Finance & Accounting Services
.Month End Close and Financial Reporting:
We will help you close your books each month. This involves the following:
- Recording various month-end transactions (i.e. payroll, investment activity, accrued liabilities, depreciation, amortization, etc.) as necessary.
- Reviewing monthly transactions in the general ledger to make sure that all material transactions are accounted for in accordance with the United States Generally Accepted StatesAccounting Principles.
- Analyze accounting estimates for reasonableness.
- Review revenue recognition policies.
- Review fluctuations in accounts between actual balances and prior year balances, budgeted balances, etc.
- Preparation of complex transactions including options, warrants, convertible securities, lease transactions, sophisticated debt service arrangements, notes payable, etc.
- Review material transactions for proper coding to general ledger accounts.
- Prepare monthly financial statements (balance sheet, income & cash-flow statement and other schedules important to management).
- Discuss the financial statements and overall financial health of the company with owners or management. We will also pose recommendations for strengthening internal controls.
Financial Statement Audit Preparation:
We assist companies with the preparation of schedules requested by auditors and used by them to conduct their audit. Oftentimes companies or CPA firms will hire us to get their books ready for an audit. This entails reviewing all balance sheet accounts to determine that they can be adequately supported by applicable documents and that their balances reconcile to those documents. This process brings their books into an auditable position for the auditors. At the close of our audit prep engagement we will furnish a binder to the auditors which includes a trial balance and supporting schedules for all material balance sheet accounts as well as a fluctuation analysis of the income statement accounts. We find that this process greatly reduces the time auditors spend asking questions of company personnel. We know what auditors look for and in many cases have already answered the questions they might have. This helps makes the auditor and auditee both more productive.
Cash Flow Analysis, Budgets, Forecasts, Projections: We have experience preparing these prospective statements/schedules in concert with strategic plans, business plans, etc. Nonprofit entities typically need to have budgets performed so that they can appropriately manage expenses and react to drops in contributions, funding, etc. should they experience such shortfalls. We have extensive experience in working with nonprofits establishing their budgets. We also have experience in providing income statement projections and forecasts. We analyze historical trends, consider future plans/expectations and then generate your prospective financial statements. Let us help you understand what your future results of operations might be. Having this information about the future may cause you to manage differently now.
Fixed Asset Analyses:
Most companies can print out their balance sheet to see what their furniture and fixtures, computers, leasehold improvements, and equipment balances are. However, many companies can't easily provide a listing of assets that go into making up those balances. Sometimes companies discard assets without deleting them in the general ledger. Other times fixed assets are miscoded to the repairs and maintenance expense account or the technology expense account. We can perform a fixed asset inventory to tell you exactly which fixed assets are on hand. We use a tagging system to track the assets and then use the results of our inventory to prepare a customized spreadsheet listing the assets on hand. This list is compared with existing records to determine the appropriate adjustments to the fixed asset accounts. We will relieve you of the guesswork as to what your fixed assets are and what their carrying values are. Finally, we will assist you in selecting and implementing your capitalization and depreciation policies.
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