Every funeral director understands the importance of tracking their money, and many take on accounting duties themselves; however, there is much more to accounting than tracking revenue and expenses in preparation for tax season. When implemented properly, accounting processes can become a cornerstone of a funeral home’s business strategy, providing the quantitative clarity to spur continued growth.
In many cases, funeral professionals turn to accounting software, and while these solutions are a great place to start more effectively recording payments and monitoring expenses, they can’t offer you the expertise of an in-person accountant, one who can help you make sense of your finances and advise accordingly. More importantly, no software can provide you with the best practices for death care industry accounting and financial management.
At Johnson Consulting Group, our Accounting and Financial Management Team specializes in the unique needs of the funeral business. Armed with industry-specific knowledge, one of our accountants can help you get a clearer picture of your funeral home’s financial health and help you create strategic initiatives to meet your goals.
What the JCG Accounting Department is Working On
With any client, JCG Accounting Managers and Controllers will prepare financial reports, ensure IRS compliance, and evaluate the financial operations of your funeral business. Beyond these standard processes, however, JCG has structured our team in a way that provides deeper analytics, allowing you to not only understand where your funeral home currently stands but also drive future success.
As the JCG Accounting and Financial Management Team work to implement budgeting processes for clients, we’ll conduct a thorough budget to actual variance analysis, utilizing past years’ information to forecast both threats and opportunities in the future. This analysis will take a holistic examination of both your funeral home’s performance and industry trends and will allow you to make strategic decisions that account for seasonality and other trends in death care.
A Focus on Valuations
Central to JCG’s accounting methodology are our valuation services. Whether you’re looking to expand your business, prepare for a sale, or more thoroughly understand your market position, a valuation provides an integral baseline for strategic planning.
If your funeral home has recently acquired additional businesses, your business might be worth more than the sum of its parts. For example, acquiring another local funeral home likely cuts down on your competition, disproportionately increasing your valuation.
In line with valuation, our team will also utilize accounting and expense management analyses to understand what your enterprise is worth as a whole. If any variables are hurting your valuation, we’ll be able to provide the insight needed to address these issues.
How quickly can I get my financials?
If your funeral business has gone for months without financial reporting, we can immediately help you get back on track. While certain processes (valuations, for example) take a bit more time to complete, we can quickly help you monitor revenue, expenses, payroll, taxes, and balance sheets.
What are JCG clients the most grateful for?
Our clients always appreciate the depth and scope of financial data we provide. For both emerging and established funeral businesses, we can obtain and track a breadth of financial metrics that provide a clear picture of your funeral home’s performance.
Does JCG work with QuickBooks desktop?
If your business currently works with the desktop version of QuickBooks, we can help you migrate your financials to the online software. By going online, you’ll be able to collaborate more effectively with our teams.
Understanding the Value of Funeral Home Accountants
While a traditional accountant can help you nail down the basics, only a team with funeral industry experience can properly advise you beyond the numbers. Naturally, the JCG team will help you drill down the data, but we also provide strategic guidance that allows you to project into the future. To accomplish this, we call on our team of death care experts. In addition to understanding the financial intricacies of running a business, we also understand how your business fits into the greater marketplace.
To better understand how your funeral home can work with JCG’s Accounting and Financial Management Team , we will provide a free consultation, during which time we’ll review your financials and begin to offer guidance. And with tax season over, summer is the ideal time to explore a new accounting partnership.
At the end of the day, anybody can close your books, but few can offer the level of death care expertise as JCG. Our team shares a collective 600 years of experience in the funeral business, giving us the ability to not only meet your current needs but rise to the challenges of the death care industry.GET ACCOUNTING RIGHT