Business Solutions

We ensure accuracy, compliance and provide expert advice while allowing our partner to focus on core operations. The scope of services are tailored to meet the specific needs and objectives of the business. Support services include:

• Tax Planning & Preparation
• Quarterly and year-end reports
• Budgeting, Forecasting and Financial Analysis

Bookkeeping & Payroll are foundational elements of sound financial management. They provide the necessary information and controls for businesses to operate efficiently, comply with regulations, and make informed decisions.

Benefits of combining management of Bookkeeping & Payroll are consistency, better understanding of business finances, streamlined communication, timely reporting and often cost savings.  Our support includes:

• Maintenance of accurate records of financial transactions, including income, expenses, assets, and liabilities.
• Management of employee wages, benefits, taxes, and deductions involving calculating salaries, handling payroll taxes, and ensuring compliance with labor laws.

Deciding when to incorporate a business depends on various factors, and it's a significant step in the entrepreneurial journey.  There are several good reasons to consider once your business has proven it's viability by generating steady income. Key considerations are:

Our benefits administrative services provide access to a wide range of benefit providers. We bring expertise, technology, and scalability. Employee benefit regulations can be complex, can vary from-state-to-state as well as the Federal level and can be different industries. NC Financial Group keeps clients informed re: new requirements, deadlines and compliance obligations.

With our clients and providers, we customize packages to create well-rounded insurance solutions that enhance the overall employee experience.  Long-term relationships with our provider partners often aid negotiations leading to cost savings.

Our clients tap into a network of diverse benefit providers including but not limited to  -

• Insurance carriers: Health, Long-Term Care, Life & Disability
• Retirement planning

Employee benefits can have various tax implications, both for employers and employees.

Some Common Tax Benefits Associated with Employee Benefits

• Tax-Deductible Business Expenses for Health and Business Insurance programs
• Tax-Advantaged Retirement Plans
• Deductible Health Insurance Premiums
• Tax-Free Educational Assistance

 

Employee retirement plans are crucial components of a comprehensive employee benefits package. They are essential to individual financial security and a valuable investment in the long-term relationship between employers and employees.

Employee plans are a strategic tax planning tool. Employees can benefit from tax-deferred contributions, and employers receive tax deductions for their contributions.

NC Financial Group has access to a robust set of IRA (Roth, SEP, SIMPLE) and 401(k) & Solo K offerings allowing employees to tailor their retirement savings strategy based on their risk tolerance, investment goals, and time horizon.

Our services include education resources, auto-enrollment and reporting features and ensure compliance with regulations.

Business insurance is essential for protecting companies from various risks and liabilities. Business insurance offers tax advantages for businesses, as it is a legitimate business expense.

It's important to assess the specific needs and risks to determine the appropriate types and amounts of insurance coverage. NC Financial Group can help tailor a comprehensive insurance strategy that adequately protects the business & interests.

Common types of Business Insurance - 

General Liability:

• Covers bodily injury, property damage, and personal injury claims against the business.
• Provides coverage for legal costs and settlements.

Property:

• Protects the physical assets of a business, including buildings, equipment, inventory, and furniture.
• Coverage may include damage from fire, vandalism, theft, and certain natural disasters.

Commercial Auto:

• Covers vehicles used for business purposes, including cars, trucks, and delivery vehicles.
• Provides coverage for accidents, injuries, and property damage.

Freight/Cargo:

• Protects goods being transported from one location to another from loss, damage, theft over land, air, sea.
• Typically covers value of goods, duties, transportation costs.

Professional Liability (Errors & Omissions):

• Protects professionals (e.g., doctors, lawyers, consultants) from claims of negligence or mistakes in their professional services.
• Important for service-based industries where errors could lead to financial losses for clients.

Product Liability Insurance:

• Covers businesses that manufacture or sell products in case of injuries or damages caused by those products.
• Protects against legal claims related to product defects or failures.

Business Interruption:

• Provides coverage for lost income and certain expenses if a covered event (e.g., fire, natural disaster) disrupts business operations.
• Helps businesses recover from financial losses during downtime.

Commercial Umbrella:

• Offers additional liability coverage beyond the limits of other liability policies.
• Protects businesses from large and potentially devastating claims.

Employment Practices Liability (EPLI):

• Protects businesses from claims related to employment practices, such as discrimination, harassment, or wrongful termination.
• Covers legal defense costs and settlements.

Directors and Officers (D&O):

• Protects company leaders (directors and officers) from personal losses and legal costs arising from decisions made while managing the company.
• Important for attracting and retaining talented executives.

Fidelity Bonds:

• Provides coverage against employee theft or dishonesty.
• Helps businesses recover losses due to fraudulent acts by employees.

Key Person:

• Provides coverage in the event of the death or disability of a key employee.
• Helps businesses manage financial losses and disruptions.

Travel:

• Provides coverage for unexpected events while traveling - can include medical emergencies, cancelations/interruptions, lost/stolen luggage or other unforeseen events while traveling.
• Can be single trip coverage or multi-trip for frequent travelers.