When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.

AUDIT - HIGHEST LEVEL OF ASSURANCE

 

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

 

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

 

An Audit allows you to...

 

Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.

 

Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.

 

Comply with banking covenants.

 

Help deter and detect material fraud and error.

 

Facilitate the purchase and sale of businesses.

 

REVIEW - LIMITED ASSURANCE

 

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

 

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

 

Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.

 

COMPILATION - LOWEST LEVEL OF ASSURANCE

 

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

 

Banks often require compilations from an independent CPA as part of their lending covenants.

 

Which Report Should You Use?

 

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

 

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

 

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one.

Do you worry that you or your business might be the victim of fraud?

 

Do you need to analyze your financial data to uncover potential misconduct?

 

Are you investigating an entity for possible acquisition and need to ensure the absence of financial irregularities? Maybe you're involved in litigation and require an expert witness to testify on your behalf?

 

If any of these situations apply, you need our Forensic Accounting services.

 

WHO NEEDS FORENSIC ACCOUNTING?

 

Forensic accounting - also called financial forensics or forensic auditing - is an area of accounting that investigates actual or anticipated disputes.

Disputes can range from business-related litigation to marital dissolution. We handle both litigation support and investigative accounting.

 

Litigation Support

 

This area covers accounting assistance for current or pending litigation.

 

For a litigation assignment, we...

 

  -  assist in obtaining the necessary documentation to support or refute a claim;

  -  examine the relevant documentation to form an assessment of the case;

  -  review the damages report by the opposing expert;

  -  assist with settlement discussions and negotiations; and

  -  attend trial to hear the testimony of the opposing expert and provide assistance with cross-examination.

 

Investigative Accounting

 

Occasionally, you may need to explore whether fraud or misconduct has occurred, such as employee theft of property or inventory, misappropriation of funds by employees, kickbacks to employees from outside businesses, securities fraud, and insurance fraud.

 

With our investigative accounting services, we bring to bear our accounting knowledge and experience in the field to give you a clear understanding of the situation. When you retain our expertise, we skillfully...

 

  -  review the situation and offer suggestions for possible courses of action;

  -  assist with the protection and recovery of assets;

  -  coordinate with other experts, including private investigators, forensic document examiners, and consulting engineers; and

  -  assist with any necessary civil action or criminal prosecution.

 

FORENSIC INVESTIGATIONS TAKE A VARIETY OF FORMS

 

The services of a forensic accountant are required for a range of investigations across many different industries.

 

Here are the most common assignments in forensic accounting:

 

Disputes Among Shareholders or Partners. The compensation and benefits given to each of the shareholders or partners is one of the more common issues in these cases.

 

Personal Injury Claims / Motor Vehicle Accidents. When economic losses from a personal injury or vehicular accident are in question, a forensic accountant is brought in.

 

Insurance Claims. Because insurance policies vary greatly in their terms and conditions,  such engagements require a thorough policy review to determine the appropriate method of figuring the loss. A forensic accountant can assist from either the insured or the insurer's standpoint.

 

Business/Employee Fraud Investigations.The investigation of employee fraud often requires a determination of the extent of the fraud. It may or may not include the identification of a perpetrator.  Many times, such assignments necessitate interviews of staff who had access to the funds.

 

Matrimonial Disputes. Usually, when a dispute of this nature arises, forensic accountants must locate and evaluate the disputed assets, be they  businesses, property, or fiduciary.

 

Business Economic Losses.These kinds of engagements include contract disputes, construction claims, expropriations, product liability claims, trademark and patent infringements, and losses stemming from an alleged breach of a non-compete agreement.

 

Back

A wise business owner once said, "Happiness is a positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out.

 

A cash crisis can be emotionally devastating and it can even kill your business. If you've ever had to beg, borrow and steal to cover tomorrows payroll you know what I mean.

 

Our cash management service allows you to...

 

know when, where, and how your cash needs will occur.

 

know what the best sources are for meeting your additional cash needs.

 

be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.

The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.

 

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

 

Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get...

 

Help obtaining an appropriate line of credit

 

Cash collection acceleration techniques

 

Proven effective collection policies

 

Proven effective payment policies

 

Help obtaining the maximum rate of return on your idle cash

To learn more about how we can help you avoid stressful cash shortages please complete this form to get a free consultation.

 

Need money to grow your business?

 

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing.

 

Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they're created from the lender's perspective.

 

You get the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you'll be able to pay them back.

 

Our winning loan proposals come complete with...

 

Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it's needed.

 

Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to.

 

Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.

 

Representation: We help substantiate your financial needs/position to your banker in person.

Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition.

 

Whether you're negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.

 

Business valuation is not an exact science. It's based on judgment, experience and relevant information. So, you need professionals who are well qualified, with significant experience in evaluating all types of organizations.

 

Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.

 

We provide a full range of business valuation services for the following needs:

 

  -  Purchase or sale of closely held business or business interests

  -  Management buyouts

  -  Leveraged buyout transactions

  -  Bank financing

  -  Financial restructuring and recapitalization

  -  Employee stock ownership plans (ESOP's)

  -  Analysis and advice concerning pending offers to purchase

  -  Valuation of subsidiaries, divisions and joint ventures for spin-off to shareholders and/or sale

  -  Physician buy-in to medical practices

  -  Court appointed valuations in disputes

  -  Minority shareholder disputes and litigation

  -  Divorce (equitable distribution)

  -  Business damage assessment and determination

  -  Bankruptcy

  -  Solvency analysis and fraudulent conveyance

  -  Reasonable officer compensation determination in disputes with the Internal Revenue Service

  -  Mediation

  -  Binding arbitration

  -  Litigation consulting services provided to trial counsel in preparing to depose and cross-examine valuation experts

 

 

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

 

"What happens to the business when you're no longer running it?" and

 

"Will you have enough money to retire?"

 

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

 

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

 

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

 

We help you with these key issues -

 

Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

 

Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

 

Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

 

Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

 

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

 

  -  Business Valuation

  -  Business Restructuring

  -  Tax Consequences

  -  Retirement Projections

  -  Tax Projections

 

Back

Thinking of owning your own business?

 

Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.

 

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

 

We help you...

 

Prepare an initial business plan to clarify your marketing, management, and financial plans.

 

Determine your start-up capital needs.

 

Identify sources of start-up capital and backup sources if needed.

 

Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.

 

Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.

 

Select the right accounting software by evaluating your budget, needs and hardware.

 

Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.

 

Establish billing and collection procedures to maximize your cash flow.

 

Establish procedures to monitor and control costs.

 

Setup a home office so you can maximize your tax deductions.

 

Prepare and file all required state and local licenses and permits.

 

Prepare and file your application for your Federal Employer Identification Number.

 

Provide payroll and payroll tax filing when you bring on your first employee.

 

Comply with employment laws so you don't get hit with fines and unhappy employees.

 

Identify your business insurance needs.

 

Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Let us help you succeed by getting your new business off to a good strong start. Please complete the form below to learn more about our New Business Formation Services.