New Day Advisory

Remote Accounting, Tax, and Payroll Services. Tennessee Statewide.

Location should not limit who gets good accounting help.

Easy to use remote support software

New Day Advisory delivers the full scope of our services remotely to clients across Tennessee. Most of our work with clients outside Hohenwald happens entirely online, by phone, or through a short screen-sharing session. There is no drive required.

Who We Work With

We are a small firm with a focused practice.

We work with general contractors, specialty trade contractors, and home service businesses pursuing TBLC licensure or renewal. That includes:

General contractors applying for a BC-A classification or a Contractor (BC-B) license
Specialty trade contractors in electrical, mechanical, plumbing, roofing, masonry, and HVAC
Subcontractors whose subcontract value reaches the $25,000 threshold requiring licensure
Licensed contractors preparing for classification upgrades or license renewal

If you are bidding larger commercial projects, competing for government work, or moving from a subcontractor relationship to your own license, you need state licensure. The financial documentation is where most contractors run into delays.

TBLC Financial Statement Requirements

Tennessee law requires that contractor license applicants submit financial statements reviewed or audited by a licensed CPA. A QuickBooks export, a bookkeeper-prepared report, or unreviewed internal financials do not meet the board’s standard.

The required financial package typically includes:

A balance sheet and income statement prepared to GAAP standards
A CPA review letter issued on firm letterhead
Supporting schedules as required by license category

Beyond the financial statements, a complete TBLC application also requires business entity documents, proof of general liability insurance, workers’ compensation coverage where applicable, trade knowledge exam results, and the applicable application fee. We focus on the financial piece, and we confirm exactly what your license category requires before any work begins.

Financial Statement Preparation for Contractor License Applications

Our team prepares and reviews financial statements to TBLC standards. Depending on your license category, the board may accept a reviewed statement or require a compiled statement with CPA certification. We determine the correct level of engagement for your application during the initial consultation.

We begin with your existing records. If your books are current and organized, the process moves quickly. If there are gaps or inconsistencies, we address those before preparing the final statements. Financial statements that cannot hold up to board scrutiny will not move your application forward.

We also review your business entity structure before preparation begins. A sole proprietor presents different financials than an LLC or a corporation. If your current setup creates complications for the application, we tell you before you have submitted anything.

Bonding and Insurance Documentation

Some TBLC license categories require proof of surety bonding in addition to general liability insurance. Bond amounts vary by classification and project value. We can advise on the financial documentation bonding companies typically request and ensure your financial statements support the bonding application as well as the license application.

If you are working with a surety company for the first time, having a clean, CPA-reviewed set of financials makes that process faster. Bonding underwriters and the TBLC are looking at the same underlying financial picture.

How We Work Through the Application Process

The first step is a consultation. We review your current books, your entity type, and the license category you are applying for. We tell you what we can prepare, what it will take, and how long it will realistically take based on the state of your records.

After the consultation, Jack Pan, CPA prepares your financial statements to GAAP standards and issues the CPA review letter the board requires. This step takes one to two weeks when your books are in order. If records need cleanup first, plan for more time.

Before you submit to the TBLC, we go through the full documentation checklist: insurance certificates, entity documents, exam results, and fees. Incomplete submissions are the second most common reason applications are delayed, behind financial statement problems.

The application itself goes directly from you to the TBLC. We do not file on your behalf, but you leave with a complete, review-ready package.

Ongoing Accounting for Licensed Contractors

A Tennessee contractor license requires renewal on a set schedule. If your license lapses, you cannot legally take on projects above the $25,000 threshold, and reinstatement is not always a straightforward process.

As your business grows and you pursue larger project classifications, you will go through another financial review. Contractors who maintain clean books year-round are in a much stronger position when that time comes.

We work with licensed contractors on ongoing bookkeeping, payroll, and tax preparation. We have been doing this for 35 years, and we understand contractor accounting: project-based revenue recognition, subcontractor payments, equipment depreciation, and the cash flow patterns that make construction businesses different from other small businesses. When the team handling your books already knows your operation, renewal and reclassification do not become emergencies.

Starting the Conversation

Most new clients reach out after something changed.

The books fell behind. A tax season was more complicated than expected. The business grew past what a spreadsheet could handle.

We start with a conversation, not a sales pitch. We want to understand your business before suggesting anything. We want you to feel confident about the fit before we get started.

From there, we build a scope of work around what you actually need. Then we stay in contact throughout the year.

*By submitting a contact form or otherwise providing your contact information, you consent to receiving communications from Venture Financial Group LLC and its New Day Advisory division regarding your inquiry, requested services, or other relevant business matters. Message and data rates may apply. You may opt out of certain communications at any time.

Easy to use remote support software

Set up a connection in seconds

Through one refreshingly easy piece of software, you can grant access to the New Day Advisory team so we can troubleshoot your business management tools. Our remote support software allows full control including unattended access, simultaneous connections, file transfer and so much more!

Through remote access, we'll assist you every step of the way.

No installation or configuration required!

Remote support offers the ability our staff the ability to save your business time and countless hours managing your business’s software solutions. Whether you are setting up your accounting, payroll or file sharing solutions or running day-to-day operations of your business, if you run into headaches, New Day Advisory is there to assist you.

Need helping getting started?

Check out our getting started guide.

We’ve written a guide for setting up our remote support software and opening a connection between our support and members of your business. Read through it and start saving your business time and money, instead of troubleshooting endless software difficulties.

Our company has had the pleasure of working with Sam and his staff at Venture Financial for over 20 years. His experience and professionalism helped our company navigate the paths of day to day accounting as well as quarterly and yearly tax preparation. I highly recommend Sam for any accounting services.

Chad Williams, Affiliated Creditors, Inc

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