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Our Services
Financial Statements
Tax Compliance
Accounting & Technology Services
Management, Consulting & Planning
Audits of Financial Statements
An audit will provide the business owner and other shareholders with the highest level of attestation that a CPA firm can provide. From a review of management practices, to the analysis of internal controls and testing of accounting transactions, you are assured of a very thorough look at your organization and its financials. It is a proven fact that a series of annual audits will make your business more attractive in a merger or acquisition, bringing a higher sales price and faster due diligence. Audits also provide a very high comfort level to creditors, greatly facilitating the lending approval process.
Reviews of Financial Statements
A review will provide a lesser degree of attestation than an audit, but more than a simple compilation. By incorporating a series of ratio and trend analysis and discussion with management, a review allows for a middle of the road level of comfort in your financials. It allows for the application of our technical expertise to provide limited assurance without all of the work and cost associated with an audit.
Compilation of Financial Statements
A compilation is the lowest level of attestation that a CPA firm can provide. Because there is no testing, ratio or trend analysis, or inquiries of management, there is no assurance or opinion offered by the CPA in a compilation. Rather, the information contained within the financials is strictly the representation of the company’s management.
Agreed Upon Procedures
Often, a client will have a need that does not fall into the scope of an audit, review, or a compilation. Perhaps you are concerned about the accuracy of a specific piece of financial information contained in your financials, a nagging doubt that is begging for clarification. In that case, it is most cost effective to limit our technical procedures and expertise to resolve only that issue.
Income Taxes
Personal Income Taxes
Let’s face it – the tax code is too complicated. Even tax professionals complain about the unnecessary complexity of today’s tax laws. But until the endless social engineering by our government stops, you are left with a critical decision: do I prepare my own return to save a little money in professional fees? Only you can make that decision for yourself, but if you are reading this, you have concerns about your ability to do so. Sure, you can find free software that will help you prepare your own return, but is that any consolation when you receive a letter from the IRS or state taxing authority?
We will apply years of tax preparation experience and education to your return, each and every year. The professional code of ethics that we are bound to require us to stay abreast of the tax law changes through a minimum number of hours of continuing education. This ensures that you receive the best value for your professional service dollar, and lets you take a “file it and forget it” approach to your tax returns.
Business Tax Returns
Whether you own a corporation, a subchapter S corporation, a limited liability company, or a sole-proprietorship, we have the experience you need to minimize your tax burden and guide you through the hidden traps in the tax code. While you may feel that you have a simple business, and don’t need the advice of trained professionals to comply with today’s tax laws, this is the single biggest compliance concern of most small business owners.
Other Taxes
Payroll Tax
If you have employees, you know that payroll taxes can be a nightmare. Make a simple payroll tax deposit a few days late, and you could be looking at thousands of dollars in tax penalties. The IRS imposes it’s most punitive penalties for payroll taxes, in some cases as much as three times the original taxes owed. From providing guidance to your in-house payroll staff, to full charge payroll processing, we can ease your concerns, and allow you to focus on your goals.
State Sales Tax
Do you have to collect and remit sales taxes? Do you have to file a state sales tax return, even though you don’t collect sales taxes? What if you sell your products or services or perform work in another state? And why is the state of Georgia making such drastic changes to their sales tax forms? We have the experience to answer these questions for your unique situation, and let you get back to business with the confidence of knowing your business complies with this very complex tax issue.
Personal Property Tax
It’s true. You paid sales tax when you bought that piece of equipment, so why do you have to get taxed on it again every year by your county government? Infuriating, but are you getting the advice that will let you minimize your business personal property tax assessment? Many business owners are taking the approach of not filing a return, and enjoying the savings of paying no taxes in this area. Unfortunately, most counties are tightening their cross checking with business licenses, meaning a demand letter may be in your future. Let us help you be compliant and still save tax dollars by filing an accurate and timely business property tax report.
Tax Representation
IRS Audit Representation
Non-Filed Tax Returns
Payroll Tax Problems
IRS Payment Plan
Business Accounting Services
Remember when you started you business? You had a drive to be the best in the world, and you were going to be paid for being the best! Your business model was solid, and you had the ambition and know-how to make revenues soar. So what happened? All too often, business owners are trapped by the day to day activities that drain their most valuable resource – their time.
We offer periodic accounting services so you can concentrate on what is most important: your business and your goals for it. We take the hassles away, and provide you with consistent and accurate reporting of your business results – the feedback that you need to succeed. We will even report trends and analysis to you over time, giving you a gauge of what works in your business and what doesn’t. Whether you keep the books on site, or hand them over to us, we can provide the guidance to let you focus on your high level goals, rather than being trapped in time draining details.
Each period we will compile financial statements, prepare account reconciliations, make the necessary general ledger entries, and meet with you to discuss the results of your operations for the period. If the data suggests a change in your business practices, we will help identify the right changes to make, and help you make them. Remember, our sole focus is on your success.
Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
Technology Services
Accounting Software
Not sure which software package to use for your company’s accounting? Picking the right package can be a real problem, and making the wrong choice is costly in time and money. Let us help advise you on the best program to fit your needs, not just for today but with an eye to your company’s future. We have implemented and assisted with conversions to such entry level programs as Peachtree and QuickBooks, to industry specific solutions such as Timberline and Buildsoft. If you are going to invest the money in software, training and implementation costs, make a wise decision with as much input as possible.
Unlike many firms, we neither “rep” a line of software, nor do we have a sister company that resells software packages for profit. So you can rest assured that the advice you get is unbiased, and the transaction is untarnished by our own profit motive. Again, we want what is best for you.
Monthly and Quarterly Advisory Meetings
Do you ever feel overwhelmed by the demands of your business? Do your personal and business goals get lost in a sea of time wasting tasks? Who is holding you accountable to the promises you made to yourself?
On of the most valuable services that we provide is the periodic advisory meeting. You pick the frequency – monthly, quarterly, semi-annually or annually – and we will document your goals, track your progress, and remind you of what is important: your success. Think of it as a combination of business coaching and personal consulting, the best of all worlds. As an outside, unbiased advisor, we can help you see what you are often refusing to admit about that which is standing in the way of your success.
Tax Planning
Your tax bill should never be a surprise. Starting in October of each year, we offer a limited number of tax planning openings to our clients. This is like preparing your tax returns early, and projecting the missing quarter from your business trends to date. After estimating what your tax liability will be for the year, we still have the time needed to identify and implement actions to reduce your tax liability. You will feel in control of your tax consequences, rather than surprised by them.
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brian@hailecpa.com