There is a number of differences between ESOP accounting and regular corporate book-keeping. Make sure your ESOP is kept by someone with expertise in the field.
- In case of an employee or government claim, make sure you have thorough records to support your case!
- Well-kept books mean well-informed trustees - be sure that your disbursements are calculated correctly!
- An ESOP needs to be documented clearly and thoroughly during the initial setup phase.
- A business with badly-kept books is a business that's asking for fines and audits.
- Don't become a "black box" for your shareholders - an ESOP only works if employees feel involved and au courant.
An essential part of compliance and good management: proper ESOP accounting.
ESOP CPAs
have special expertise in not only managing the assets of the ESOP trust, but keeping abreast of all the special requirements that apply to ESOPs as a tax-qualified benefit plan. ERISA and other government laws crack down mercilessly on retirement benefit mismanagement, and ESOPs, as beneficiaries of special tax exemptions, are subject to strict regulations. Make sure the trust is managed properly so that you always have the records to show government agencies, as well as the participants in the trust itself - employees, trustees and shareholders.
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ESOP Growth
Don't leave a gap in your GAAP! Diligent book-keeping of ESOP finances is essential not just for compliance and transparency, but in the event that the account changes administrators or trustees. Nothing is as unpleasant and counter-productive for a new ESOP administrator than having to take the reins of a trust whose paperwork exists in a giant pile on top of an office chair.
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Experienced ESOP CPAs are be indispensable partners for your ESOP trustees and corporate board. A competent ESOP CPA will make sure that all documents, such as statements of receipts, have been prepared and filed. You will always know how your company's ESOP is doing, and you'll always be aware when the ESOP purchases stock or borrows money.
On the ESOP Marketplace listings, all CPAs are not only good at general accounting, but have extensive experience working on ESOPs, so they will fit right in with the rest of your ESOP team!
Our ESOP CPAs and Accounting Advisors serve business owners and ESOPs in the following Cities throughout the United States, including your Hometown.
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New York Los Angeles Chicago Philadelphia Dallas-Ft. Worth San Francisco-Oakland-San Jose Boston Atlanta Washington, DC Houston Detroit Phoenix Tampa-St. Petersburg Seattle-Tacoma Minneapolis-St. Paul Miami-Ft.Lauderdale Cleveland-Akron Denver Orlando-Daytona Beach-Melbourne Sacramento-Stockton-Modesto St. Louis Portland, OR Pittsburgh Charlotte, NC Indianapolis Baltimore |
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