Financial Reporting is the end result of any businesses accounting system. Whether you are new to business or have been in business for years, we can help you organize and implement good financially sound accounting systems with the proper internal controls. As you are aware, time is an essential element in accounting is directly related to efficiency, we at our end try to give you the best combination of both. We can assist you in identifying whether your existing systems are good or if modifications are required.
Almost all our clients that have a successful business prepare monthly or at least quarterly financial statements. We have been preparing or assisting in the preparation of our client’s financial statements and general ledgers on regular basis. These financial statements are generally reported as a “Compilation”. Compiled financial statements can be prepared for a reasonably low cost, are generally used for internal purposes and have no expression of opinion or form of assurance on the underlying information included in them. A compilation statement is an extremely useful tool for management in making financially sound decisions regarding growth and profitability by analyzing some common ratios. A constant follow up on these business ratios helps to take corrective actions at once. Some important ratios are:
We can assist you in maintaining correct, well-organized financial records. We provide these services on daily or monthly basis as desired by the client. Book keeping of the Tax records should be kept on a year-round basis so that in case of an audit, all entries are substantiated.
Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three and six year limits start with the filing of a tax return; if no return is filed, there is no time limit for an IRS audit! The following are some important records which need to be kept:
There are some records worth keeping permanently, partly due to long-term needs and partly because they take up very little room. Consider permanently retaining a copy of each year’s tax return. Contracts, real estate buy/sell records, and records of property improvements should be retained for seven years after the property is sold.
Growth in business generally requires hiring more employees, which results in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner. All the way from actually preparing your payroll to after the fact payroll, we stand ready to assist you in all your payroll needs. We have also tied up with ADP, an outside payroll services company to provide services to those clients who do not want to get into the integrities and want everything automated.
Most businesses need to file sales and use tax returns as also property tax returns. We can assist you in complying with the law and filing the quarterly returns by setting up the necessary accounting systems and controls. In addition we can prepare the monthly, quarterly or annual tax returns. If the need so arises, we will represent your business with the appropriate taxing authorities.
Most of our clients need at one time or the other, a personal financial statement to support their loan applications or when applying for a lease etc. We provide our clients with this service as the need arises.
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.