Financial Accounting Services
Well organized financial records ensure that your business will operate more efficiently.
I strive to provide financial information to my clients timely and accurately. My firm provides a full range of accounting services including the following:
- Preparation of General ledger and financial statements
- Annual, quarterly, or monthly bookkeeping
- Setup of accounting systems for new businesses
- Preparation of personal financial statements
Tax Preparation Services
I provide my individual and business clients with tax services throughout the year. These services include:
If you’ve recently retired, opened or closed a new business, been divorced, or had any other lifestyle changes that significantly impacted your financial situation, I can help.
Are you a small business owner and haven’t kept up with your bookkeeping, no worries I can help with that. I’ll prepare your bookkeeping for the year, post adjustments and prepare your personal income tax return and Schedule C. I can also help you set up a system that allows you to keep your books up to date for the next year
I use the latest tax preparation software which helps me to stay well-informed of tax law changes. This software also helps to identify potential problems the Internal Revenue Service may look at.
I offer small business tax return preparation and filing instructions to my clients. Whether your company is a C-Corp, S-Corp, LLC, Partnership or Sole Proprietor a properly prepared tax return can minimize the amount of tax that a business owner owes.
Estate, Gift and Trust
Income taxes are a major focus of estate or trust administration. As the administrator or executor of an Estate, you are responsible to make sure the returns are accurately and timely filed. Estate and gift taxes are often confusing, especially when the tax laws change so drastically from year to year. You can rely on me to guide you through this process.
John served as Financial Manager and Chief Financial Officer for a not-for-profit organization for more than 9 years.
I have worked with many exempt organizations under Internal Revenue Code (IRC) section 501(c)(3) during my career.
I will prepare and file the appropriate annual tax return for your non-profit organization which can include the following:
- IRS Form 990
- IRS Form 990-EZ
- IRS Form 990-N
- IRS Form 990-P
- any corresponding forms or schedules
Returns are due on the 15th day of the 5th month after the organization’s fiscal year end. Failure to file an annual tax return can cause a non-profit organization to lose its tax-exempt status.
There are three levels of assurance services offered by CPAs: Audits, Reviews, and Compilations.
An audit is the highest level of assurance service that a CPA performs providing the user comfort on the accuracy of the financial statements.
When performing an audit, the CPA designs procedures to obtain a high but not absolute level of assurance; also known as reasonable assurance.
While performing an audit, the CPA is required to obtain an understanding of the internal controls of your business, and to assess the risk of fraud. The CPA is also required to verify the amounts and disclosures included in your financial statements. This is done by obtaining audit evidence through several different methods including:
- Physical inspection
- Third-party confirmations
- Analytical procedures
- Other procedures
Prior to accepting an audit engagement, the CPA is required to determine whether their independence has been impaired. If it has been impaired, the CPA cannot perform the audit.
At the conclusion of the audit, you will receive a formal report from the CPA expressing an opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with the applicable financial reporting framework. The CPA will also provide a report to those charged with governance regarding any significant or material weaknesses in your internal controls that were identified during the audit procedures. The purpose of this report is to make you aware of any weaknesses in your internal controls and to discuss with you specific ways to improve these controls.
An audit is typically appropriate when you’re seeking high levels of financing. It is also appropriate if you’re seeking outside investors or preparing for a sell or merger.
A review is appropriate as a business grows and is seeking larger levels of financing. A review is useful when the business owner is seeking greater confidence in their financial statements for the purpose of making key business decisions.
For a review, the CPA performs analytical procedures, inquiries of management and other key personal, and other procedures to obtain "limited assurance" on the financial statements. A review is intended to provide the user with a level of comfort on the accuracy of the financial statements.
Similar to performing an audit, the CPA must determine whether they are independent. If they are not independent, the CPA cannot perform the review services.
For a review, the CPA is required to have an understanding of the industry in which you operate, including the accounting principles and practices generally used within the industry. The CPA is also required to obtain knowledge about your business and the accounting principles and practices that are use. This helps to identify areas in the financial statements where it is more likely that material misstatements may exist.
A review does not contemplate obtaining an understanding of your business’s internal control; assessing fraud risk; testing accounting records through inspection, observation, outside confirmation or the examination of source documents or other procedures ordinarily performed in an audit
At the conclusion of the review, you will receive a formal report from the CPA that includes a conclusion as to whether they are aware of any material modifications that should be made to the financial statements in order for them to be in accordance with the applicable financial reporting framework
A compilation is appropriate when initial or lower amounts of financing are sought or there is significant collateral in place. Outside parties may appreciate your association with a CPA, which is apparent in the compilation report.
For a compilation, the CPA uses the business financial statements and prepares a report which is written by the CPA on their firm’s letterhead.
Similar to performing an audit or review, the CPA must determine whether they are independent. The CPA must disclose in the compilation report if they determine they are not independent.
The CPA must read the financial statements and consider whether they appear appropriate in form and are free from obvious material misstatements.
However, the CPA is not required to verify the accuracy or completeness of the information provided, and therefore, does not provide any assurance for the compilation. The compilation report states that the CPA did not audit or review the financial statements and accordingly does not express an opinion, a conclusion or provide any assurance on them.
Business and Financial Consulting
Businesses today face many challenges that can be a threat to their survival. I provide a wide range of business consulting services to my clients including operational support, financial management, risk management and strategic planning.
My number one priority is to listen to your concerns and needs, and then work to develop a plan to help your business succeed.