mentality that comes with owning a business, and the government has built-in tax code incentives with this in mind.
To prepare for the 2020 tax season, the Molins share four basic elements: hire the right financial team members; have perfect, crystal clear books and proper accounting procedures; quarterly reviews by your accountant, tax planner, financial advisor; and set up a proper document filing system and tax deduction documentation procedures.
There is a lot to understand when it comes to business finances. Offering perfect books at a great end price, Molin and Molin Bookkeeping Services and their CFO services has earned them the trust of local businesses of all sizes on the North and South Forks and into New York City.
“Ninety-five percent of our clients have been referrals,” the Molins said in a statement. “They were referred by clients that we have a successful business relationship with. If they were surprised to learn anything it was how we sought out ways to improve their business, and they learned how smooth and stress free the financial side of business can be.”
For more information, visit molinandmolin.com.