PAYROLL MANAGEMENT: WHY OUTSOURCE

When it comes to paying employees, the tax laws and other laws,and the various state board of internal revenue have made the payroll function a time consuming nightmare for the small business owner.Most small business lack the professional expertise to manage their payroll and hence often fall foul of the tax laws and get into trouble with the tax authorities. Beyond the tax authorities, there are several other statutory payroll remmitances that must be made on behalf of employees by employers such as Pension,NSITF and ITF. And the small business owners that have the expertise spend an average of twentyfour hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.

Hillcrest Professionals, an Accounting firm offers payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.

Why Outsource Your Payroll...

• It's Cost Effective
  Use your staff more efficiently by letting professionals handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.
   
• It's a Time Saver
  Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries.
   
• Worry Free Payroll Tax Filing
  Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex.  How much time do you want to spend  learning all the rules and keeping your information up to date?
   
• Allows You To Focus On Core Competencies
  Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you.
   
• Comprehensive Reports
  You get a wide variety of user-friendly and accurate payroll reports.

Get the Payroll Solution That Best Fits Your Needs.
When it comes to payroll service - no one size fits all. That's why Hillcrest Professionals offer the following custom payroll processing options.

1. Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won't have to. You get...

• Your payroll checks to the State IRS is paid on-time, every-time thereby avoiding penalties.
• Worry Free State IRS tax reporting.
• Filing annual payroll tax returns.
• Detailed reports on your employee's personal circumstances to obtain the best rebate..
• Creation and filing of the required new employee returns.
• Obtain electronic TCC for staff.
• Your payroll records maintained up to date.

Custom Payroll Reports Service
There seems to be an endless amount of special reports and compliance Government agencies require.Hillcrest Professionals ensures the following for you.

• Employee Compensation scheme audit
• ITF monthly remmitance in compliance with federal laws.
• NSITF monthlyremiitance for employee compesation in compliance with federal laws
• Pension remitance in compliance with federal laws..
• Obtaining pension certificate for the company.

For free Consultation on Payroll Processing Services please call 08039286522 or email hillcrestpro@gmail.com.

ESTATE PLANNING: PUTTING YOUR HOUSE IN ORDER BEFORE PASSING ON

In Africa, it is very common for people to die and afterwards their estate becomes a subject of litigation amongst family members.This is even worsened by the practice of polygamy which inadvertently pitches family members into contending camps. This is so because of failure to embrace the practice of Estate Planning. People are discouraged from estate planning for many reasons. The main reason is that Estate planning on your own can be complicated and costly. So many things to take into consideration including state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, RSA, annuities and burial costs. Not knowing your legal and financial rights often ends up costing you more in the end.

Thoughts of estate planning often bring more questions than answers: Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays, and costs?

Planning what happens to your estate when you're gone can seem frustrating and intimidating without qualified help.

You may feel that you're too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will just take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money.

Hillcrest Pofessional Services. a firm of accountants and financial advisors will provide you with the help you need.
Every estate planning situation is different. In order to help you, a financial advisor will  want to know you, your unique situation, and the nature of your relationships.A financial Advisor will offer discussion, recommendations and useful research tools to make your planning simple, efficient, and worry-free.A financial advisor is usually available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, he'll be there with you.

  Hillcrest Professional Sercives will help you...

• Clearly define your estate planning goals.
• Organize and create your estate planning team (experts on law, finance, and taxes) if you need one.
• Evaluate and recommend estate planning options.
• Prepare, organize and review your estate planning documents including current wills, trusts, health care and power of attorney.
• Decrease the problems and expenses associated with probate.
• Lessen taxes at time of death.
• Arrange for management of your estate in the event you are incapacitated.
• Draft a working plan for conserving and effectively managing your estate after death.
• Transfer the assets of your estate to heirs the way you want.
• Organize fair and adequate liquidation of estate to cover taxes and other expenses.
• Amend your plan as needed.

You also get help with...

• Living Wills and Trusts.
• Lifetime Family Wealth Transfers.
• Family partnerships and other business relationships.
• Leaving money to charities.
• Preparation for estate and trust tax problems.

The hassles and red tape associated with estate planning can be daunting, but you don't need to do it alone. Appoint a financial advisor to assist you through every step of the process.

For free Consultation call 08039286522 or email hillcrestpro@gmail.com

THE LIBOR BANKING SCANDAL: AN INSTANT GUIDE

The latest controversy roiling global banks could affect trillions of dollars worth of financial contracts

It may seem like just another obscure banking scandal," says Roland Jones at MSNBC.com, but an ongoing controversy over the Libor interest rate could have enormous significance for the global financial system. The controversy began in June, when British bank Barclays agreed to pay $453 million to regulators in Britain and the U.S. to settle charges that it had manipulated the Libor, a benchmark interest rate that affects some $350 trillion worth of financial transactions. The scandal has since metastasized to implicate major banks and government regulators around the world, and could be one of the most expensive to hit the financial industry since the 2008 financial crisis. Here's what you need to know:

First off: What is Libor exactly?
Libor is an acronym for the London Interbank Offered Rate, a benchmark interest rate that is published daily. The rate is determined by a group of 16 big banks, which all report how much interest they are paying on short-term loans — the average of which is the Libor. Investors around the world use the Libor to calculate the interest rate on myriad forms of debt, from home mortgages and credit cards to municipal bonds and derivatives contracts.

How did Barclays manipulate Libor?
Libor works on a kind of honor code, so the manipulation part is fairly simple: Barclays reported a lower interest rate than it actually was paying. Barclays' alleged motive was to secure cheaper loans and to make itself appear healthier than it actually was. (Some of the rate-rigging occurred in the midst of the 2008 crisis, when less creditworthy banks were falling like dominoes.) And it's widely suspected that other banks also manipulated the Libor, including several in the U.S., such as Bank of America, JPMorgan Chase, and Citigroup.

Were government regulators aware of the rigging?
Yes. According to documents released by the Federal Reserve Bank of New York, a whistleblower at Barclays informed regulators in 2007 that Barclays was not honestly reporting its interest rate. Treasury Secretary Timothy Geithner, then the head of the New York Fed, says he warned British regulators about possible rate-fixing in 2008. It's an open question whether regulators turned a blind eye to the rigging.

Who are the victims of the scandal?
The manipulation of the Libor has likely affected tens of thousands of financial transactions. The city of Baltimore, for example, is suing a group of banks over accusations that the rigged interest rate forced it to pony up hundreds of millions of dollars in insurance-like contracts to hedge its investments — which in turn led the city to lay off firefighters to offset the loss. Massachusetts and California's public pension system, among others, are also considering bringing charges. However, there are many institutions and people who could have benefited from the rigging — a homeowner, for example, could have received a lower interest rate on a mortgage because of the lower Libor rate.

What's next?
Analysts expect the banks to be hit with waves of lawsuits. The legal costs alone could cause huge losses for banks, not to mention potential penalties and settlements that could dwarf the one handed to Barclays. That could hobble the financial sector as it continues to struggle with a slowdown in the global economy, and that could dry up sources of credit for businesses and consumers. There is also the potential for chaos, with thousands of investors now able to claim that the contracts they signed are null and void. 

How are the authorities responding?
The U.S. Justice Department is reportedly considering bringing criminal charges against several U.S. banks. The Senate Banking Committee is also calling regulators to testify on the scandal, with Fed Chairman Ben Bernanke this week saying the main responsibility for regulating the Libor lay with British banking authorities.

PERSONAL FINANCIAL PLANNING

Creating Financial Freedom!

Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.

A personal financial Advisor will help you...

• Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance.
• Pay for your child's college education by accurately estimating the amount of money you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
• Protect your family in case of you becoming disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can't manage them yourself.
• Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns.
• Leave a legacy for your heirs by maximizing the value of your estate by saving tax dollars, professional fees, and court costs. As well as minimizing the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. A personal Financial Advisor will also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.

A financial plan's true value comes with its implementation. Let us help you attain financial freedom by requesting a FreeConsultation.
Call 08039286522 or send email to hillcrestpro@gmail.com 

CHECKLIST FOR ANNUITY APPLICATION TO PFA

Below is a check list of requirements for transfering Retirement Savings Account (RSA) balance with PFA to an Insurance company for Annuity:

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• APPLICATION FORM: This is the duly completed and signed application from which clearly states the client is applying for access to his/her total balance of RSA on a lump sum and annuity basis. The applicant signature must be the same as in the PFA’s records.
• PASSPORT PHOTOGRAPH: One passport photograph is required.
• BIRTH DECERTIFICATE /AGE DECLARATION: The date of birth must be consistent.
• RETIREMENT LETTER: The retirement letter must be on the letter head of the employer and must state effective date of retirement.
• CONFIRMATION LETTER(For clients from private sector and self-funded government agencies) : A letter will be sent from the PFA to the client’s previous employer to confirm remittance of all contributions into the clients RSA, length of service as well as client’s date of birth. The application can only be processed for approval from PenCom on receipt of the employer’s response.
• PAY SLIP: This pay slip must be within three months of the client’s retirement.
• ORIGINAL BOND CERTIFICATE AND CLEARANCE LETTER ( Employees of Lagos state only) : Original certificates received during Bond Ceremony. In addition a clearance letter must be obtained.(this does not include employees of self-fund Lagos State government Institutions)
•  BANK ACCOUNT DETAILS: The client must fill his/her bank account details on the application form. Account name must be consistent with PFA records. Payments will only be made to commercial banks.
• MEANS OF IDENTITY: Valid ID is required. National ID card, Valid International Passport, Valid driver’s license, Letter of confirmation of identity from the bank on the bank’s letter head..
•  PROVISIONAL ANNUITY AGREEMENT: An original copy of the Provisional Annuity agreement (must be submitted within 2 weeks of printout of statement).The Annuity agreement must be duly signed by the client and authorized signatories of the insurance company. It must be stamped and sealed by the insurance company. It must be signed and witnessed by an independent party.(Lagos state employees are limited to AIICO, ARM Life plc., Leadway Assurance company and African Alliance plc)
• RETIREE INDEMNITY FORM: The original copy of the retiree indemnity form which must be signed by the client and stamped in a court of law.
• ACCEPTANCE LETTER: The client lump sum must be computed based on the template approved by PenCom and monthly annuity computed by the insurance company. The computed figures are to be filled on the acceptance letter and signed by the client. Lagos state employees are only to sign-off on the template.
• Official evidence of terms and conditions of service (Voluntary Retirement only)

For free consultation call 08039286522 or email hillcrestpro@gmail.com