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After-the-fact bookkeeping/write-up services Corporate management, advisory, & controllership services Compilation services (financial statement preparation.)
After-the-fact bookkeeping/write-up services When we perform bookkeeping services for you - you are in effect "outsourcing" your bookkeeping function to our office. To perform the bookkeeping task, you provide our office (on a periodic basis) with your checks (copies), bank statements, and credit card statements so we may record and categorize the charges and disbursements. You also provide us with your deposit information listing your sources of the deposits - so we may record the the income and loans funding your business. We then reconcile your accounts to the bank and credit card statements ensuring all transactions are accounted for. Then we discuss the results with you and focus on ways to improve your business. This is also an important control procedure for your company by having and independent party reconcile the company bank accounts and general ledger and review the results with management (and/or owners) on a regular basis. There are several ways for our office to get your information: By fax, e-mail, courier, you drop it off, we pick it up, US postal service, Fedex, UPS. We can also set up a scenario where you can log on to a secure ASP (Application Service Providor) on the internet (RightNetworks is such a provider we use) and you can log into your QuickBooks data file 24/7. Delegating back office tasks to vendors and specialists has been the fastest growing trend of good business management for several years now. An example of this is having companies such as ADP, Paychex, or Intuit prepare your payroll. Now, a paradigm shift for operating the accounting department for small business has been occurring. Numerous smaller businesses have discovered that they can outsource their bookkeeping to a professional accounting office in the same fashion as they outsource their payroll task. New “ASP on-line” technology makes it possible for a professional accounting office to pay your bills, send out invoices and track payroll from their office. The business owner will still have 100% control over who is paid and when because only they can distribute money; our office takes care of everything else. The results are accurate books on your desktop computer in real time. This leverages the small business owners' time to focus on revenue generating tasks such as marketing and product development. Outsourcing your bookkeeping task is a viable solution if you have ever been frustrated with…
Finally, you can make good daily decisions on what customers, product lines, jobs or even employees are making you the most money. You can see problems before they show up as negative cash flow in your checking account. You can get a real handle on the parts of your business that work and fix what is dragging you down. That is the power of accurate books. If you are frustrated trying to build a great business with positive cash flow or just plain tired of dealing with paper work we would like the opportunity to show you what we can do! Please call our office to discuss the mechanics of this process - as it is a very affordable method for you to concentrate on your business core competency by having our firm act as your accounting department. We can maintain your employee's payroll using our QuickBooks software. You provide us the salary or hourly time and rates, and we compute the payroll for you and prepare the quarterly tax forms and annual tax forms (W-2's and 1099's). Further we prepare the new hire notification forms necessary for compliance with state and federal laws. Corporate management, advisory, & controllership services For small businesses, a CEO or corporate controller or can easily cost well over $100,000 per year in salary and benefits (considering base salary, bonus, vacation, sick time, health insurance, workmans comp insurance, payroll taxes, retirement plans, auto allowances and any other perks.) We have the experience and can provide the insight to assist your operations. This way you focus on operating your business, we focus on the financial and operational issues for you, and you get the results without having to pay for a full time position and straining your budget. We assist you in standardizing your operations and "engineer out the chaos" so your business functions more efficiently and effectively. When this process is bundled with the bookkeeping function as described above, you can have access to your financial data 24/7 as our accounting office becomes YOUR accounting office! Here's what you get with our Part-Time CFO services...
By definition a compilation is presenting in the form of financial statements information that is the representation of management (owners) without undertaking to express any assurance on the statements. This is the most basic level of financial reporting service that a CPA can provide to a client. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. CPA compiled financial statements are used by banks for loan applications and by many vendors to determine creditworthiness in establishing credit lines. Review services are the next level of service up from a compilation. Performing inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with GAAP or, if applicable, with an other comprehensive basis of accounting (OCBOA). A review doesn't require the CPA to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Reviewed financial statements must include all required footnotes and other disclosures. The objective of a review differs significantly from the objective of a compilation. The inquiry and analytical procedures performed in a review should provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements. No expression of assurance is contemplated in a compilation. Here again, reviewed financial statements are used by bank and other lenders, and may be requested by vendors, and investors (or potential investors) when a more thorough assessment of the financial statements is required.
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Copyright © 2006 Hymes & Company CPA
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