ACCOUNTING
We provide a wide range of accounting services to our clients, utilizing today’s technology and the experience and skills we have gained over the years, including:
- Accounting system creation
- Analysis and adjustment of accounting records for proper financial presentation
- Bookkeeping on a monthly, quarterly or annual basis
- Budget & Cash Flow Analysis
- Business Privilege & Mercantile Tax Return Preparation
- Cash Reconciliations
- Financial Projections and Forecasts
- General Ledger & Journal Preparation
- Payroll Preparation
- Payroll Tax Return Preparation
- Personal Financial Statement Preparation
- Preparation of Financial Statements & Custom Financial Reports
- Sales & Use Tax Return Preparation
AUDITING
An audit may be required to be performed for an entity based upon its by-laws, its funding providers, its lenders, its creditors, its contractual obligations, direction from its board of directors, or according to statute. When required, it is performed according to auditing standards generally accepted in the United States of America and includes an extensive examination of all accounting records. Upon completion of the audit engagement, we issue either an unqualified, qualified or adverse report of our findings. An unqualified report from an audit engagement is the highest level of assurance we can provide.
BUDGETING
Budgeting anticipated revenues and expenditures based on realistic expectations and restrictions and periodically monitoring actual performance versus budgeted performance and budget variations. We can assist in the budget process and prepare budget comparison reports.
BUSINESS ACQUISITION AND DIVESTITURE
Many transitional services are required when a business is being either acquired or disposed of, including valuation services, proper recording of transactional information, tax planning, tax compliance, and due diligence relative to asset and liability verifications. We have experience in these areas.
BUSINESS CONTINUATION
It is important to all businesses to have a plan in place for the continuation of the business as a going concern without regard to the death, incapacitation or retirement of its founders, owners or active management personnel. Such a plan needs to consider putting in place competent personnel, buy-sell arrangements, transitional planning, potential taxable consequences and funding for the transfer of ownership. We often consult in this area.
BUSINESS VALUATIONS
Quite often valuations are needed to fix a price for an offer to acquire or sell a business, or for purposes of business planning, financing, buy-sell agreement compliance, estate and gift tax or inheritance tax return reporting. We have experience in preparing such valuations.
CASH FLOW
Cash flow can be quite different from profits. Businesses run on cash, and cash needs must be determined in advance in order to assure sufficient working capital is in place to fund operations without interruption. We can help to analyze or monitor cash flow or prepare statements of cash flow.
COMPILED FINANCIAL STATEMENTS
We can prepare financial statements compiled from information provided to us by our clients without audit or review. Although we arrange the information in conventional financial statement format in such engagements, because the extensive procedures of an audit or the more limited procedures of a review are not performed, we issue a report to accompany the financial statements that states that we provide no level of assurance relative to the financial statements. Such services are often appropriate when management and creditors understand the financial operations of a business and need no further assurance.
CONSULTING SERVICES
We assist our clients in establishing new businesses, creating accounting systems and internal controls, designing financial reports, identifying factors that negatively affect profits, developing procedures to record transactions, interpreting regulations, solving problems, obtaining financing and planning business strategies.
FINANCIAL FORECASTS AND PROJECTIONS
Prospective financial information can be helpful for determining new business lines, creating new business ventures, preparing budgets, obtaining financing or refinancing, and analyzing changes in operations, regulatory proceedings and many other areas of business operation. Prospective financial statements can take the form of forecasts or projections. Financial forecasts present the best estimate of future financial position, results of operations and cash flows. Financial projections present the future financial position, results of operations and cash flows expected to occur given one or more hypothetical assumptions, and are usually used to determine one or more hypothetical courses of action for evaluation. We have experience in preparation of such prospective financial statements based upon the assumptions provided by management.
FORENSIC ACCOUNTING
Accounting, auditing, analytical and investigative skills or techniques are employed to perform an analysis of financial records, internal controls, opportunities and motives in conjunction with disputed situations, fraud and theft investigations relative to determining the extent of financial losses and illegal activities. Such services are non-traditional engagements that often provide for the performance of specified agreed-upon procedures to be employed and reported upon by us.
ELDER FINANCIAL OVERSIGHT
Advances in health care has resulted in a greater segment of our population having aged beyond the time where they can adequately manage prompt and accurate financial management of their affairs. We can help by providing financial oversight and guidance in regular meetings held to provide assistance regarding such matters on behalf of elderly clients.
ENTITY SELECTION AND ORGANIZATION
There are many choices of entity available for organizations today. There are numerous types of non-profit organizations. Businesses can choose between proprietorships, general partnerships, limited partnerships, limited liability companies, limited liability partnerships, corporations and S-Corporations. Not only can we provide assistance relative to understanding the differences between these alternatives and the selection of the appropriate entity choice for each circumstance, but we can assist in the initiation of applications and procedures that need to be processed to finalize the creation and registration of such entities.
ESTATE TAX RETURNS
We have considerable experience in the preparation of federal estate tax returns for estate executors, administrators and attorneys. We provide assistance to such individuals with the requirements of state inheritance tax returns, as well.
ESTATE TAX PLANNING
We employ tax professionals with the necessary education, training and exposure to ongoing interpretation of the ever-changing estate tax situation that utilize their expertise and experience in this area to assist our clients in minimizing the impact of estate and inheritance taxes on the assets they have accumulated during their lifetimes.
GIFTING AND GIFT TAXES
Not only are estate taxes assessed at death, but gift taxes are assessed on the value of assets given away prior to death. We are available to assist in developing an appropriate plan to determine when and how gifting may be beneficial and we are available to prepare the necessary gift tax returns as well.
INCOME TAX RETURNS
One of the major services we provide is the preparation of income tax returns for businesses, fiduciary entities and individuals. Not only are individuals, estates, trusts and corporations required to file income tax returns, but partnerships, S-Corporations and nonprofit organizations are required to file informational tax returns annually. Under certain circumstances, nonprofit organizations are assessed excise taxes as well as income taxes on unrelated business income. Such tax compliance service is provided annually to nearly all of our clients for federal, state and local taxes, and quarterly to many of our clients for estimated tax filings.
INCOME TAX PLANNING
Because the federal, state and local taxing authorities require taxes to be paid at least quarterly during the year, it is often imperative to recalculate estimated tax obligations during the tax year in order to meet the estimated tax requirements. We often perform preliminary tax analysis of tax obligations for our clients just prior to the end of the year in order to make the necessary adjustments that, if not made, would result in clients incurring penalties for underpayment of estimated tax liabilities.
INTERNAL USE ONLY FINANCIAL STATEMENTS
In addition to Audits, compilations and reviews, we are now able to assist clients in the preparation internal use only financial statements when the statements are restricted for use only by owners and managers who understand the operations of the entity. These types of financial statements are cost-effective operational management tools and are not intended for the use of creditors or other non-management readers.
IRS REPRESENTATION
Tax returns are subject to review by the taxing authorities. We are available to represent our clients before the IRS or other taxing authorities during an examination or in an appeal of the results of an examination. We have experienced personnel with the requisite knowledge to provide such services and to research any tax issue which may be raised by the examining agent during the audit in order to present appropriate arguments in support of the position of our clients in such matters.
MERGER AND ACQUISITION ISSUES
There are many tax implications that arise in mergers and acquisitions. There is much due diligence to perform. Compatibility of customers, pricing, operational policy, business tactics, and resulting cash flow considerations should be examined before finalizing a new merger or acquisition. We can assist our clients in the performance of this due diligence.
MULTI-STATE TAX ISSUES
Business today has become national and international in scope, raising many issues pertinent to the right of states other than the state of residence of a business to assess taxes. Our experienced personnel can provide assistance in the ever-increasing problems that result from expanded sales and services in today’s global economy.
NON-PROFIT TAX RETURNS
Non-profit organizations must file informational returns annually, and our extensive experience in providing services to non-profit organizations provides us the background to expertly complete those returns, as well as to provide assistance relative to registration of non-profit organizations with the Commission on Charitable Organizations of the Commonwealth of Pennsylvania.
PAYROLL FUNCTIONS
Payroll processing can be a time-consuming endeavor for small businesses that takes time away from management’s ability to generate sales and maximize profitability. It is fraught with rules and regulations that are easy to overlook and that may cause penalties to be incurred when attention is required for other management responsibilities. It is often more cost-effective to outsource the payroll functions of payroll computation, preparation, tax deposits and payroll tax return preparation. We assist many clients by providing these services for them. We assist other clients solely to prepare payroll tax returns when the client has the internal capacities to prepare the payroll and make the deposits, but not to prepare the payroll tax returns.
In some situations, we assist clients in finding appropriate third party payroll preparers.
REFINANCING ANALYSIS
An analysis of the capacity to refinance a transaction or asset can be affected by many factors, such as appreciation, interest rate, cash flow, equity, borrowing capacity, debt covenants, and guarantees, to name a few. We assist clients to determine if and when refinancing makes sense.
REVIEWED FINANCIAL STATEMENTS
Reviewed financial statements are appropriate for situations where an audit of financial information is not required, but some level of assurance is desired. A review consists of the application of certain analytical procedures to financial data in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA. When reviewing financial statements, we issue a review report that expresses limited assurance as to the acceptability of the financial statements.
SALES TAX
Most businesses today are responsible for collecting and submitting sales tax, sometimes to multiple states. Many businesses are also subject to paying use tax on merchandise received from out-of-state sources without paying sales tax, or for merchandise removed from inventory for internal consumption, rather than re-sale. Sales tax regulations in Pennsylvania are quite difficult to interpret. We provide assistance not only in compiling information and preparation of sales tax returns for some of our clients, but in assisting clients with the proper interpretation of the sales tax regulations.
SECURING FINANCING
Often times, securing financing is a function of knowing what data needs to be compiled and analyzed and how to present it. We have experience in helping our clients secure financing and preparing the necessary presentations.
SELECTION OF ACCOUNTING PERSONNEL
We have often assisted our clients in the qualification of new accounting personnel by testing and interviewing candidates during the screening process. We have established tests and procedures to measure the knowledge, skills and aptitude of candidates for accounting positions that can aid in making very important decisions regarding finding the right personnel.
TRAINING OF ACCOUNTING PERSONNEL
We are called upon to train clients or client staff in bookkeeping procedures and software applications and have done so successfully many times. We can be a resource to the small business that experiences turnover of accounting personnel without having internal resources to provide the necessary training or initial oversight to replacements.
TRUST ACCOUNTINGS
We are experienced in providing trust accountings to summarize and report periodic results of trust transactions as required for court.
TRUST TAX RETURNS
Fiduciary income tax returns must be filed annually by trusts. In some circumstances, the taxable income is passed through to beneficiaries and in other circumstances it is paid by the trust. We prepare many federal and state fiduciary income tax returns for estates and trusts each year.
