Our firm offers a wide range of services to our clients. Below, we have listed the primary services we offer along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a specific service if you do not see it listed.
Accounting Services for Cooperatives and Condominiums
Audit reports may be prepared on a quarterly, semi-annual or annual basis. The focus of our team is to maintain close contact with our clients in order to provide them with timely service, effective advice and a high quality, useful financial report.
Our approach is to audit a substantial number of paid bills on a monthly basis. This procedure helps find incorrect bills, duplicate payments and questionable items, which will be discussed with the managing agent and/or Board of Directors on a timely basis. Each month, we account for the maximum potential income and compare actual collections to the gross collectible amount. We require explanations for large fluctuations or variances. To achieve our audit objectives, we work closely with the managing agent and/or Board of Directors throughout the year to help make certain that all financial concerns are promptly addressed.
We evaluate each managing agent’s internal controls and can offer advice regarding the handling of important non-audit financial matters such as budgeting, long range financial planning, arrears collections and sponsor issues. We can also assist in evaluating the adequacy of an entity’s working capital and reserve funds.
Reviews and Compilations
For engagements that require less assurance than an audit, we provide two levels of financial reporting:
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare Federal, State and Local tax returns for various types of entities including corporations, housing associations, partnerships, trusts and estates.
We also perform shareholder tax deduction calculations for mortgage interest and real estate taxes as required under Section 216 of the Internal Revenue Code, and can prepare an analysis of "good income versus bad income" (80/20 rule) where applicable.
Cash Flow & Budgeting Analysis
A housing entity can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your housing entity's financial condition, estimate financing requirements, and track cash-flow sources and uses.
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your management team develop long-term objectives and specific strategies to facilitate future business stability and success.
We can also assist you in securing financing for your housing entity's needs or consolidating your current debt to a more manageable level. Additionally, we can help you and your investment advisor invest excess capital reserves by building an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
We use accounting and auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can help determine the extent of financial loss and illegal accounting practices.
Services for Other Entities and Individuals
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
General ledger and financial statement preparation
Accounting system setup for new businesses
Computerized payroll services
Business tax return preparation (Sales and Use/Business Property)
Personal financial statements
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 the necessary payroll tax returns in a timely manner.
Tax Planning and Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Commercial Real Estate Solutions
We provide accounting due diligence, financial testing, and other consulting services to owners and developers of commercial real estate as well as real estate lenders and potential acquirers of real estate loans.
We evaluate a commercial property’s historical financial performance, its current rent roll and its short and long-term financial forecasts. We support current and future revenue forecasts by testing and abstracting leases and other income items in place, and evaluate expense levels by comparing operating results to tax returns and actual bills, and performing variance analysis procedures.