Marc B. Freedman, Certified Public Accountant, P.C. is a full service public accounting firm, providing accounting, tax, financial planning and management advisory services to a wide variety of corporate and individual clients.
While our range of clientele is large, from individual tax clients to corporations with hundreds of employees, the core of our business consists of closely held businesses and non-profit organizations with annual revenues in the range of $4 to $20 million.
Because we are a small firm, we are able to work closely with our clients to provide quality, personalized service. Our focus is to provide the information and services that will help our clients grow and prosper.
As Certified Public Accountants we are called upon to have a broad range of business knowledge and assist our clients with everything from estate and tax planning to computer hardware and software selection. We are the main source of tax, financial and general business advice for most of our clients. They look to us to provide information concerning the tax and financial implications of both past and proposed transactions.
We believe in personal client relationships and are
dedicated to the principle of superior service. Maintaining and improving the quality of
our practice in order to better serve our clients is our primary concern.
Types of Services Offered
Accounting and Auditing (Attestation) Services:
Attestation Services include all of those services in which the accountant provides a formal written report. Included are compilations, reviews, audits, forecasts and projections.
Audits: In an audit, although the financial statements remain the responsibility of management, we express an opinion on the financial statements based upon our audit. In such an engagement, we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatements. An audit also assesses the accounting principles used and evaluates the overall financial statement presentation.
Some of our clients need audits to satisfy the needs of banks, boards of directors, or others, generally outside of the day to day administration of the company. Other audits are mandated by law. The State of New York, for example, requires audits of all non-profit organizations which have total revenues in excess of $150,000, and audits are also required for all publicly owned companies.
Reviews: A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit, and an opinion is not expressed on reviewed financial statements.
A review will provide the business owner with additional assurance relative to a compilation. It may be desirable when the owner has questions regarding cost of goods sold percentages, or some other financial information, and wants us to do additional procedures. Some banks and leasing companies desire review statements.
Compilations: A compilation is limited to presenting in the form of financial statements information that is the representation of management. We do not audit or review the information in these statements and express no opinion on them.
In most cases a compilation is sufficient for business owners to ascertain how their business is doing and to compare current and prior period results. It is the least expensive form of attestation engagement and is often sufficient for banks, leasing companies, suppliers and others who may want copies of financial statements.
Forecasts and Projections:
Various kinds of forecast and projection engagements are possible depending on whether the
statements are for internal-use only or also for third party use. Forecasts and
projections are generally needed when someone is trying to raise money for a new business
or expand a current business. They are common in business plans of all kinds.
Business Management Services:
Comprehensive business management services -- everything
from payment of bills to preparation of financial statements and tax returns -- can be
tailored to the specific needs of individuals or small businesses.
Financial Planning Services:
We are frequently called upon to offer financial planning services in conjunction with tax planning. We work with business owners and individuals to assess their needs, and help them develop a sensible strategy for meeting their goals.
Although we have the experience and capacity to prepare comprehensive financial plans most often we help clients plan for specific needs either short term (for example buying a new residence) or long term (planning for retirement or children's education.) Planning to minimize estate taxes is another important aspect of our financial planning practice.
In addition, we will advise clients about the tax and other
financial implications of various investment alternatives.
Litigation Services:
Many court cases have significant financial components where
our services can prove invaluable. We will work with your attorney in planning for a court
case and, if relevant, will serve as an expert witness. We can also work with you and your
attorney to help structure settlements in the most tax advantageous manner.
Management Advisory Services:
Management advisory services comprise a large range of services in many diverse areas. A few of the more important areas for our accounting practice are outlined here.
Computer Hardware and Software Selection, Setup and Installation: We have been involved with computers since the early 1980's, initially as users, and since 1985, as consultants. We are now involved in recommending and installing computer networks as well as single computers; in addition, we help our clients select software for many business purposes. We use computer technology extensively in our office and encourage our clients to do so as well. Although computers can save time and money, a badly thought-out system can be a nightmare. Since early 1996 we have become involved with the Internet, and starting in early 1997, proficient in setting up and administering WEB sites. We have the expertise to advise you concerning all your computer needs.
Business Planning: This area involves a broad range of services around the planning of a new or on-going business. We can help with a business plan or the preparation of a more formal prospectus. We will review business agreements for their tax and other financial implications and work with your lawyer in making revisions if needed. We will also advise you concerning the most advantageous business form for your particular needs: sole proprietorship, Limited Liability Company, partnership, S-Corporation or C-Corporation.
Management Reports: We will work with management to design internal-use reports, based on either past or projected data, which can provide the information needed to make the business more profitable or easier to manage. We can either set up reports to be run by your staff or we can provide them to you on a regular basis.
Business Valuation: Business valuations are commonly needed for estate tax or insurance purposes or if you desire to buy, sell or refinance a business. We have the expertise to prepare needed valuations quickly and cost effectively.
Taxation:
In the area of taxation, our focus is always on planning.
Once a transaction is completed the range of tax alternatives is severely limited. By
structuring transactions properly, enormous tax savings can often be effected with the
desired financial results. We have the facilities in our office to do computerized tax
research if it is needed, and, in addition, we subscribe to a broad range of tax research
services and publications. We do, of course, prepare all federal, state and local income
tax returns and other tax compliance as needed by our clients.
Memberships:
We are members of both the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPAs). As a member of the Private Companies Practice Section of the AICPA, we are required to have triennial reviews (peer reviews), by another accounting firm, of our internal controls and firm policies and procedures. We underwent our first peer review in the winter of 1991 and have since competed four additional reviews, our most recent in the summer of 2003. We proud to have received unqualified opinions on all of these reviews.
We require a minimum of 40 hours of continuing professional
education for all professional employees.
Associates:
Lois Freedman, Certified Public Accountant, began her career in late 1970s as an industry accountant. In the early 1980s, she joined a major brokerage firm as a Financial Consultant and Administrator. Immediately prior to joining MBF, CPA, P.C., she was associated with an equity management firm that specializes in the selection of quality growth stocks. Lois has an B.S. degree in Accounting from Trenton State College, and an M.B.A. in Finance from Pace University. She joined Marc B. Freedman, CPA, P.C. in January of 1990.
Marc Freedman, Certified Public Accountant, began his accounting career in the early 1980s. He is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Marc has a B.A. in Philosophy from Bowdoin College, did graduate work at Harvard University, and received his M.B.A. in accounting from Pace University. While at Pace he received the New York State Society of Certified Public Accountants Award for Academic Excellence and did a research project on initial audits of pre-existing companies under the direction of Dr. Dan Guy, then head of auditing and research at the AICPA. Marc founded Marc B. Freedman, CPA, P.C. in January of 1985, and is the President of the firm.
Magdalene Perez joined the firm in the fall of 2001. Her extensive prior experience includes management accounting in both retail and manufacturing environments.