Audits, Reviews, & Compilations

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An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice

An Audit allows you to

• Satisfy stakeholders as well as the investing community as to the credibility of published information
• Facilitate the payment of taxes on-time and accurately thereby avoiding penalities and investigations
• Comply with banking covenants
• Detect fraud and error
• Facilitate the purchase and sale of businesses

Here's what

You get the highest level of assurance because we go outside your company to obtain more information. Typically we'll have written communication with your customers, banks, vendors, and attorneys. We perform phyical inspections by observing your inventory, and performing test counts. We document and test each operating cycle including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.

Reviews

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. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Compilations

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. A compilation is limited to presenting information that is the representation of management in the form of financial statements and supplementary information and accordingly we do not express any degree of assurance on the statements. In a review of a company’s financial statements, we express limited assurance that there are no material modifications that should be made to the financial statements. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data.

Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants.

Cash Flow Management

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A wise business owner once said, "Happiness is a positive cash flow." As a business owner, everything is better with your cash-in exceeds your cash-out

A cash crisis can be emotionally devastating and it can even kill your business. Our cash management service allows you to:

• Know when, where and how your cash needs will occur
• Know what the best sources are for meeting your additional cash needs
• Maintain good relationships with bankers and other creditors

We will develop a cash flow projection for you and can help develop short term and long term capital strategy to help you manage your daily, weekly, annual and 3 - 5 year cash flow needs.

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

We also provide other cash management services:

• Help obtaining lines of credit
• Cash collection acceleration techniques
• Proven effective payment policies
• Maximizing the rate of return on your idle cash

Financial Planning

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Building and preserving your personal wealth requires specialized attention. We provide one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth

We help you:

• Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance.
• Pay for your child's college education by accurately estimating the amount of money you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
• Protect your family in case of you become disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can't manage them yourself.
• Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns.
• Leave a legacy for your heirs by maximizing the value of your estate by saving tax dollars, professional fees, and court costs. As well as minimizing the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. We also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.

Internal Controls

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At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

What we do for you:

• Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
• Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
• Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
• Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
• Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
• Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
• Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.

Bookkeeping Services

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Our firm provides bookkeeping services to small and medium sized businesses. This allows you to concentrate on your core business rather than being weighed down by paper work.

Our highly trained QuickBooks consultants manage your accounting tasks so you can focus on growing your business. Clients that use our Florida bookkeeping services gain the expertise and support of a full-service company, not just the capabilities of a single employee. We build long-term relationships with our clients that make us an invaluable investment in their business operations.

Our full-service off-site bookkeeping services include:

• Accounts Payable
• Accounts Receivable
• Invoicing
• Comprehensive payroll administration
• Reconciliation of all bank and credit card accounts
• Job Costing
• Budgeting, forecasting, and cash projections
• Internal and external audit interfacing
• Comprehensive financial reporting packages to meet your needs
• Sales tax returns
• Computerized accounting system analysis and installation
• Other customized services to help you grow your business

Payroll

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Our CPA firm manages payroll for companies throughout Florida. When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner. Staying on top of payroll is essential - one mistake or late tax payment can result in a severe cost. We'll make sure your payroll is handled efficiently and recorded properly.

Small business owners in Florida 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.

Why Outsource Your Payroll:

• It's Cost Effective
• It's a Time Saver
• Worry Free Payroll Tax Filing
• Allows you to Focus on Core Competencies
• Comprehensive Reporting

QuickBooks Overview

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We offer the following services to help do-it-yourself business owners manage their day-to-day operations using QuickBooks. Over the years, many Florida businesses have contacted us to help them get started with QuickBooks, empower them to manage their bookkeeping and control their cash flow, while enabling them to work with a Charles A. Krblich, P.A. in an advisory capacity.

• Standard QuickBooks setup
• Custom QuickBooks setup
• Technical Support for QuickBooks

QuickBooks Setup

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Our Florida CPA firm provides QuickBooks setup services for small and medium businesses through Florida.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

All information necessary to setup manual accounting records is also necessary to setup and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?

Our Certified QuickBooks Pro Advisor can easily answer all of these questions and complete the initial Setup and Installation in a timely manner. In addition, your accounting employees receive training on the accounting software to enhance their performance.

QuickBooks Training

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Our Florida CPA firm provides QuickBooks training services for small and medium businesses through Florida.

Once QuickBooks is set-up and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business.

Why choose one-on-one attention instead of taking a class?

• We come to your location
• We focus on the individual issues facing your business
• We will be there to answer your specific questions and concerns
• No need to spend time on features that don't impact your business

Our highly trained QuickBooks consultants makes sure your employees can correctly administer QuickBooks for your business.