Company recognizes exceptional year of innovations and explosive growth
IRVINE, Calif., Jan. 13, 2023 (GLOBE NEWSWIRE) -- Omega Accounting Solutions, founded in 2007, has emerged as a 2022 Company to Watch with its new initiatives, remarkable workforce growth, including two top-tier additions to the C-Suite, and a move to a new facility to accommodate the larger headcount. The company has taken the lead in helping businesses navigate pandemic-related government tax credits, and introduced an all-new funding arm serving small business owners. Combined, these momentous achievements help Omega fulfill its mission of empowering small business owners to make better-informed decisions.
“We are proud to be innovators in our field, disrupting the status quo with the introduction of new services and methodologies,” said Jay Woods, founder & CEO, Omega Accounting Solutions. “We have invested thoughtfully and cautiously in business and employee growth, allowing Omega to stand by and support small businesses, always keeping client service top of mind.”
The Employee Retention Credit (ERC)
During the pandemic, the federal government passed powerful tax credits like the ERC as a means to aid small- and mid-sized businesses. The credit provides qualified businesses with a tax refund on previous overpayment of taxes during the crisis, allowing them to fund reinvestment in the business, pay employees and keep their doors open.
In an effort to comprehend the relatively low numbers of businesses taking advantage of this outstanding tax credit opportunity, Omega commissioned a survey of small business leaders, exploring their experiences and thoughts about the ERC. They sought specifically to look at decision-maker pain points around managing business finances and their feelings about today’s challenging economic conditions.
Survey results found that 81% of small businesses felt that they were at a disadvantage without adequate accounting or financial direction, while 31% of respondents said the tax or financial experts that they typically rely on for their tax needs haven’t been able to provide enough accurate ERC guidance. Omega analysts believe these findings indicate that small businesses are often underserved when it comes to tax credits. Most executives lack specialized accounting and finance advice, leaving them to rely on outdated information or to form misconceptions that may prevent them from utilizing tax advantages.
New Staff
Omega enjoyed an employment boom of more than 225% in 2022. The company started the year with 54 employees and is on track to close out the year with 130 on the team. Omega’s rapid expansion includes the hiring of new Chief Operating Officer Mike Catalano.
Catalano has spent 14 years in engineering and management consulting and has led post-acquisition integration efforts for more than 100 companies in multiple industries and countries. A Six Sigma Black Belt, Catalano holds a master’s degree in mechanical engineering.
New Facility
The company’s new employee numbers required Omega to grow its physical footprint, moving its headquarters from its previous Laguna Niguel facility to a beautiful 50,000 sq. ft. office, more than seven times the size of its prior space. The modern complex at FivePoint Gateway in Irvine, Calif, located near the Irvine Transportation Center and Orange County Great Park, fosters collaboration and efficiency among the Gateway’s residents, creating moments of inspiration.
Omega Funding Solutions (OFS)
In October, Omega launched its all-new financial division, Omega Funding Solutions (OFS). OFS is a third-party lending partner offering advance payment on the Employee Retention Credit (ERC) tax credit in the form of 12-month bridge loans. These loans are geared toward businesses that cannot or do not want to wait the typical six months to one year to receive their ERC refunds. Loan value for clients is based on the anticipated refund, and application approval is based on meeting loan qualifications. OFS can process the ERC loan advance in just one day and close in as little as three days for existing Omega clients.
For further information, visit https://omega-accounting.com/ or call (949) 444-5311.
ABOUT OMEGA ACCOUNTING
Omega Accounting Solutions is an accounting and data firm that empowers small businesses to make informed decisions through powerful accounting, advanced analytics and tax credit expertise. The Irvine, Calif., firm founded by Jay Woods in 2007 works with CFOs, controllers, accountants and software developers to collect, integrate, analyze and present essential data that allow for healthy corporate operation and growth. In 2016, Omega launched a Business Intelligence Division to provide firms with customized programs, KPIs and continuously refreshed dashboards that allow them to connect data silos and take advantage of real-time opportunities in the marketplace. For further information, visit https://omega-accounting.com/.
MEDIA CONTACT:
Sabrina Suarez
714-573-0899 x227
sabrina@echomediateam.com
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