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 $500,000, 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 reviewed financial 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.
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 $500,000, 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 reviewed financial 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.
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.
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.
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 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.
Litigation Services and Forensic Accounting
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.
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.
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.
Guardianship and Plain Paper Reports
Guardians are required to report annually to their court of jurisdiction. We are registered with most of the courts in the New York City metropolitan area to help both attorneys and other guardians prepare these reports.
We also work with clients to prepare various kinds of internal use "plain paper" reports (often in the past called management use only reports).
We also work with clients to prepare various kinds of internal use "plain paper" reports (often in the past called management use only reports).
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.
