Starting a new business? We can help you determine the proper business entity for your specific needs. Once you have made that decision we can help you with the various registrations and start up filings needed to get started.
Need a business plan? We can help you develop a business plan and advise you on ways your business can run more efficiently. Does your business have concrete short term and long term goals? Are you aware of your break even points? We have the experience and technical knowledge to help you identify these marks and improve your businesses performance.
Review of company policies and controls: Internal controls separate the duties employees have, ensuring there is a system of checks and balances. If engaged to do so, we can review the internal controls in place within your organization and advise you on additional procedures that you should implement to reduce the risk of fraud within your organization. Once the proper controls are implemented we can review the processes regularly to ensure they are being followed.
Personal Financial Statement Preparation
Banks often require personal financial statements compiled by an independent CPA as part of their lending covenants. At James H. Austin, CPA we can assist you in preparing a personal financial statement that presents your financial position at a given point in time. This statement will include a breakdown of total assets and total liabilities and help the reader of the financial statements to understand the individual’s financial situation. Sometimes lending institutions provide a prescribed form for financial statements. If that is the case, we can assist you with completing this prescribed form so that it is completed accurately and returned to the bank in a timely fashion.
Financial Statement Compilations and Reviews
Most unaudited financial statements are prepared for one of three groups of users: management, owners, and banks or other creditors. The appropriate level of assurance for each user will vary with the circumstances. When you need financial statements, unless a third party user has specified the level of service, you may be able to select among several acceptable options.
Compilation engagements offer no assurance as to Generally Accepted Accounting Principles. In compiling a financial statement the accountant must have knowledge of the accounting principles and practices of the industry and a general understanding of the clients businesses. Inquiries are not required unless information supplied by the client is questionable.
Review engagements offer limited assurance as to Generally Accepted Accounting Principles. In reviewing a financial statement, the accountant must have the same knowledge required for a compilation engagement plus an increased understanding of the clients business. Analytical procedures are used to assist the accountant in identifying relationships and individual items that appear unusual. The results of analytical procedures are used as a basis for making additional inquiries when appropriate. Together with the accountant’s knowledge of the industry, understanding of the entity’s business, and inquiries, the analytical procedures provide the review evidence that is the basis for the limited assurance given in the accountants report.
A review of financial statements generally will be more costly than a compilation. Given the cost variations, we can help you to carefully consider your needs and suggest a level of service.
For our clients that prefer to reduce their accounting related stress while ensuring the accuracy of their records, we offer complete write up services. This means we could maintain your accounting information, track your payables and receivables and prepare monthly account reconciliations. If you are on a cash basis, we could simply maintain your cash basis general ledger while you maintain your receivables (and their collection) and payables (pay the bills). In this scenario, you drop off your check stubs (with payment description/coding) and bank statements; we do the rest! We will track your fixed assets and make sure all tax filings are completed accurately and timely. Reduce the workload on you and your in-house staff and focus on what you do best by letting the staff at James H. Austin, CPA manage your accounting needs.