Compensation And Benefits Consulting Services In Connecticut
As a business owner, you have a considerable amount of people under your charge and a lot of financial responsibility. Along with this, many regulatory changes can impact your business. You must stay compliant while ensuring your employees the best possible compensation and benefits. At Nesso Accounting, we can help you.
We offer comprehensive compensation and benefits consulting services in Connecticut. Our services will help you navigate these waters to focus on running your business. We’ll ensure you’re up to date on all the latest changes and compliance issues.
Nesso Accounting staff will work with you to design the best possible compensation and benefits package for your employees. Contact us today to get all the details about our accounting services and get started!
What Can Nesso Accounting Do For You?
Nesso Accounting creates unique compensation strategies to help businesses recruit and keep the best employees. We’re committed to assisting our customers with their total rewards programs, including base pay, short-term incentives, long-term incentives, equity awards, and other types of remuneration.
Our team of professionals will work with you every step of the way to ensure that your workers feel valued and recognized while remaining competitive in today’s market. Collaborate with our specialists to design a strategy that works for your company and its staff!
Get To Know Our Services
Nesso Tax can help you establish a cost-effective, market-driven compensation plan tailored to your business’s needs. Our team of experts will work with you to create a plan that meets and exceeds your expectations.
At Nesso Accounting, we want to help you improve your company by focusing on your employee productivity. We offer a retirement plan that will allow your employees to save for their future while also providing you with tax benefits.
Health And Employees Benefits Plans
Nesso Accounting can make complying with the Affordable Care Act (ACA) much more straightforward. We will determine your number of FTEs, thus ensuring that you’re adhering to ACA requirements.
Additional Benefits Services
Nesso offers several services to clients, all to improve productivity and income. We have experts that can help design incentive plans, stock ownership programs, and more. Maintaining compliance with ERISA regulations is essential to us (this includes audits and discrimination testing), as well as helping implement equity programs, executive compensation, and analysis.
Understanding Nesso Accounting’s Services
What Is Accounting?
Accounting is the process of recording, classifying, and summarizing financial transactions to provide helpful information for business decisions. The goal of accounting is to accurately provide timely financial information so you can use it to make informed decisions about allocating resources.
How It Works
Every company, no matter how big or small, needs accounting. This is the process of tracking and recording a company’s financial transactions. At smaller companies, this usually falls on the bookkeeper or accountant. Larger companies have finance departments devoted to it. However, small and big businesses come to Nesso Accounting for a better approach.
Large companies’ financial statements that summarize their operations, financial position and cash flows for a set period are based on thousands of individual transactions. Therefore, all professional accounting designations require years of study and examinations combined with prescribed minimum years of practical accounting experience.
Types Of Accounting
- Financial Accounting: It’s the process of summarizing financial transactions to create balance sheets, income statements, and cash flow statements. These statements show a company’s financial position and how it has performed over time. Most companies have their financial statements audited by an external CPA firm every year.
Many companies have annual audits for two reasons. The first reason is that it’s a legal requirement for publicly-traded companies. The second reason is that lenders typically require the results of an external audit annually as part of their debt covenants.
- Managerial Accounting: This type of accounting uses a lot of the same data as financial accounting. However, in managerial accounting, accountants use this data to create reports that show how the business is doing. These reports help the management team decide how to run the business.
Managerial accounting includes many other aspects of accounting, such as budgeting, forecasting, and various financial analysis tools. Essentially, any information that might be useful to management falls under this category.
- Cost Accounting: Cost accounting is a field of study that focuses on how to calculate and report expenses. Management accounting helps organizations make judgments about management while costing helps them evaluate pricing. Cost accounting generally considers all the costs involved in producing a product.
This information is crucial for those in leadership positions to calculate how much their product should cost. The main difference between cost accounting and financial accounting is that, in the former, money reflects production costs. At the same time, the latter acknowledges a company’s financial performance.
- Tax Accounting: There are different rules that financial accountants and tax accountants use to report a company’s financial position. The government (federal, state, or local) sets the rules depending on what tax return is filed.
Tax accountants make sure that a company follows the rules for tax reporting while also trying to save the company money by making smart decisions. Often, tax accountants are in charge of what to do with taxes: creating the organizational chart, overseeing day-to-day operations, ensuring compliance, and filing reports. They also make sure the company pays the proper taxes.
What Are Salaries & Compensations?
Compensation and benefits are the monetary and non-monetary rewards employees receive in exchange for their services. Compensation may include:
- Base salary
- Hourly wages
- Bonuses and equity compensation.
Benefits may include:
- Health insurance
- Life insurance
- Disability insurance
- Sick leave
- Vacation time
- Parental leave
- Retirement plans
- Tuition reimbursement plans and other perks.
Any compensation and benefits package aims to attract, retain, and motivate employees. Employers must assess what their employees value when designing a compensation and benefits package.
They must ensure that their package is competitive with similar packages offered by other employers. At Nesso Accounting, we offer a wide range of compensation and benefits consulting services to help employers design the perfect package for their employees.
What Is Retirement Planning?
Retirement planning is preparing for retirement by setting money aside to cover expenses. It includes calculating how much money is needed, determining how to save it, and creating a timeline for retirement savings. Retirement planning is crucial because it allows people to retire with financial security.
5 Retirement Planning Steps To Take With Nesso Accounting
1) Understanding Your Time Horizon
The first step in any retirement planning is to understand your time horizon; this refers to the number of years until you plan to retire. If you’re closer to retirement, you will have a shorter time horizon and less time to save.
If you’re further from retirement, you will have a longer time horizon and more time to save; this is important because it’ll affect how much risk you can take with your investments.
2) Determining Retirement Spending Needs
The next step is to determine how much money you’ll need to cover your expenses in retirement. This includes housing, food, transportation, healthcare, and recreation. You can use a retirement calculator or speak with a financial advisor at Nesso Accounting to estimate your spending needs.
Once you have an estimate of your spending needs, you can start to think about how much money you will need to save.
3) Calculate After-Tax Rate of Investment Returns
After-tax investment returns are the returns you earn on your investments after taxes have been taken out. This is important to consider because it will affect how much money you have available to spend in retirement.
To calculate your after-tax rate of return, you need to know your marginal tax rate and the expected return of your investments. You can then use a retirement calculator to estimate your after-tax returns.
4) Assess Risk Tolerance vs. Investment Goals
Risk tolerance is the amount of risk you are willing to take with your investments; this is important to consider because it will affect how you invest your money.
Your investment goals are the targets you hope to achieve with your investments. For example, you may aim to earn a specific rate of return or grow your portfolio to a particular value.
Balancing your risk tolerance with your investment goals is essential when planning for retirement. You need to take enough risk to reach your goals, but not so much that you are putting your retirement at risk.
A financial advisor at Nesso Accounting can help you assess your risk tolerance and develop an investment strategy that meets your goals.
5) Stay on Top of Estate Planning
Estate planning is organizing your finances and property in preparation for when you pass away. This includes creating a will, naming beneficiaries, and appointing an executor. Staying on top of your estate planning is crucial because it can significantly impact your retirement. For example, if you do not have a will, your estate will be divided according to state law. This could mean that your beneficiaries won’t receive the assets you intended for them.
An experienced accountant at Nesso Accounting can help you with all aspects of retirement planning, including estate planning. Contact us today to schedule a consultation.
Nesso Group, Providing Top-Notch Accounting Services For All Business Owners in Connecticut
Nesso Accounting is a top-notch accounting firm that provides a wide range of services for business owners in Connecticut. We offer services such as compensation and benefits consulting, retirement planning, and estate planning. Each of these services is available in Connecticut at the Nesso Group. Get in touch with us to schedule a consultation!