Compilations and Outsourcing

Accounting is the act of gathering, recording, and reporting transactions to create a picture of a business’s operating performance and financial position. When executed with proper attention to detail, this information creates a strong foundation for decisions that will keep your business competitive.
 

An efficient and effective accounting system is necessary to determine profit margins, manage cash flow (receivables and payables), and operational expenses. This information is fundamental to understanding the health of your business and is key to its growth.

As accountants, we do not merely enter your data into some accounting software package and kick out standard statements.

  • We go beyond robotic data entry and include in-depth research and analysis of the resulting statements.
  • We view financial performance alongside their tax consequences, to enhance effective tax planning.
  • We take the time to discuss and understand your priorities. As such, we can provide “a la carte” services that specifically meet your needs on a daily, monthly, or quarterly basis.

Accounting services:

Financial Statements for Year-end Tax Preparation
Properly prepared financial statements are a prerequisite for effective tax planning and return preparation. As such, financial statements for our year-end tax clients are prepared using similar procedures as our monthly & quarterly financial statements including, but not limited to:

  • Data Entry*
  • Bank Reconciliations*
  • Monitoring shareholder compensation and loans for compliance with tax laws
  • Booking home office, mileage, & other personal expenditures when and if they relate to client’s business
  • Analyze and confirm the collectability and reasonableness of trade receivables
  • Booking fixed asset acquisitions, disposals, and depreciation
  • Credit card statement reconciliations *
  • Assess reasonableness of liabilities
  • Analyze and confirm reasonableness of accounts payable
  • Confirm payroll and sales tax liabilities and expenses are correct
  • Track third party loans – posting principle & interest
  • Analyze revenues for inconsistencies, errors, or missing information
  • Analyze expenses for inconsistencies, errors, or missing information

* Function can be handled by the client if desired.

 

Compilation Service

 
We compile financial statements from the information provided by the company’s management. They provide a timely picture of the company’s operating performance and financial position.
 
However, compiled financial statements are neither audited nor reviewed, so, accordingly, we do not express an opinion or provide any assurance about whether they are in accordance with any particular basis of accounting.
 
Our compilation services include the year-end financial statement services listed above and those listed below:
 
  • Maintain client business registrations with the required government tax agencies
  • Prepare business license renewal and property tax returns
  • Prepare proper shareholder loan documents
  • Payroll – setup new employee accounts, prepare payroll checks, prepare withholding payments, monitor for proper clearing, and prepare monthly, quarterly, & annual payroll reporting (including W2s and W3 filing)
  • Prepare year end 1099’s and 1096
  • Assist with the implementation and development of accounting systems
  • Explain significant increase/decrease in revenue and expense
  • Explain significant increase/decrease in cost of goods sold with respect to sales
  • Advise on areas of cost savings and provide ongoing tax planning
  • For Sub S Corps, monitor the owner’s fair market wage
  • Host periodic meetings, if requested by the client
 

Outsourcing

 

We provide a variety of services (a la carte) at the request of our clients.

 
  • Data entry,
    Input of bank transactions, allocating to proper accounts Input of credit card transactions, allocating to proper accounts
  • Accounts Receivable
    Prepare and issue invoices
    Track receivables
  • Accounts Payable
    Prepare and issue bill payments
    Track payables
  • Payroll
    Set up employer payroll accounts with federal and state tax agencies
    Monitor client compliance with appropriate tax rates
    Track employee W-4 and state exemptions necessary for computing payroll checks
    Process & prepare paychecks
    Prepare payroll withholding amounts & process online deposits
    Prepare monthly, quarterly, & annual payroll reports
    Resolve government payroll tax issues (also see audit support services)
  • Local Taxes (Sales, Food, etc.)
    Set up employer tax accounts with state tax agencies
    Monitor that client is in compliance with appropriate tax rates
    Prepare monthly, quarterly, or annual tax reports
  • Subcontractors
    Track vendor payments
    Prepare year-end 1099s
    *We can also provide training on preparing any of the above functions
  • CFO Services
    As your contracted CFO we will provide an analysis and assessment of your operational performance and financial position, including ratio and trend analysis. This basic analysis will then be augmented by drafting management reports that assist in the analysis and reporting of “Key Performance Indicators”.Finally, we can go to the next level by meeting with you regularly (monthly or quarterly) to discuss our findings, with a particular eye on tax planning. We will address your questions and offer suggestions to improve your systems, profits, cash flow – thereby increasing the value of your business.