The ownership and management of a business should start with a "budget" or the development of how much investment will be required for the startup costs of the enterprise: monies need for purchasing or lease business space, purchase of equipment, and the costs of conditioning building space to conduct business. Then, you will need to make other decisions of how much cash or funds will be required for acquisition and operating expenses including employee’s wages, which are a major cost of conducting business. Our expertise in projecting these costs will help entrepreneurs feel comfortable in those predictions.
Ongoing operations may also prompt owners to change, modify or provide new services to increase business profitability. Looking at historical data is critical in determining financial trends and conditions that the business experiences. They can also provide critical information in projecting future decisions based on the expectation of business owners. Our expertise is key to develop these financial plans. Our firm and the business managers share the tasks of developing and implementing business decisions.
Our firm can provide compilation and review services, which is financial information presented (compiled) in the form of financial statements that can be read and used by internal and external sources. This essential information must be formatted to comply with requirements issued by the American Institute of Certified Public Accountants (AICPA). It also provides a roadmap of where your business has been, where it is and where it is going.
Our firm offers three levels of financial accounting services:
- Compilations, which merely present financial information prepared by managers of the business;
- Reviews, which include analysis of trends and other ratios.
- Audits, which provide a full review of the financial records and report on the findings as to whether they fairly represent the financial condition of the company. Only a full professional accounting audit can provide this type of assurance.