The following is a summary of our more popular services. It is by no means all-inclusive, so please inquire if you have a need not listed below. If it is not a service we provide, we will be happy to refer you to a qualified professional:
Accounting Services
Bookkeeping: Our staff will take your business transactions, organize them into an accounting system, and then provide accounting reports summarizing your operation. These are sometimes called write-up services. Generally done monthly but can be done quarterly or annually and we utilize QuickBooks accounting software.
Payroll Taxes: We calculate payroll tax deposits, prepare quarterly and annual federal and state payroll tax returns, W-2’s and 1099’s.
Sales Tax Returns: We encourage our clients to prepare their own sales tax returns in order to minimize fees, but are happy to assist or prepare them as the client wishes.
Fixed Asset Accounting: We maintain fixed asset records, calculate depreciation for tax returns and financial reporting, and create accounting entries for depreciation, new assets and asset dispositions. These records are automatically integrated into the client’s tax returns for efficiency.
We will prepare an annual tangible property tax return if required.
Accounting Overview: For clients with their own accounting systems we read the transaction postings and recommend corrections. We prepare proposed journal entries for depreciation, expense accruals and prepaid items. We read expenditures and cash flow to identify possible problems and then make recommendations and then consult with client to discuss business performance. In order for us to maintain our independence, we submit these entries to the client’s in-house bookkeeper, accountant or controller for their approval and input.
Financial Reporting
We provide financial reporting at two levels of assurance, in all cases complying with standards established by the American Institute of Certified Public Accountants (AICPA). Financial statements consist of a balance sheet, a statement of operations and a statement of cash flows. Depending on the need, the cash flow statement and/or required footnotes might be omitted to minimize the cost.
Compilations: In a compilation engagement, we take the client’s financial information that they have provided us and assemble the data in the form of financial statements which would include all disclosures including the footnotes to the financial statements. Depending on the needs of the client, we can also prepare compiled financial statements which do not include all the disclosures. We assure that the information is organized and presented according to Generally Accepted Accounting Standards but we provide no assurance on the accuracy of information contained in the financial statements.
Reviews: A review engagement takes the compilation engagement further where in addition we perform analytical procedures and make management inquires to provide limited assurance of financial statements and we state that based on our review, we are not aware of any modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. It is substantially less in scope than a certified audit of the financial statements where we would express an opinion regarding the financial statements taken as a whole. Reviewed financial statements are typically required by lenders when bank debt exceeds $1,000,000 or for construction contractors that require bonding on contracts.
Personal Financial Statements: We prepare compiled personal financial statements required by lenders on their own specific forms to minimize costs and the lenders prefer them. Compiled financial statements prepared under the full guidelines established by the AICPA are quite detailed and much more expensive to prepare.
Forecasts: A forecast is set of financial statements that predict business results, typically for a period of twelve months. It is very useful to management, especially in understanding cash flows and evaluating funding options and how to structure the financing. It is normally required by lenders or other external parties. We work with clients to develop forecast assumptions, develop income and expense budgets, and then compile forecasted financial statements according to AICPA standards.
Tax Preparation and Planning
We prepare income tax returns for individuals, corporations, partnerships, estates and trusts. Since client income sometimes comes from states other than Florida, we also prepare state tax returns for any of the fifty states.
Tax planning is essential. We are proactive versus being reactive in providing tax services. We prepare periodic tax projections to eliminate year end surprises. We look for opportunities to minimize your current and future tax liabilities by first understanding new tax regulations and then applying them to your circumstances.
Consulting
We gauge our value by the personal and business successes of our clients. We act as a sounding board for management in clarifying problem areas and evaluating solution options. The following are some of the areas in which we provide consulting services.
- Business plan preparation
- Selection of entity type
- Business start-up assistance
- Accounting software selection
- Evaluating financing options
- Loan negotiation
- Lease/Buy analysis
- Budget preparation
- Buying/Selling a Business
- Funding for business investments
- Retirement planning
- Estate tax planning
- Personal financial statements
QuickBooks Setup, Training and Optimization
QuickBooks is the most popular accounting software for small businesses. We work with our clients to establish a chart of accounts, select options, determine how best to enter their transactions and create customized reports to meet their operational needs. We train your staff to do as much of the accounting work as you wish to and we do the rest. As QuickBooks ProAdvisors, we have access to the Intuit/QuickBooks technical support team to answer difficult or confusing questions.
Controller Services
Hammer and Company, P.A. can act as your controller and cement together your existing accounting staff that may not have the time or skill set to do the financial analysis necessary to provide management the information they need. Since we are available on an “as needed” basis you can better control your fixed costs.
Some of the Industries (business types) Served
- Manufacturing
- Contractors
- Real estate investors
- Property management
- Restaurants
- Insurance
- Wholesalers
- Retailers
- Physicians
- Architects
- Landscapers
- Auto Repair Shops
