At JPS, we have extensive experience working with professional service practices including architectural, engineering, insurance, consulting, marketing, advertising, public relations, funeral homes, veterinarians, law and real estate agencies. As a professional service firm ourselves, we understand the critical ownership, business and tax issues facing professional service practices.
We help professional service organizations with key issues affecting their current and future success such as:
- Employer and owner benefit planning –Benefit planning affects your ability to attract, retain and reward your professionals.
- Health insurance planning and compliance – compliance with new health care regulations is mandatory. Professional service firms must plan for compliance, mitigate costs and ensure they offer a competitive solution to their team.
- Business continuity and ownership planning – selecting the right ownership structure and planning for transition are essential to your ongoing success. Professional service firms must navigate ownership changes smoothly, ensuring that outgoing owners receive value while operations continue.
- Billing procedures and revenue optimization – whether you bill for your time directly or indirectly, your profitability is driven by the effective use and tracking of your time. Successful firms optimize their realization on time spent and get paid timely for their service.
- Cybersecurity – many professional service firms handle sensitive client data on a daily basis. Securing your data is essential to securing your business. You need a strategic plan to protect your data and mitigate your risks.
- Employee vs. contractor decisions – utilizing contractors to supplement your internal team can bolster your ability to serve clients and expand your organization. Understanding how the DOL and IRS classify employees and contractors will help you plan effectively, remain compliant and avoid unforeseen tax liabilities.
Find out how JPS can be a strategic advantage for your business. Contact a JPS professional listed below.