Does your business have current and accurate financial statements? It is vitally important for you to have this information so that you know where your business stands at any point in time and so that you have a starting point for income tax planning. We can also help you understand your financial statements and use them as a tool for managing your business and making better business decisions.
Business Accounting
According to the Federal Reserve Board’s National Survey of Small Business Finances, less than 25% of businesses with less than 500 employees actually have financial statements of any kind. It is very important for businesses to have current and accurate financial statements so that they can make better decisions.
Business accounting services are often requested by small businesses without accounting software. Business accounting includes recording cash receipts and cash disbursements, reconciling bank statements, and preparation of journal entries in order to prepare compiled financial statements.
Financial Statement Compilations
Compilations of financial statements are often requested by small businesses without accounting personnel or with accounting personnel with limited accounting experience and education. A compilation includes presenting financial information in the form of financial statements so that the owners and managers can evaluate the financial performance of their business, but do not provide any assurance regarding the accuracy of the financial statements.
Compilations of personal financial statements are also requested by individuals whose financial institution requires them for lending purposes. Additionally, compiling a personal financial statement is often the first step in financial planning.
Controller Assistance
Controller services are often requested by small- and medium-size businesses that need assistance with accounting functions either on a limited basis or while seeking to hire a full-time controller. Our controller services are customized to the needs of our customers, but may include such services as assistance with reconciling bank statements and preparation of monthly journal entries to close the books and to prepare internal financial statements.
Franchise Accounting and Audits
Franchise accounting and financial statement audit services are often requested by owners of franchised businesses needing assistance with issues unique to franchisors and franchisees. We have extensive experience in the franchise industry and have worked with restaurant franchises from Arby’s to Uncle Maddio’s Pizza Joints as well as other franchises from Budget Blinds to PODS.
We understand your operations and challenges and can help you with unique issues related to franchisors and franchises such as general ledger reporting for multiple locations, maintaining depreciation schedules, accounting for franchise and royalty fees, preparing budgets, preparing sales tax and personal property tax returns, reviewing internal controls, and performing financial statement audits.
Agreed-upon Procedures
Agreed-upon procedures are often requested by small- and medium-size businesses. Agreed-upon procedures include procedures requested by management that we have agreed to in order to provide management with information enabling them to make decisions about their business, but do not provide any assurance regarding the sufficiency of the procedures.
