Accounting Services

accounting-MD Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized accounting and financial records ensure that your business operations will run more efficiently on a daily basis.

From start-ups to established enterprises, businesses rely on accurate and insightful financial and accounting information in order to maintain profitability and capitalize on new opportunities. We are there to steer you closer to your goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, and cost-containment.

Our firm provides a full range of cost effective accounting services including the following:

General ledger & financial statement preparation
Bookkeeping (Monthly/Quarterly/Annual)
Accounting system setup for new businesses
Computerized payroll services
Business tax return preparation (Sales & Use/Business Property)
Personal financial statements
Litigation support

Audits, Reviews and Compilations

These refer to the type of report a CPA issues after examining a set of financial statements. Each report provides a different level of assurance to management and other readers of an organization's financial statements. In many states only a CPA can issue an audit or review report.

Reviews & Compilations

We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:

Review - some analytical procedures conducted with limited assurance
Compilation - based upon client information provided and used primarily for internal use

Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed.

Bookkeeping/Write-Up
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

Balance Sheets

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you. A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

Quickly get a handle on the financial strength and capabilities of your business
Identify and analyze trends, particularly in the area of receivables and payables. This could help you determine if you need to be more aggressive in collection
Identify if your business is in a position to expand
Can your business can easily handle the normal financial ebbs and flows of revenues and expenses
Forecasts if you need to take immediate steps to bolster cash reserves
Identifies if your business has been slowing down payables to forestall an inevitable cash shortage

Income Statement/P&L

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

Track revenues and expenses so that you can determine the operating performance of your business.
Determine what areas of your business are over-budget or under budget.
Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability.

Maintaining General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Bank Reconciliation

Keeping your business checking account up-to-date each month is key to knowing your actual cash flow. We will reconcile your business checking account each month; this allows you to...

Identify lost checks, lost deposits and unauthorized wire transactions.
Detect and prevent excess/unjustified bank charges.
Detect and prevent embezzlement of funds from within your company.
Unless all accounts are reconciled you really don't have any idea how your business is doing.
Manage your cash more effectively to not only save money, but make money for you.
Protect yourself with timely bank reconciling will help identify and control concerns over unauthorized, fraudulent or forged checks resulting in major monetary shortfalls.

Financial Statements

We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.

Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.

Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.