Assurance and Attestation Services
Assurance services are the cornerstone of the CPA profession. Our team is committed to providing cost effective audits, reviews, and compilations performed in accordance with the highest professional standards. As part of this process, our professionals will keep you updated on the latest financial reporting requirements on an on-going basis. As part of the engagement, we also look for ways to help you run your business more profitably. These value added recommendations include improving your internal controls or business advice based upon our knowledge of your company and the industry in which you operate.
The objective of an audit is for us, the auditors, to render an opinion about whether the financial statements are fairly presented in accordance with a specified basis of accounting. An audit involves evaluating internal controls, testing financial transactions, confirming account balances with third parties, and other substantive procedures.
Although audits are generally performed to meet creditor, regulatory or other requirements, an audit report also provides information that can be valuable to management for pro-active decision making. An important by-product of many of our audits is the management advisory comments letter that provides suggestions for improvements in controls or operations.
The objective of a review is significantly different than that of an audit. The procedures performed for a review consist of inquiry of management and analytical analyses of information provided by management. We do not render an opinion on the financial statements. Our report provides only limited assurance that the financial statements “make sense”.
A compilation is merely a financial statement presentation of information that is furnished by management. No audit procedures or review procedures are performed on the information.
In addition to the traditional audits, reviews, and compilations, we provide the following services:
- Agreed Upon Procedures: In these engagements, the client and the auditors agree upon certain procedures to test specific areas of concern to the client or to other users of the report. The client and report users agree on the adequacy of the procedures to be performed. Our report generally takes the form of: “We performed these agreed-upon procedures”. The results of the performance of these procedures are then reported. We may also make recommendations or suggestions, if outlined in the agreed-upon procedures.
- Forecasts and Projections: Whether you are looking for a more effective budget or trying to raise financing, our professionals will guide you through the process. We have people with industry experience who are intimately familiar with budgets and forecasts. We gain an in-depth knowledge of your business to aid you in developing sound financial assumptions based upon your operations.
- Due Diligence Procedures: Whether you are looking to acquire a new business or selling your own, we can provide you with sound guidance on the due diligence process. We can tailor our engagement to provide a high level overview, or dig deep into the details of a target company. As part of the process, we look not only at the financial systems themselves, but the quality of the operations to ensure that you understand the potential issues for the future.
Rick C. Reed & Company, PLLC is a member of the American Institute of Certified Public Accountants (AICPA). We have successfully completed independent peer reviews of our accounting and auditing practices to comply with the stringent quality control standards set by the AICPA.
Technology services and support
Our staff includes qualified personnel trained to set up complete technology systems for specific business needs. We also assist with established systems. Our services include:
- Evaluation of current computer system and recommendation of any hardware or software upgrades and/or changes including: networking, reliable and sufficient backups, antivirus protection, firewalls, etc.
- Installation, setup, and configuration of both software and hardware.
- Any necessary training of personnel.
- Design of custom reports necessary to specific needs.
- Ongoing technical support.
We work extensively with Peachtree, an ideal solution for most small businesses. We also assist with QuickBooks and a variety of other software packages.
Of course you can count on us for accurate, comprehensive and timely filings. But that’s just the beginning. Whether you’re a business or an individual, our philosophy is to understand you and your specific needs and objectives. We prepare returns to meet all statutory requirements, sticking with acceptable accounting practices. But we also take an aggressive approach, applying the techniques that put you at the greatest advantage in relationship to income taxes. Rick C. Reed & Company, PLLC is serious about staying current on all guidelines, regulations and laws. We even pay attention to the special needs of, entrepreneurs, closely held businesses and expatriates. We make it our business to help you keep your income in your pocket.
Rick C. Reed & Company, PLLC provides complete E-file services for most tax returns. The world is moving forward electronically and the IRS is setting goals to insure ALL taxpayers do the same. What does this mean for you? According to the IRS, electronic filing of income tax returns has become more convenient, more economical, 99% accurate and expected. Other options are quickly disappearing. The IRS ended its TeleFile program August 16, 2005. In addition, the IRS will NO LONGER be providing free tax forms to Post Offices, Libraries, and Financial Institutions, effective this filing season. Taxpayers who e-file and choose direct deposit get their refunds in half the time of those who file a paper return. Taxpayers with tax money owed can hold payments up until April 15, even when their returns are e-filed months earlier. In the past, Rick C. Reed & Company, PLLC electronically filed returns only at the client’s request. However, because of current and upcoming mandates from the IRS, we are now strongly encouraging ALL clients to e-file.
Rick C. Reed & Company, PLLC seeks a continuing relationship with our individual and family clients, which allows us to improve the tax implications of all types of personal and business transactions.
Our tax advisory services include:
- Business structure planning
- Personal financial services, tax planning and compliance
- Family partnerships and corporations
- Family tax planning
- Estate and gift planning
- Business organizations and reorganizations
- Executive compensation plans
- Pension, profit sharing plans, and other fringe benefit programs
- Full tax compliance service Federal, State, and local
- Representation before the various taxing authorities
- IRS audit appeal services
Estates & Trusts
Wills and trusts can provide security for you and your benefactors. However, they must be prepared, executed and managed according to appropriate guidelines. As part of your professional team, we will work with you and any others you request, such as an attorney, to prepare documents that accurately reflect your goals. We will make sure that everything you want is set up, managed and distributed according to your wishes, while reducing taxes on your estate wherever possible. These matters are complex and require attention to very specific details. They can be emotional as well. We have the experience to guide our clients through the process with competence and understanding.
Consulting & Advising
When it comes to financial matters, Rick C. Reed & Company, PLLC is your ideal ally. Over the years, we have consulted with hundreds of clients on the full range of business and personal situations. Clients come to us for short-term direction or long-term strategic advice.
It takes a professional accountant to help you establish and manage all of the systems for record keeping, taxes, payroll, depreciation, benefits, expenses and everything else that comes with operating a business.
Rick C. Reed & Company, PLLC has the experts you need to get your business financials in order. Our skilled staff has the education and practical experience to guide your business through the challenges of the initial start up and beyond. Relying on our expertise, we can help you weigh alternatives with informed, unbiased perspective.
We are a resource that helps take the mystery out of financial management with our support and knowledge through a range of services.
- Form of entity selection: consultation to determine the appropriate designation for your business, such as sole proprietor, LLC, LLP, partnership, corporation.
- Buy/sell agreements: assistance to develop, implement and monitor these complex transactions.
- Management succession: provide support to owners wishing to “cash out” investment in the organization
- Business expansion and acquisition: evaluation of opportunities for expanding a business through acquisition of existing practices.
- Referral to our network of professionals for assistance with: internal bookkeeping, payroll preparation, insurance coverage, computer system design and installation, retirement plan and benefit design and administration, human resources consulting and investment advisory services.
Preparing for trial or legal negotiations can be arduous, and yet the outcome may be determined by a single financial fact. We help clients prepare with financial analysis, forensic accounting and documentation. Accuracy and clarity are the benchmark for this practice. The analytical skills of accountants trained in this field can translate complex financial data into clear, understandable information based on an unbiased viewpoint. Rick C. Reed & Company, PLLC assists insurance companies, adjusters, attorneys, corporations and individuals in preparing for litigation or negotiations.
- Lost profits analysis
- Lost earnings analysis
- Financial statement analysis
- Tax return analysis
- Requests for documentation
- Interrogatory preparation assistance
- Separate property tracing