Accounting, Bookkeeping, and Business Advisory Services
Preparation and tax planning for Individual, Trusts and Estates, Corporations/S Corporations, LLC’s/Partnerships, Tax notices and audits, representation before the IRS and state tax authority.
We love doing our taxes…..said no one ever! Oh wait, we do love taxes. When you trust our team with your taxes, you get a holistic approach to your financial health. We work with your attorneys, advisors, and bankers allowing the team to create the best tax plan for your family and business. Tax is about numbers, details, calculations, and facts. We love numbers, but we love people more. When you work with us, you are working with people, a team that helps you understand and accomplish the details required by the tax code.
Financial reporting is the language of business. Stockholders, creditors, and investors often need assurance that the financial statements accurately represent the true financial position of the company. We understand the role compilations and reviews play in the overall success of our clients, their business, and their business partners. We have developed processes and procedures that reflect an understanding of your business and philosophy, enhancing your financial reporting.
We will prepare reviewed financial statements by making inquiries and performing analytical procedures to express limited assurance on your financial statements. A review doesn’t require us to study and evaluate your internal controls or verify data with third parties. Rather, a review report expresses limited assurance in the form of the financial statement. The report states we are not aware of any material modification for the financial statements to be in conformity with the company’s method of accounting.
We will prepare compiled financial statements from information provided by you, that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations do not require inquiries of management or analytical procedures. Instead we rely on our knowledge of accounting principles and our understanding of your business.
We often see outside parties such as banks, bonding agencies, and licensing organizations require a compilation or a review as part of their annual requirements. Understanding the differences between the two reports can help you choose the one that best fits your needs. We would be happy to discuss the differences and help you decide on the appropriate report to suit your needs.
Business Entity Selection: Allow us to help you determine the best entity type for your business. Choosing the form of business entity is a crucial decision, having longstanding tax implications. We can help you decide the best entity type to accomplish your goals.
Business Succession Planning: Transitioning a business to the next generation, key employees, or outside owners is a daunting process. We want to get involved early to help you make the transition a success. Our financial expertise allows us to address complex issues in business continuation and assist you in developing a strategic transition plan.
Estate Planning: While the new tax law has made the estate tax less likely for many, there are areas of estate planning we all will face. Our knowledge of your financial situation allows us to ask questions you may not have thought of related to the orderly transfer of your assets to your heirs. We can guide you through the complex task of getting your financial affairs in order. Preparation now will help reduce the stress during a difficult time.
Fraud Prevention and Detection: We all hire people we trust. I can’t believe my most trusted employee would steal from me, is a comment often heard when fraud has occurred. We can come in and evaluate your operations to determine if the appropriate controls are in place to protect the resources of the company, and protects the employees if something were to go wrong.
We will assess your internal control systems to determine the effectiveness and efficiency of your operation procedures. We will make recommendations to improve the internal control system. Some areas we will review are segregation of duties to reduce risks, review authorization, reconciliations, and security of the company’s property. We will document and train your company on the processes. After a period of time we will review the operations to determine if the new processes have been adopted.
Business Advisory Services: Our business consulting services are designed to help you plan for any aspect of your business whether it’s bank financing, cash flow management practices, strategic business planning. We will act as a sounding board for management and provide strategies to address issues affecting your business.
Cash Flow Management: Cash flow management is a crucial piece of running your own business. A cash crisis can be emotionally devastating or could put you out of business. We can help you know when, where, and how your cash flow needs occur. Do you know the best sources for meeting your cash flow needs and are you prepared to meet these needs through positive business relationships with bankers and other creditors.
A starting point for avoiding a cash flow crisis is a cash flow projection plan. Allow us to help you develop a short-term (weekly/monthly) cash flow projection to help you manage your daily cash needs. We will also help you with a long term projection (annual 3-5 years) to address the necessary capital needs to meet your business needs.
We work with preferred payroll providers to ensure a paperless, efficient payroll process for you and your employees. We both have access to the info, allowing it to be correctly recorded in your accounting records.