| Financial Statements |
| We report on financial statements for our commercial, nonprofit or individual clientele, in accordance with applicable professional standards. The types of services and reports CPAs provide are outlined below.
- Audit - An audit involves outside verification (confirmation of bank balances, accounts receivable, etc.) and testing of transactions and account balances. The CPAs report is an opinion that states that the financial statements are presented fairly in all material respects, or if not, states the exception the CPA has related to the statements.
- Review - A review does not involve outside verification, but it does include specified analytical procedures. The accountant's report on reviewed financial statements provides limited assurance that no material modifications are necessary for the financial statements to be presented in accordance with generally accepted accounting principles.
- Compilation - A compilation involves little analytical work and procedures and the CPA's report provides no assurances regarding the financial statements.
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| Tax Planning & Preparation |
| Our tax services include the following:
- Income tax planning for businesses, professional and nonprofit organizations and their principals. Our goal is to develop recommendations that will minimize or, when appropriate, defer our client's tax liabilities.
- Income tax return preparation for our commercial and nonprofit clientele, and their principals.
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| Financial Planning Services |
| We offer a full range of financial planning services from comprehensive financial plans to specific analysis of any of the segments of your financial picture, including investment and insurance services (investment advisory services offered through Honkamp Kruger Financial Services, a Registered Investment Advisor). A comprehensive financial plan includes analysis of the following aspects of your financial situation:
- Estate planning
- Income tax planning
- Retirement planning
- Net worth analysis
- Asset allocation and investment management
- Risk management
- Cash flow and debt management
- Higher education funding
- Other financial funding goals
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| Accounting Services |
| We believe that a key to providing quality services at a reasonable cost is a client's development and maintenance of a good accounting system. We assist clients with their accounting systems needs by providing a wide range of services, including:
- Assisting clients in developing an internal accounting system and procedures
- Assisting clients in utilizing the latest technology to more efficiently perform accounting and bookkeeping functions.
- Providing ongoing support with respect to accounting questions and related matters as they arise.
- Providing accounting and bookkeeping services for clients who need part-time assistance, including preparation of journals, bank reconciliation, general ledger, interim financial statements and payroll tax returns
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| Business Valuations |
| Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. |
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| Retirement and Other Fringe Benefit Plans |
| We consult with our clients related to establishing retirement or other fringe benefit plans for their companies and employees. After plans are established we report on financial statements, prepare individual participant account statements, and prepare all disclosure statements and information returns required by federal regulatory bodies. |
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| Process Improvement Analysis |
| Accounting and finance departments are receiving more pressure to operate more efficiently and effectively. It has become imperative for every company's accounting and finance department to provide real time financial results and to be able to close their books within a short time frame (a virtual close). We can help improve the "monthly close" process by analyzing the present processes, incorporating management's expectations and desired management reports, and reviewing software capabilities. As a result, the finance department can operate more efficiently and effectively, and provide better information to the management team. |
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| Start-up Business Services |
Our professionals provide services to start-up businesses. These services include: - Assistance in preparing a business plan
- Obtaining tax identification numbers
- Choosing the best type of entity for the business
- Implementing an accounting system
- Making beneficial income tax elections with initial business tax return
- Implementing payroll and sales tax reporting systems
- Other general new business services
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| 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. |
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| IRS Representation |
| During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients are being properly represented before the various federal and state tax agencies. |
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| 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. |
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| Business Succession Planning |
| Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan. |
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| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
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| Mergers & Acquisitions |
| Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations. |
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| Performance Measurement |
| Because profit is the lifeblood of any business, financial measures are considered critical. Long-term profitability is better achieved by focusing on a balanced set of both financial and nonfinancial measures. Most financial measures are lagging indicators (reflections of what has already happened). In contrast, many nonfinancial measures can be leading indicators, therefore helpful in predicting future results. Performance measures include both financial and nonfinancial measurements that can be quantified and reported related to a company's performance in particular areas. The key is to link the performance measures to management's strategic plan. We can help in identifying which performance measures to track or link to your strategic plan. |
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| Estate & Trust Tax Planning and Preparation |
| Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| Accounting Software Support |
| We can help you install, set-up and maintain your Quickbooks accounting records. As Certified Quickbooks Professional advisors and CPAs, we can help you with any Quickbooks software and accounting needs you may have. Our accounting software support services also include Peachtree and many other small business accounting applications. |
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| Computer System Services |
| Our professionals are ready to help our clients in the computerization process where a computer system will fit their needs, including assistance with needs analysis, periodic reviews of computer system procedures and controls, and selection of a vendor for system acquisitions. |
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| Litigation Support |
| We offer a wide variety of services from case consulting to expert witness testimony. We work closely with our clients to help master the relevant financial issues of each case.
Litigation services available include: - Case consulting
- Financial expertise in marital litigation
- Forensic accounting
- Business valuations
- Tax planning and analysis
- Fraud investigations
- Damage analysis
- Assistance with discovery in complex financial areas
- Bankruptcy and reorganization consulting
- Expert witness testimony
- Deposition attendance
- Direct and cross-examination assistance
- Trial assistance
- Exhibit preparation
- Personal injury and wrongful death calculations
- Settlement negotiations
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| Other Business Consulting Services |
| Our Business Consulting Services continue to evolve with the changing needs of our clients. Other Business Consulting Services include:
- Compensation planning
- Financial executive placement assistance
- Human resource assistance
- Strategic business planning
- Operational reviews
- Other general business consulting
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