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Is it Time to Outsource Your Business Accounting?

Running a business isn’t for sissies. You bring in good people to manage the office, handle human resources and oversee the financials for you, but in the end, you know you’re ultimately responsible.

Did you double check that last invoice that went out to your best customer? What’s the balance on your business loan? How much cash is available right now? 

What if you could stop fretting over questions like that and know someone’s got your back around the clock? That’s the basic concept behind Gilmore Jasion Mahler’s Outsourced Accounting Services. We’ll call it the best of both worlds: a team of specialists is on the job, and you get to see the numbers anytime you want right on your cell phone.

Your team is there to answer questions, advise you on business decisions, if desired, and yes, to handle the books.

Advances in technology are changing the way many businesses handle the business manager role at the office. That includes many healthcare entities, including physician and dental practices. Many are embracing the technology, letting a specialized team handle the work, and turning their attention to growth strategy and other priorities. Outsourced accounting can also be an excellent fit for nonprofit organizations struggling to fill positions with knowledgeable, capable individuals.

Picture this: real time financial key performance indicators you can see any time of the day or night on your cell phone or other device. More importantly, a team of professionals working with you who not only look at today’s numbers, but help you plan and strategize for the future.

Some key benefits to outsourced accounting with Gilmore Jasion Mahler:

  1. Stop struggling to fill that internal business manager role (seems like there’s always an opening, doesn’t it?).
  2. Real time data at your fingertips around the clock whether you’re in the office or the sidelines of your daughter’s soccer game.
  3. A team consisting of accounting specialists, including a GJM partner, to handle the business finances and also guide and advise on other important financial decisions as needed.
  4. Dashboard view of your financials via leading edge accounting software platform Sage/Intacct.

Interested in learning more about Gilmore Jasion Mahler’s Outsourced Accounting Services? Read up on our team's capabilities. You can also contact our Accounting Specialist Team to start the conversation.

Gilmore Jasion Mahler’s Judy Anderson, CPA contributed this blog. Judy leads the GJM Outsourced Accounting Specialist Team. With over 20 years of experience in public accounting and private industry, Judy works with clients across a number of industries, including healthcare, nonprofit, and professional services.

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 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.  

GJM Staff Announcements

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson Gilmore Jasion MahlerJudy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Matt Cavanagh Gilmore Jasion MahlerCavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

Nikki Clement Gilmore Jasion MahlerThe Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough Gilmore Jasion MahlerMike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

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.

The Gig Economy

Gilmore Jasion Mahler Tax Partner Deanna Hall has over twenty years of public accounting and private industry experience. She works with businesses across many industries, with a focus on manufacturing.

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 and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.  

How to Prepare for the New Lease Accounting Standards

Lease accounting standardsNew lease accounting standards will go into effect for public companies for years beginning after December 15, 2018 (2019 year-end) and for private companies for years beginning after December 15, 2019 (2020 year-end). Those affected by the changes should be aware of the details and begin planning for implementation now. Planning will include heavy training for accounting departments as well as vendors and customers.

New Lease Accounting Rules

The Financial Accounting Standards Board has issued new rules to improve the financial reporting of leasing transactions. New requirements dictate that companies leasing facilities and equipment to others recognize the assets and liabilities of leases. Balance sheets must record the transaction details. Prior to this implementation, capital leases were the only type to require such documentation.

Establish a Committee

To guide the transition process, affected companies should establish committees to attend training events and become knowledgeable about the new standards. The group should be comprised of both accounting personnel and cross-functional project managers. The committee can then work to implement the process in a way that will work for the organization.

Educate Dealers, Vendors, and Customers

The Equipment Leasing and Finance Association has created a helpful white paper outlining the new method’s changes and benefits. Stakeholders should engage in conversations directly with the companies and receive this reading material for reference.

Corporate Accounting Teams

There are three factors for companies to consider, in addition to those listed above:

1. Accounting teams will need to identify all leases, preparing a current and accurate inventory. Once complete, the accounting team will be able to determine which leases the new mandate affects. It is also important to break out leases that are less than a year (and not reasonably certain that they will be renewed) as they may not be required to be capitalized as a right of use asset.

2. Accounting departments will need to examine how the new rules will change financial reporting and transactions, specifically for the company. In addition to examining basic paperwork changes, teams will also need to determine possible ripple effects, including those on taxation and business processes. It is important to accurately record the leases by breaking out the lease and non-lease components.

3. Accounting teams will need to determine whether current accounting systems can adequately handle the required changes. If accounting software or systems cannot handle the change, the team will need to work toward a solution. To assess the current systems, determine how easy it will be to create the proper accounting procedures. Not all software is designed to handle the change to the leasing standards. There is software that purports the use of algorithms to extract lease components from contracts to help with the efficient review of the contracts for lease components.

Making the Transition Smooth

The key to making the transition smooth for everyone is to plan early. Ensure everyone is onboard and educated before changes take place. With cross-functional collaboration, employees will be able to identify potential challenges and opportunities. Begin planning now to ensure a smooth process by meeting with your lessors to discuss the impact of the new leasing standards.

Whether you have a small business or a huge conglomerate, contact Gilmore Jasion Mahler to find out how we can help you prepare for the new lease accounting standards.

Michael Brough Gilmore Jasion MahlerGilmore Jasion Mahler Partner Michael Brough contributed this blog. Mike is a partner in the Gilmore Jasion Mahler assurance department with over 13 years of public accounting experience. Mike is a member of GJM's Manufacturing Specialist Group and works with clients in many other industries as well, including government and nonprofit.

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 and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Gilmore Jasion Mahler Announces Promotions and Personnel Changes

Gilmore Jasion Mahler is pleased to announce that continued growth has led to a number of promotions and further strengthening of the leadership team at Gilmore Jasion Mahler (GJM).

Greg Taylor, CPAGreg Taylor, CPA joined Gilmore Jasion Mahler in October as a partner. A member of the GJM Manufacturing Specialist Group, Greg brings to his role thirty years of experience in both public accounting and industry, having worked as a chief financial offer/vice president of finance for multiple businesses. 

 

Ken Saggese, CPAJ. Kenneth Saggese, CPA was promoted to partner in the assurance department after eleven years with the firm. A member of GJM’s Construction and Real Estate Specialist Team, Ken works with clients across the industry, with an expertise in affordable housing.  

 

Mike Brough, CPAMike Brough, CPA was also recently promoted from senior manager to partner in the assurance department. Mike works in a number of industries, including manufacturing & distribution, government, and nonprofit. Among his areas of expertise: employee benefit plans.

 

Other recent promotions at Gilmore Jasion Mahler include:

Healthcare Specialist Group members Matt Cavanagh and Jamie Dixon have been promoted to senior manager. Construction Specialist Group member Alex Spieker has been promoted to manager and Ben Lochbihler, also a member of the construction team, has been promoted to supervisor. A number of GJM associates have been promoted to senior associate, including Cole Bruner, Jennifer Bryant, Mackenzie Gross, Stacie Heitmeyer, Krista Huff, Hannah Nowak, Lucas Pennington, Sadie Purk and Jodi Rabquer.

The GJM administrative team has grown as well, with the addition of Amy McCurdy and Karen Mossing. They join administrative team members, many of whom have been in their roles for ten to twenty years, or longer.

”It’s exciting to see the changes at Gilmore Jasion Mahler,” says Managing Partner Kevin Gilmore. “I’m proud of the accomplishments of our staff, and pleased to have Greg Taylor join our already strong leadership team. We’ve put together a team of the best public accounting professionals in the area to serve our clients.”

Established in 1996, Gilmore Jasion Mahler, LTD is the largest public accounting firm in the region, with offices in Maumee and Findlay. Locally owned, GJM offers comprehensive financial services including assurance, business advisory, tax, risk advisory and healthcare management. GJM’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.