Timely, accurate, and informative financial reporting is the backbone of a company’s finance function. Financial reports provide the critical information to make informed decisions. From public companies with audit requirements to private companies seeking capital, audit and assurance services can help you to meet your compliance requirements. HetslerCPAs provides a full range of cost effective accounting services.
An audit is a unique opportunity to develop a thorough understanding of about a business and the industry in which it operates. Through this enhanced understanding, HetslerCPAs provides proactive solutions for maximizing profitability and efficiency. Our professionals can recommend improvements to business processes and internal controls, improve the quality of the information your system generates, develop useful management reports and help organize and interpret the financial information to help you make better decisions.
Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.
Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.
Several options for assurance and attest services exist for businesses. We provide financial reporting on all three levels of assurance and attestation. To understand what you need, continue reading for more in-depth explanations of the different services.
Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.Several options for assurance and attest services exist for businesses. We provide financial reporting on all three levels of assurance and attestation. To more thoroughly understand what you need, click for more in-depth explanations of the different services.
Financial Statements Audits & Audits of Internal Controls Over Financial Reporting - Highest Level of Assurance
An audit may be required if:
An Audit allows you to:
Audits: Not Just for Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants. Moreover, many financial institutions require audits of nonpublic companies based on the financing amount and/or the bank’s assessment of the company’s risk. Finally, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits to check on their management teams.
If a full audit is not required, we can provide review services on financial statements. Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. In a review, inquiries and analytical procedures are conducted, providing limited assurance that no material modifications should be made to the financial statements in order for the statements to be in conformity with GAAP or other applicable financial reporting framework.
If you need a closer examination of your books, but an audit is not required, and a compilation is not thorough enough, you should consider a review. A review is a mid-level assessment performed by an independent accountant (*sometimes not your current CPA). Responsibilities and the results of the engagement are communicated in our review report. Although review procedures are much less in-depth than audit procedures, we use our knowledge of your industry to identify and share our recommendations to improve the results of your operations.
In a review, the CPA designs and performs analytical procedures, inquiries, and other procedures, as appropriate, based on the accountant’s understanding of the industry, his or her knowledge of the client, and his or her awareness of the risk that he or she may unknowingly fail to modify the accountant’s review report on financial statements that are materially misstated. A review does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; testing accounting records; or other procedures ordinarily performed in an audit.
The CPA issues a report stating the review was performed in accordance with Statements on Standards for Accounting and Review Services; that management is responsible for the preparation and fair presentation of the financial statements in accordance with the applicable financial reporting framework and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements; that a review includes primarily applying analytical procedures to management’s financial data and making inquiries of management; that a review is substantially less in scope than an audit and that the CPA is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with the applicable financial reporting framework.
Why might a business request a review engagement?
It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.
Lowest Level of Assurance (None)
Compilation services are offered to assist your accounting department in the preparation of your financial statements in accordance with professional standards. A compilation involves obtaining information from management in an effort to prepare financial statements without expressing any assurance that the statements are fairly presented or about the underlying information in the statements.
The objective of a compilation of financial statements is to assist management in presenting financial information in the form of financial statements without providing any assurance that there are no material modifications that should be made to the financial statements.
We improve the quality of the compiled financial information by helping clients present it in accordance with GAAP, another comprehensive basis of accounting (OCBOA), or other applicable reporting framework. Although our report does not explicitly provide assurance, the fact we assisted helps provide assurance to decision makers.
The compilation, by formatting information in a standard format, allows you to evaluate your company’s performance and allows us to highlight and recommend ways to enhance your organization’s operations.
Banks often require compilations from an independent CPA as part of their lending covenants.
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.
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.
As a business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.
Each month or quarter you will receive:
These tasks form the solid foundation of a small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Reconciliation each month is important. It allows you and your businesses to:
An income statement, otherwise known as a profit and loss statement, basically combines 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.
An income statement allows you to:
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you:
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.
Maintaining a Clean 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.
Payroll Preparation & Payroll Tax
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.
Small business owners spend an average of eight hours a month performing payroll functions. That’s 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
We offer payroll solutions that meet your business’s needs and enable you to spend time doing what you do best–running your company.
Why Outsource Your Payroll:
Get the Payroll Solution That Best Fits Your Needs.
We know that when it comes to payroll service – no one size fits all. That’s why we offer the following 3 custom payroll processing options.
1. Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won’t have to. You get:
2. After-the-Fact-Payroll Services
We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get:
3. Online Payroll Processing
You can enter your employee’s online or e-mail us and get:
Custom Payroll Reports Service
There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you.