• GJM Blog

    Important Industry News & Helpful Tips

Zachary Durliat Joins Gilmore Jasion Mahler

Zachary Durliat GJMThe GJM Assurance team has grown in recent weeks, with the addition of Zachary Durliat to the team as an assurance associate. Zach has completed multiple internships with GJM in recent years as part of his studies, and while he may not be a completely new face, we’re sure you’ll get to know him better in this Q&A. Welcome “officially” to the GJM team and family, Zach.

Describe your role at GJM. I am currently an Assurance Associate and have worked on Affordable Housing Audits, Employee Benefit Plans, and assisted on other various projects. I am always looking for way to improve processes whether that is by simply documenting the process or by using technology to aid in the efficiency efforts.

When did you start with GJM? September 7th, 2021, but had a prior part-time internship in the GJM Tax/Administrative departments and two prior internships in Assurance.

Why did you choose the accounting industry? I like seeing the whole picture of things and accounting is the basis and glue that connects the functions of a business together, so it keeps me connected with all the different aspects of a business (the whole picture).

What do you like best about accounting? I like determining and analyzing the numbers to help find efficiencies and improvements in other aspects of the business.

Are you from the Toledo area originally? If not, where are you from? Arlington, OH (South of Findlay).

What do you like about living in Northwest Ohio? Experiencing the four seasons even when it may be all in one day.

Where did you go to school? High School: Arlington Local ’16, College: Bowling Green State University ’20 & ’21.

Do you have any pets, hobbies, family you'd like to mention? No pets yet but a dog at some point. I enjoy woodworking, snowmobiling, and have three younger sisters.

How do you like to spend your free time? Bake desserts, work in a woodshop, going on walks with my girlfriend, playing recreational sports.

Favorite book? Favorite movie? I have never read or seen any of the Harry Potters, but I played Quidditch at BGSU. I am not the biggest fan of reading books. I prefer watching movies instead. Favorites: The Rookie, Field of Dreams, Miracle on 34th Street.

Are you involved in any community organizations, do any volunteer work? Not yet but I am looking forward to getting into some.

What is something people may be surprised to find out about you? My parents worked and met at the Findlay office.

Welcome, Zach!

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

The Emergence of Outsourced Accounting & What to Expect from a Provider

GJM Outsourced AccountingThe COVID-19 pandemic has changed the way we do many things. It’s changed the way we go out for dinner, the way we travel, the way we do business and the way we work, to name just a few. While some would like to go back to “normal”, or the way things used to be, there seems to be a consensus that in many ways we aren’t going back. Some of these changes are here to stay.

As trusted advisors to businesses across many industries, Gilmore Jasion Mahler (GJM) is seeing some of these changes within client businesses. Those looking to hire for internal accounting positions, for example, say there are simply no candidates out there. And some are turning to a different solution: GJM Outsourced Accounting.

Outsourced Accounting (OA): What is it?

Outsourced Accounting isn’t a new concept. For those who aren’t familiar with the service offering, its exactly what it sounds like: handing over the entire accounting function within your business to outside experts. New software platforms and other technology pushed the idea more into the mainstream. The pandemic, remote work, and hiring issues have further contributed to what’s emerging as a significant shift in the way businesses view the accounting function.    

“There’s no question, many business owners are taking a closer look at outsourced accounting,” says Judy Anderson, CPA, who leads GJM’s Outsourced Accounting team. “These services solve a major problem, removing the need to fill that internal role, but more importantly, outsourced accounting at GJM brings experts to your team, and checks and balances.”

Clients say the service brings peace of mind, knowing that capable CPAs and other GJM professionals are on the job. Technology offers real time numbers 24 hours a day, 7 days a week to business owners and managers. They get to choose how involved or uninvolved they are in the accounting function.

 “It’s the best of all worlds”

Retina specialist Dr. George Rosenthal has transitioned his medical practice to GJM Outsourced Accounting and says it allows him to do what he does best: care for his patients.

“One of the great things about this,” says Dr. Rosenthal, “It’s not just an accounting service. It’s a business administration service. I want to spend my time being a doctor and its nice on so many levels to have somebody who’s a business expert help... It’s the best of all worlds.”

Equally important: knowing that GJM professionals are part of your team. They could spot a trend in your numbers or see an opportunity for tax savings that you missed. Should you need other specialists, they’re at the ready to be pulled in as your business needs change.

“I can’t overstate enough the importance of having trusted experts as part of the extended team who can be pulled in as needed,” says GJM Partner Matt Cavanagh, who is also part of the firm’s Outsourced Accounting team. “Things come up, such as tax strategy, a merger or acquisition, the need for a valuation, or cyber risk assessment. Our team can also see from a high-level view something that you might miss.”  

The GJM Outsourced Accounting team has seen businesses in many industries pursue the service offering, including health and medical practices, nonprofits, law firms, real estate businesses and other professional services firms.

What to Expect

If your business is considering looking into outsourced accounting services, be sure you understand the offering and most importantly, what you need. Here are some of the services/capabilities you should expect from a provider:

State of the art technology/software platform featuring:

  • Real-time numbers  
  • 24/7 dashboard access
  • Safe and secure financial information
  • Easy, secure document sharing
  • Automation
  • Integration with other service providers
  • Monthly payment format with no large financial investment

Accounting experts:

  • Team of specialists, including a partner
  • Professionals who become an extension of your team
  • Direct access to your account team leader
  • Access to other specialists, advisors and consultants as needed

Here’s another important piece when considering the team of professionals: make sure you have a good relationship. You should enjoy working with the team, and view them as an extension of your staff, which, after all, they are.

Dr. Rosenthal says of his lead GJM service provider Alyssa: “She’s unbelievable. I’ll email her something at six in the morning. I’ll get a response in 10 minutes. She’s amazing. And she’s good.” He jokes with Alyssa that she needs to get better sleep, but you can hear it in his voice that he’s sleeping better with Alyssa on his team.

In the end it’s simple: you need to trust that you’re in good hands, and you need to enjoy the working relationship. If that’s the case, you’re well on your way to saying, “problem solved.”

If you’d like to learn more about GJM Outsourced Accounting, here’s a short video featuring GJM’s Judy Anderson with a high-level explanation of the service. To reach out to our team directly, email outsourcedaccounting@gjmltd.com.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Business Valuation: What to Look for in an Expert

With an increase in M&A activity in recent months it may be wise to get a business valuation done so that if and when an opportunity arises you're ready to respond. But who should do the work for you and how in depth a report does your business need? Gilmore Jasion Mahler Partner Jeff Denning specializes in business valuation and says be aware that the IRS or a court of law will have some requirements when it comes to the valuation, and who does the work. He offers some ideas on how to go about choosing the right person for the job.

Who does a valuation for your business is one of several important questions as you begin to research the process. For more information, see GJM's video blogs How Do You Figure Out the Value of Your Business, Business Valuation: Lengthy Report or Not, and What is the Business Valuation Process. Learn more about Jeff’s expertise in business valuation and forensic accounting, and don’t forget to sign up for GJM’s free quarterly newsletter The Expert with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

What is Outsourced Accounting at GJM?

The COVID-19 pandemic has changed the way we work and created even more dire staffing shortages for businesses around the country. It’s possible there’s a new way to approach staffing when it comes to your internal accounting needs. Enter Outsourced Accounting at GJM.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Important Updates for Businesses Related to Covid Relief Programs

PPP and ERC Update

Paycheck Protection Program (PPP)

If your business is one of the many that took advantage of the Small Business Administration’s Paycheck Protection Program (PPP) during the Covid-19 pandemic, we have an important update. Some businesses that applied for first round PPP loans are running out of time to apply for loan forgiveness. It depends on the dates of your covered period as part of the PPP loan. Borrowers must apply for forgiveness within 10 months of the last day of their covered period. That could be later this month for some. Be sure to speak with your GJM team if your business has yet to file for forgiveness or reach out to your lender for clarification. If you fail to apply for forgiveness, the PPP loan will be treated as a non-forgivable loan that your business must pay back.

Employee Retention Credit (ERC)

The IRS has come out with some clarification on guidelines for businesses taking advantage of the Employee Retention Credit.  As the extended tax deadline approaches for businesses to file their 2020 federal tax returns, now is the time to iron out how your business plans to utilize the ERC. Something else to keep in mind: new infrastructure legislation introduced in early August may impact how your business utilizes ERC. As the bill stands now, it is possible that ERC may no longer apply in the fourth quarter of 2021. The IRS has provided a brief summary of some key changes, as well as the entire notice (IRS Notice 2021-49), which you can access at this link.

Should you have any questions about your PPP forgiveness process, ERC, or other updates to pandemic relief programs for your business or organization, don’t hesitate to reach out to your GJM client service team to discuss.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.