As a business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.
Each month or quarter we'll do the following things for you...
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Prepare and file State Sales and Use Tax payments and returns,
- Initiate payroll tax payments and file quarterly and annual returns.
These tasks form the solid foundation of your business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Compiled & Reviewed Financial Statements
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
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.
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.
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.
Cash flow projections
Cash flow projections are a key aspect of the financial management of a business, planning its future cash requirements to avoid a crisis of liquidity.
Cash flow projections are important because if a business runs out of cash and is not able to obtain new financing, it will become insolvent. It is essential that management forecast (project) what is going to happen to cash flow to make sure the business has enough to survive. Identify potential shortfalls in cash balances in advance—think of the cash flow forecast as an early warning system.
Make sure that the business can afford to pay suppliers and employees. Suppliers who don’t get paid will soon stop supplying the business; it is even worse if employees are not paid on time.
External stakeholders such as banks may require a regular forecast. Certainly, if the business has a bank loan, the bank will want to look at the cash flow forecast at regular intervals.
In addition to general accounting services to businesses, we also can provide the following consulting services:
- Bank Financing Assistance
- Succession Planning
- Set-up and review Internal Controls
- New Business Formation and Entity Selection
- Matrimonial Disputes
- Business Valuation
- Strategic Planning
- Forensic Accounting