What I do
Bookkeeping & Accounting
When you were the owner of a smaller business, monthly bookkeeping may have been all you required to keep accurate financial records and projections. But now your company is growing and monthly bookkeeping—tasks like generating a monthly expense report—is just one aspect of bookkeeping tasks that seem to require every day attention.
If you need help, Anchor CPA has QuickBooks certified bookkeepers on staff to handle daily, weekly and monthly bookkeeping needs. Here are just some of the services you’ll receive as part of your full-scale virtual accounting department on a monthly basis:
- Credit Card and Bank Account Reconciliation
- Record Individual Credit Card Purchase Transactions
- Reconcile Payroll Plans (Cafeteria, Disability Insurance, HRA, Simple IRA, Vacation)
- Maintain Vendor W-9 Information
- Create Collections Process
- Process Use Tax
- Prepare Sales Tax Return
Important Monthly Bookkeeping Reports
It’s important that all these tasks be completed monthly in a timely manner to keep your business on track. That’s why Anchor CPA has processes, procedures and deadlines in place to ensure that reports are filed—and received by you and all appropriate parties—in time.
You’ll also receive a number of important monthly statements that help you spot any “red flags,” places where your business could be in danger or areas where you may be able to improve. Keeping a close eye on these statements can help you prevent company fraud, assess which projects and investments are working best for your business, and make the appropriate adjustments to keep your business growing.
Monthly bookkeeping may not be all you need as a larger business—but it’s an important part of the bookkeeping process.
Financial statements are like the financial dashboard of your business. They tell you where your money is going, where it’s coming from, and how much you’ve got to work with. They’re super helpful for making smart business moves. And they’re 100% necessary if you want to get a loan or bring on investors.
If you’re looking for a good intro to financial statements, read on. We’ll go over the basics of each financial statement, and how to read (and use) them—so your business runs like a well-oiled machine.
What are financial statements?
Financial statements are reports that summarize important financial accounting information about your business. There are three main types of financial statements: the balance sheet, income statement, and cash flow statement.
Together, they give you—and outside people like investors—a clear picture of your company’s financial position.
We’ll look at what each of these three basic financial statements do, and examine how they work together to give you a full picture of your company’s financial health.
Annual and quarterly documents such as profit-&-loss statements are routinely audited by Certified public accountants (CPAs) at publicly traded companies. Profit-&-loss statements, also referred to as p&l statements, are financial reports that indicate a company’s ability to manage expenses and income according to the Corporate Finance Institute. The Securities and Exchange Commission (SEC) requires that all publicly traded companies make this information freely available. A CPA audited statement is classified as certified, according to Investopedia.
Who can Perform an Audit?
Qualified auditors must be CPAs who have completed the education and experience requirements to perform independent examinations. When examining profit-&-loss statements, auditors are required only to apply the knowledge and expertise of an auditor. This means that the auditor’s independent opinion contains only a report on the soundness of the company’s financial statements and does not express opinions on the value or necessity of certain income or expense streams. Nor does the statement make legal statements outside of the Generally Accepted Auditing Standards (GAAS) rules.
Why Use Independent Auditors?
The primary functions of a CPA who performs an audit on a profit-&-loss statement are to generate an independent opinion of the income and expense items reported and to express his opinion in a written statement. CPAs who perform audits are third-party reviewers of profit and loss information. There are several items an auditor must examine and consider before expressing an opinion on the financial statement.
An auditor receives profit-&-loss statements from the company that prepares them and often operates in an external relationship. This means the CPA is not an employee of the company that produces the financial statements under audit. As an external, independent party, the CPA does not manage the profit-&-loss statement and does not create the statement for the company. This is to prevent biased or fraudulent opinions from being expressed in the auditor’s statement.
What is the Purpose of an Audit?
Audits prevent companies from committing fraud through dishonest accounting techniques, usually in order to inflate value and gain a competitive advantage. Corporate fraud on a large scale can negatively impact entire industries and global markets. The practice of auditing provides assurance to shareholders and investors that profit and loss information is accurate and reliable regarding the financial health of a company. The SEC has a division dedicated to investigating financial reporting and auditing fraud.
Audited financial statements are examined to ensure that profit and loss items reported are consistent with the supporting transaction documents supplied by the company, and that the profit-&-loss statement in question uses consistent accounting practices when compared with those of prior years. If an auditor’s comparison shows that inconsistent methods were used during the years or periods analyzed, he must discover the reason the inconsistency exists and report his findings in the independent opinion report.
Tax, Audits & More
Tax Preparation Services
At Anchor CPA, a Nevada CPA Firm, we know that proactive and aggressive tax planning is critical to minimizing your tax liabilities. When you work with us we make tax planning part of your overall business strategy and not just something we do at year-end.
You can be confident that our firm is on top of the current new developments in the tax laws to decrease both your current and future tax liabilities. We offer practical, proactive and innovative solutions to tax planning that put your business or personal needs first. Our firm provides our individual and business clients with the taxation expertise and knowledge that they deserve year round.
Our tax services include but are not limited to:
- Tax returns for corporations, partnerships and individuals
- Strategic tax planning
- Alternative minimum tax planning
- Payroll taxes
- Estate planning
- Expert tax witness
- International tax
- Audits, appeals and tax court
- IRS and state payment plans
- IRS problem resolution
- SALT (state and local taxes)
Our goal is to make the process of tax planning and preparation a simpler process that provides timely, meaningful information, and assists you in minimizing your tax liabilities currently and into the future.
Anchor CPA a Las Vegas, Nevada, CPA firm provides audit and assurance services to a wide variety of small businesses and nonprofit organizations.
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Our experienced and knowledgeable staff is committed to providing audit services with integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws.
The services we offer include:
- Agreed upon procedures
- Internal audits
- Exams, appeals and tax court
- Internal policies assurance
- Retirement plan audits
- Audit committee consulting
- Forecasts and projections
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs. Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one.
Anchor CPA, a Las Vegas, Nevada CPA, will work with new and developing businesses throughout the New York area to help simplify business formation and incorporation procedures.
24 Hour Service
We can have your corporation or LLC formed within 24 hours so you can begin conducting business.
Free Guidance & Name Check
We provide free guidance on selecting the correct entity and then checking if its name is available
Corporation, LLC or Partnership?
We have extensive experience to help you determine the best business structure for your specific circumstances whether it be a corporation, LLC, partnership or even branch operation.
Which State To Incorporate In
We can form your business in most of the 50 states. We will guide you in selecting the appropriate state based on your specific circumstances. Please note that Delaware and Nevada are popular, and usually a good choice.
Minimizing Taxes Using Your Company/LLC
It is one thing to form the correct company, it’s entirely another to harness and manage the tax benefits to your advantage. Our ongoing services will assure that you accomplish this by having the lowest possible tax exposure while also guiding you on how to best take distributions from your company.
Opening Bank Accounts
Our relationships with multiple banking institutions affords our clients the ability to efficiently open bank accounts, even under strict banking guidelines.
Payroll / Health Insurance / Benefits
The rules for payroll and social security are daunting. We will guide you on how to properly set up payroll and meet all payroll related compliance matters for both IRS and State. In addition, we will guide you on your options surrounding health insurance, retirement and fringe benefits.
Contractor Board Financial Statements
Construction Accounting Services
We provide a variety of construction accounting services for contractors that include:
Financial statement preparation – whether a review or an audit is needed for a bank, bonding of jobs, or a contractor’s license, we have you covered. Our extensive knowledge in the needs of contractors assures that your financials will reflect the information pertinent to your company.
Tax return preparation – we’re experienced in multi-state tax prep for business and personal returns. We’re also on top of all the unique deductions available to contractors, like the Domestic Production deduction.
Bookkeeping & accounting – Percentage of completion method? Completed contract method? However you keep track of your costs and income, we’ve got the experience to calculate that for you and help you keep an eye on all of your jobs and their financial issues.
Job costing – Don’t wonder if you’re making money on a particular job…let us help you understand the true profitability of the work you are performing. Job by job, year by year, we’ll help you manage the costs associated with your work.
A Variety of Construction Industry Accounting Clients
Our clients include home builders, multi-family housing contractors, framers, electricians, mechanical contractors and concrete contractors. We’ve seen it all and we’re capable of taking care of it all, but don’t just take our word for it…listen to one of our clients, David Hudgens, President of Accu-Crete, a large concrete contractor based in Las Vegas:
“I have worked for over 10 years with members from the accounting firm at Anchor CPA. I could not be more satisfied. As a well experienced and seasoned contractor with many years’ experience in all aspects of running a construction company, I can tell you that you will not find a better accounting firm to help you manage and run your construction business. They understand contracting in the special needs of contractors for accounting and tax services.”
Let’s Talk About Construction Accounting
Give Anchor CPA a call at 800-719-2611 to learn more about our construction accounting services.
What’s the difference between an Audit, Review and Compilation?
Sometimes, a third party will request a copy of your financials that have been reviewed or prepared by a CPA. These external parties are requesting “assurance.” They want to verify the financial integrity of your organization. This assurance certifies the correctness and validity of the financials reviewed by the CPA.
There are three levels of these services, with increasing assurance provided by the CPA: Compilation, Review and Audit.
Compiled Financial Statements
Compiled financial statements represent the most basic level of service we provide with respect to financial statements. In a compilation, we assist management in presenting financial information in the form of financial statements, without providing assurance that no material modifications should be made to the statements.
In a compilation, we don’t perform inquiries, analytical procedures, or other procedures ordinarily performed in a review; nor do we obtain an understanding of internal control, assess fraud risk, test records, or any of those procedures performed in an audit. As such, we do not provide assurance that no material modifications should be made to the financial statements.
The result of a compilation is generally considered an expression of “no assurance.” Compiled financial statements are often prepared for clients that do not need a higher level of assurance expressed by a CPA.
Reviewed Financial Statements
Reviewed financial statements provide the user with comfort that, based on our review, we are not aware of any material modifications that should be made to your financial statements for them to be in conformity with the applicable reporting framework.
In a review, we perform procedures like inquiries and analytical procedures that give us a reasonable basis for obtaining limited assurance that the financial statements do not require material modifications. As with a compilation, a review does not involve obtaining an understanding of your entity’s internal control, assessing fraud risk, testing accounting records, or other audit procedures.
Audited Financial Statements
The objective of an audit is to obtain a reasonable level of assurance about whether the financial statements as a whole are free of material misstatement.
This allows us as auditors to express an opinion about whether the financial statements are presented fairly, in all material respects.
In an audit, we corroborate the amounts and disclosures in the financial statements by obtaining audit evidence, performing analytical procedures, observations, confirmations, etc. We also obtain an understanding of your entity’s internal control and assess fraud risk.