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Attestation

Audit - Highest Level of Assurance

An audit provides the highest level of assurance. 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.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

 

An Audit allows you to...

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
     

  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
     

  • Comply with banking covenants.
     

  • Help deter and detect material fraud and error.
     

  • Facilitate the purchase and sale of businesses.
     

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, to check outstanding receivable balances,

  • Your banks, to confirm cash or debt balances and terms,

  • Your vendors, to verify outstanding payable balances, and

  • Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and perform 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.

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, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.

 

Review - Limited Assurance

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.

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.

 

Compilation - Lowest Level of Assurance

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. 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.

 
 

Tax Management and Preparation

At Bryant CPA, we keep up with changes in the tax laws and are always looking for new ways to help our clients keep more money in their hands, instead of sending it to the IRS.  We offer Corporate tax preparation, partnership tax preparation, tax compliance, state, local, federal, and international-related tax consulting, sole proprietorship accounting and tax preparation. We will take the time necessary to explore the most beneficial possible treatments and discuss with you.

Bookkeeping

At Bryant CPA,  we can tailor your books.  We offer the following bookkeeping options:

  • Full Accrual - (including prepaid expenses, accrued expenses, accrued payroll, and deferred revenue)

  • Modified Accrual - (including accounts receivable and accounts payable, banking & credit card activity, and payroll)

  • Cash Basis - (receipts and disbursements, banking & credit card activity, and payroll

 

Bookkeeping Services include:

  • Accounts payable (bills and payments)

  • Accounts receivables (invoices and collection)

  • Daily General ledger maintenance

  • Time tracking & job cost reporting

  • Payroll processing

  • Expense classification

  • Sales commissions

  • Sales and use tax filing

  • Bank account reconciliation

  • Credit card reconciliation

  • Balance sheet generation and review

  • Budgeting & Forecasting

  • Financial statements & custom reporting

  • Inventory management

  • Work in process (WIP)

  • Foreign banking management

  • Fixed asset management

  • 1099 forms

  • Coordinating with your CPA or tax adviser

  • Trial Balance Reconciliation

  • Tax & Audit support

 

CFO/Controllership Services

 

Below is a list of some of the most common outsourced CFO services:

1 – Financial Strategy

The greatest benefit a CFO will bring to your organization is a higher level of financial strategy. While most other finance roles in your organization involve maintaining past and present financial records, a CFO is focused on the detailed short- and long-term strategy of your organization. An outsourced CFO is an expert in long-term planning and figuring out what, exactly, is needed to take your company from where it is now to where you’d like to be.

2 – Short- and Long-Term Forecasting

A financial forecast is one of the most important tools an organization can have. It is the detailed financial and operational roadmap giving a step-by-step guide to take you from where you are now to achieve your goals. A financial forecast requires analysis, strategy, and practicality. It requires strategic understanding of the current and future capabilities of your company, mastery of financial algorithms and trends, as well as in-depth analysis of the competitive landscape within your industry.

3 – Financial Systems Strategy & Design

If your financial management software and internal systems are incapable of keeping up with your growth, are incompatible with your other operational and/or sales systems and processes, or lack features essential to your business, it may be time to reevaluate. While outsourced CFOs don’t typically implement the actual system, they can help to analyze your current systems, assess your current and future needs, design a systems combination that will work best for your organization’s current and future growth (including tiers of implementation, if needed), help select and negotiate with a provider, help ensure the transition goes as smoothly as possible, and help train personnel on the new systems to maximize understanding, comfort, and utilization.

4 – Budgeting

While a forecast is typically a 5- or 10-year projection of costs and operations, a budget plans out in detail your projected financials. Even though this is a shorter timeframe than the strategic forecast, a budget is imperative to the day-to-day actions of an organization. This budget helps guide the year’s financial decisions while keeping the organization on track to reach its goals. A strategic CFO will often use a forecast as a rolling budget to help ensure your financial performance is in line with your company goals and roadmap.

5 – Facilitating & Interpreting Financial Reporting

Finances are imperative to the daily operations of an organization, and financial reports keep you apprised of your current (and future) standings. Many outsourced CFO services include financial report facilitation, interpretation, and drill-down. Let a CFO analyze your reports and give you the most important takeaways in a way that best supports your business needs. This gives you an opportunity to ask questions, re-strategize when needed, stay aware of the goings-on, and to have the information you need to make your essential business decisions. If you don’t currently have a reliable system for timely, accurate financial reporting, your outsourced CFO will also help put a reporting system in place.

6 – Raising Capital

Raising capital is typically very stressful for an organization, but an outsourced CFO can offer services to make the process go more smoothly. An outsourced CFO usually brings with him or her a network of financiers to whom they can introduce you. An outsourced CFO can also:

  • Ensure your current accounting and financials are conducive to positive conversations with potential investors or lenders

  • Provide financial statements, reports, and documents for due diligence

  • Assist in structuring capital including determining how much financing you need and what mix of debt and equity financing is best for your goals

  • Bring confidence, reputation, and professionalism to your organization by having an experienced CFO representing you and your business.

  • Term sheet review and negotiation

7 – Capital Structure

How much financing do you need, and what combination of debt and equity will help you uphold company value while achieving the growth you desire? An outsourced CFO provides services to help you determine what capital structure is ideal for your organization.

8 – Interim CFO Services

If your company is in transition, facing a challenge, or is in the process of hiring a full-time in-house CFO, and interim CFO can help support your organization in the meantime. Many companies also hire an outsourced CFO for an interim role preceding the need for a full-time CFO. In these cases, an outsourced CFO can not only provide as-needed CFO strategy and services as your company grows, but can also help hire and orient a full-time CFO for your company.

9 – Cash Flow Analysis & Restructuring

Cash flow is one of the most common (and influential) challenges businesses face. Solving cash flow issues involves more than just simply bringing in more revenue–it requires understanding what you’re spending and where you’re spending it, and knowing which expenses are essential for your organization’s growth and which can be let go or modified. Outsourced CFOs take a deep dive into your financials to figure out how to maximize your bottom line. This may include:

  • Renegotiating vendor contracts

  • Restructuring client contracts

  • Ensuring pricing is aligned with company & industry trends

  • Analyzing commission structures

  • Supply chain management

  • Attributing costs to revenues

  • Etc.

10 – Making Cost Cuts

Outsourced CFOs can usually make more (and better) strategic cost cuts than an in-house team, which makes it one of the popular outsourced CFO services. The reason an outsourced CFO can be more effective is because:

  1. They will have expansive experience with a variety of companies in your industry so they have a deep understanding of benchmarks to which they can compare your costs.

  2. They are more objective. Where managers or teams may have more of an interest in particular projects or initiatives that may influence their cost-cutting strategy, outsourced CFOs have no such biases and make decisions based on data and experience.

  3. Cost cuts will be more objective. Cost-cutting isn’t a simple “big numbers are bad, small numbers are good” game. To achieve cost cutting that is sustainable and that drives company goals as opposed to undermining them, thoughtful consideration, data analysis, and objectivity needs to take place.

11 – Facilitating Mergers & Acquisitions

Whether your transaction includes a merger, acquisition, or partial, public, entity or asset sale, helpful CFO outsourcing services may include:

  • preliminary analysis and reporting

  • forecasting

  • stabilizing financial functions

  • advising key team members during the sales process

  • preparing relevant documentation

 

Mergers & Acquisitions

 

At Bryant CPA, we are here to guide you through the M&A process

 

A typical 10-step M&A deal process includes:

  1. Develop an acquisition strategy – Developing a good acquisition strategy revolves around the acquirer having a clear idea of what they expect to gain from making the acquisition – what their business purpose is for acquiring the target company (e.g., expand product lines or gain access to new markets)

  2. Set the M&search criteria – Determining the key criteria for identifying potential target companies (e.g., profit margins, geographic location, or customer base)

  3. Search for potential acquisition targets – The acquirer uses their identified search criteria to look for and then evaluate potential target companies

  4. Begin acquisition planning – The acquirer makes contact with one or more companies that meet its search criteria and appear to offer good value; the purpose of initial conversations is to get more information and to see how amenable to a merger or acquisition the target company is

  5. Perform valuation analysis – Assuming initial contact and conversations go well, the acquirer asks the target company to provide substantial information (current financials, etc.) that will enable the acquirer to further evaluate the target, both as a business on its own and as a suitable acquisition target

  6. Negotiations – After producing several valuation models of the target company, the acquirer should have sufficient information to enable it to construct a reasonable offer; Once the initial offer has been presented, the two companies can negotiate terms in more detail

  7. M&A due diligence – Due diligence is an exhaustive process that begins when the offer has been accepted; due diligence aims to confirm or correct the acquirer’s assessment of the value of the target company by conducting a detailed examination and analysis of every aspect of the target company’s operations – its financial metrics, assets and liabilities, customers, human resources, etc.

  8. Purchase and sale contract – Assuming due diligence is completed with no major problems or concerns arising, the next step forward is executing a final contract for sale; the parties make a final decision on the type of purchase agreement, whether it is to be an asset purchase or share purchase

  9. Financing strategy for the acquisition – The acquirer will, of course, have explored financing options for the deal earlier, but the details of financing typically come together after the purchase and sale agreement has been signed

  10. Closing and integration of the acquisition – The acquisition deal closes, and management teams of the target and acquirer work together on the process of merging the two firms

 

Accounting System/ERP Implementation

If your financial management software and internal systems are incapable of keeping up with your growth, are incompatible with your other operational and/or sales systems and processes, or lack features essential to your business, it may be time to reevaluate. We can help to analyze your current systems, assess your current and future needs, design a systems combination that will work best for your organization’s current and future growth (including tiers of implementation, if needed), help select and negotiate with a provider, help ensure the transition goes as smoothly as possible, and help train personnel on the new systems to maximize understanding, comfort, and utilization.

 

Budgeting and Forecasting

 

Planning, budgeting and forecasting in today’s fast-changing global economy requires organizations to be agile, with the ability to respond quickly to new market opportunities or threats. Success requires the ability to set corporate targets or budgets, combined with the ability to continually monitor performance and dynamically update planning assumptions and resource allocations on a periodic basis using dynamic planning techniques.  We can help establish Budgets and create Financial Forecast Models and help you monitor along the way.

Budgeting and financial forecasting are tools that companies use to establish a plan regarding where management ideally wants to take the company (budgeting) and whether it is heading in the right direction (financial forecasting). Although budgeting and financial forecasting are often used together, distinct differences exist between the two concepts. Budgeting quantifies the expectation of revenues that a business wants to achieve for a future period, whereas financial forecasting estimates the number of revenues that will be achieved in a future period.

 budget is an outline of the direction management wants to take the company. A financial forecast is a report illustrating whether the company is reaching its budget goals and where the company is heading in the future. 

Budgeting can sometimes contain goals that may not be attainable due to changing market conditions. If a company uses budgeting to make decisions, the budget should be flexible and updated more frequently than one fiscal year so there is a relationship to the prevailing market.

 

Forensic Accounting

What is Forensic Accounting?

Forensic accounting utilizes accounting, auditing and investigative skills to conduct an examination into the finances of an individual or business. Forensic accounting provides an accounting analysis suitable to be used in legal proceedings. Forensic accountants are trained to look beyond the numbers and deal with the business reality of a situation. Forensic accounting is frequently used in fraud and embezzlement cases to explain the nature of a financial crime in court.

Understanding Forensic Accounting

Forensic accountants analyze, interpret and summarize complex financial and business matters. They may be employed by insurance companies, banks, police forces, government agencies or public accounting firms. Forensic accountants compile financial evidence, develop computer applications to manage the information collected and communicate their findings in the form of reports or presentations.

Along with testifying in court, a forensic accountant may be asked to prepare visual aids to support trial evidence. For business investigations, forensic accounting entails the use of tracing funds, asset identification, asset recovery and due diligence reviews. Forensic accountants may seek out additional training in alternative dispute resolution (ADR) due to their high level of involvement in legal issues and familiarity with the judicial system.

Forensic Accounting for Litigation Support

Forensic accounting is utilized in litigation when quantification of damages is needed. Parties involved in legal disputes use the quantifications to assist in resolving disputes via settlements or court decisions. For example, this may arise due to compensation and benefit disputes. The forensic accountant may be utilized as an expert witness if the dispute escalates to a court decision.

Forensic Accounting for Criminal Investigation

Forensic accounting is also used to discover whether a crime occurred and assess the likelihood of criminal intent. Such crimes may include employee theft, securities fraud, falsification of financial statement information, identify theft or insurance fraud. Forensic accounting is often brought to bear in complex and high profile financial crimes. The reason we understand the nature of Bernie Madoff's Ponzi scheme today is because forensic accountants dissected the scheme and made it understandable for the court case.

Forensic accountants may also assist in searching for hidden assets in divorce cases or provide their services for other civil matters such as breach of contracts, tort, disagreements relating to company acquisitions, breaches of warranty or business valuation disputes. Forensic accounting assignments can include investigating construction claims, expropriations, product liability claims or trademark or patent infringements. And, if all that wasn't enough, forensic accounting may also be used to determine the economic results of the breach of a nondisclosure or noncompete agreement.

Forensic Accounting in the Insurance Industry

Forensic accounting is routinely used by the insurance industry. In this capacity, a forensic accountant may be asked to quantify the economic damages arising from a vehicle accident, a case of medical malpractice or some other claim. One of the concerns about taking a forensic accounting approach to insurance claims as opposed to an adjuster approach is that forensic accounting is mainly concerned with historical data and may miss relevant current information that changes the assumptions around the claim.

 

Excel Help and Training

 

Enhance Your Excel Skills With Expert-Led Training.  Whether you need financial models, revamped internal spreadsheets or on-site training; we can help.  Untap the hidden efficiencies Excel has to offer.

 

Bryant CPA, LLC

A full service accounting firm serving businesses in Atlanta and all of north Georgia

Contact:

  • 678-478-5164

Office:

Bryant CPA, LLC

1900 Dartford Way

Hoschton, GA 30548