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Not all users of financial statements need the same degree of assurance. We therefore offer three distinct services involving financial statements: audits, reviews, and compilations. These services are tailored to meet the different needs of small to midsize privately held companies and nonprofit organizations. Our expertise as skilled auditors allows us to cost-effectively deliver quality financial reports while addressing compliance requirements imposed by banks, outside investors, boards of directors, and management.
An audit provides the highest degree of assurance regarding financial statements. Thus, an audit requires significant testing of the underlying financial transactions and a thorough understanding of the system of internal controls. It also includes confirmation with outside parties, physical inspection and observation of assets, tracing transactions to supporting documents, and a number of other tests.
A review requires us to have a working knowledge of your industry and key aspects of your business. We make inquiries relating to the financial statements and then apply analytical procedures designed to identify unusual items or trends that may need explanation. A review is designed to see whether the financial statements make sense, without applying audit-type tests (such as physically inspecting assets or verifying data with third parties). If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A compilation is ideal for internal use and management reporting when a formal opinion is not needed. It involves taking financial information provided by a company and presenting it in a proper financial statement format. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business to prepare the financial statements accordingly.
We provide tax service to individuals and businesses. While ensuring that our clients are in compliance with IRS and state tax laws, we help them maximize deductions and credits. Our core tax services includes:
We provide tax return preparation services to individuals and businesses. We help them to calculate, prepare, and file their tax returns. Gathering financial records (W-2s, 1099s, expense receipts) to file personal (e.g., Form 1040) and business (e.g., Form 1065, 1120-S) returns accurately.
Analyzing a client's financial situation to develop strategies that reduce future tax burdens
Acting as an advocate on behalf of the client in the event of an audit or other tax agency notices.
We also provide advisory services to meet our clients needs. These services include and are not limited to the following: Financial Due Diligence, Agreed Upon Procedures, Budget Preparation & Analysis, and Cash Flows Forecasts, etc.
Financial Due Diligence (FDD) is an examination of a company’s financial records conducted prior to an investment, merger, or acquisition. Its goal is to validate the true economic earnings of a business, uncover hidden liabilities, and confirm that the company’s financial claims are accurate. FDD focuses its procedures around three main areas of the target company: the income statement, the balance sheet, and the cash flow statement.
Income statement – We assess historical revenues, operating expenses, and profit margins to determine sustainable/normalized earnings (often used to calculate Adjusted EBITDA).
Balance sheet – We assess owned assets, short-term and long-term debt obligations, and hidden liabilities.
Cash flow statement – We evaluate liquidity, working capital requirements, and the business’s ability to generate cash from its core operations.
In an AUP, we perform specific, tailored tests on a business's data, processes, or internal control. Unlike a traditional audit, the auditor provides “just the facts” and does not express an opinion or provide assurance. AUPs are cost effective as they are highly focused, and require less time and resources than a full-scale audit.
A budget is used by companies to forecast revenue, expenses, and profitability over a fixed period, usually one year. A budget helps management allocate resources, set financial targets, and establish spending limits for different departments. It focuses on the company’s profitability and shows whether the business is anticipating a profit or a loss in the foreseeable future.
Many businesses fail because of poor cash flow management. A cash flow forecast projects a business’s future cash inflows and outflows over a specific period. It helps management anticipate when cash will be coming in and when it will be going out, allowing the business to plan ahead and maintain sufficient cash to meet its financial obligations. Timing is critical when it comes to managing cash flow. Positive cash flow occurs when more cash is coming into the business than going out, while negative cash flow occurs when cash outflows exceed cash inflows.
A cash flow forecast predicts the timing of money moving into and out of your business. It is used to track future cash receipts and payments, helping management anticipate cash needs, plan for upcoming payments, and maintain adequate liquidity to support the business’s ongoing operations.
It depends on who’s asking for the financials and why. Most small businesses start with a compilation or review; growing companies with outside investors or SBA lenders often need an audit; individual clients typically begin with tax planning and preparation. A 20-minute call is usually enough to point you in the right direction — no charge, no obligation.
Schedule a no-obligation consultation with a CPA who will actually take the time to understand your situation — and give you a clear path forward.
