Accounting, Tax and Audit FAQs
Here are some frequently asked questions that we receive at Thornhill. If you have additional questions, feel free to contact us.
What key performance metrics should I be tracking for my business?
There are many key performance indicators to consider tracking for the health of your business. Some of the most relevant KPIs to monitor are:
- Cash flow forecasts
- Gross profit margins
- Revenue growth rate
- Accounts payable turnover
- Inventory turnover
- Funnel drop-off rate
Thornhill helps you consistently evaluate these KPIs to support your business goals. With our financial reporting, you’ll gain a clear view into your finances for making important business decisions that are rooted in hard data.
What size businesses does Thornhill partner with?
Thornhill is a US-based company providing tax, accounting and audit services nationwide to individuals and businesses of all sizes. We support clients across a range of industries including:
- Manufacturing and distribution
- Energy, utility and power companies
- Technology and software
- Retail businesses
- Real estate firms
- Lawyers and other professional service providers
For small businesses who aren’t interested in our full suite of accounting, tax and advisory services and just need assistance with monthly bookkeeping and accounting, Thornhill Accounting Services (TAS) is your solution. Learn more.
Should I prepare anything before our first meeting?
Whether you’re coming as an individual or a new business client, it’s helpful to bring along a variety of documents. We will let you know which items are the most beneficial for our initial consultation prior to your visit, but some common forms to start gathering are:
- Your most recent tax return
- A recent bank statement
- Brokerage statements
- Real estate transaction statements
- Profit or loss statement
- Business agreements and insurance documents
- Employee benefit statements
Talk with us about your accounting, tax and advisory needs today!
What kind of support do I get?
For more than 25 years, our in-house accounting professionals have personalized the Thornhill experience for clients across a range of industries. Our team is available for in-person consultations, as well as reliable phone and email support for any questions you may have on your account. We’re dedicated to seeing you achieve financial security and long-term success.
Are your service fees fixed?
Our goal is to ensure that you have the best services for you and your business. We offer different service levels, depending on the type of engagement you require and the size of your business. You can choose á-la-carte advisory, as well as competitive rates for tax, accounting and audit services. We’ll make sure that whichever option you choose, your cost is affordable and tailored to your needs.
Can you help my business prepare for financing?
Thornhill offers support for businesses looking to qualify for new financing or to renegotiate with existing lenders. We prepare loan proposals that include executive summaries, cash budgets, financial statements, tax returns and personal financial documents. It’s our priority to substantiate your financial position and give you the best representation needed to secure financing.
Do you offer consulting services?
Yes! Thornhill is more than just a tax and accounting firm. We are committed to seeing your business achieve maximum financial success.
Our accounting professionals provide á-la-carte advisory services to support your business growth. We proactively spot issues, address any concerns you may have and advise you on strategic plans to restructure and/or expand your business.
Do you prepare tax returns?
We prepare and file tax returns for individuals and businesses. Our most comprehensive tax preparation and strategic planning services come with our year-round monitoring of your tax position. With our ongoing tax services, we create tax projections and pinpoint greater tax reduction opportunities for you.
Is my financial information kept private?
Thornhill takes data confidentiality, copyright and privacy very seriously. We do not publish, distribute, sublicense, sell or disseminate any client-related information to third-parties at any cost.
When is an employee benefit plan audit needed?
If your company provides an employee benefit plan to 100 or more participants, an audit must be performed every year, per the Employee Retirement Security Act of 1974 (ERISA).
Thornhill offers independent, third party audits of employee benefit plans for businesses to stay in full compliance with ERISA and to meet all federal regulations.
Do you offer outsourced bookkeeping and accounting services?
We offer outsourced bookkeeping through Thornhill Accounting Services (TAS), our secure, virtual platform and managed accounting services. Our platform makes transferring data an easy task for anyone on your team, and you can update the books from anywhere, 24/7. We’ll provide you with monthly reconciliation and á-la-carte advisory services that give you clear direction for your financial success.
Why should I consider outsourced accounting?
By outsourcing your accounting, you free yourself to focus on other aspects of your business. The easy-to-use platform that comes with Thornhill Accounting Services (TAS) powers your business with anywhere, anytime bookkeeping that doesn’t require an in-house accountant. To see how it works, try our free demo!
If you don’t see the answer to your question, or you’d like to set up a consultation to learn more about what our accounting, audit and advisory services can do for your business, contact us today!