Arendholz Bryan & Associates, PC - Sm. Business Account...

Arendholz Bryan & Associates, PC - Sm. Business Accounting, Statements & Reports

Small Business Accounting, Financial Statements & Annual Reports

203-483-7333



We are a full service accounting and financial service firm located in Branford, Connecticut. We offer a wide array of accounting, taxation, and consulting services to individuals, and small to large businesses. In addition, we also provide estate planning, asset protection strategies, litigation preparation, life and retirement planning, and representation before the IRS.



Our team is fully committed to helping our clients successfully reach their financial and personal objectives. To date, the clients we have helped encompasses a broad range of industries, including retail, construction, manufacturing, distribution, restaurant, real estate, professional services and not-for-profit.



Our cutting edge services, ideas & solutions will propel your business forward above and beyond the limitations of your competitors. Whether it’s helping to clarify your business and personal goals, creating a LIFE PLAN to achieve those goals, improving profitability and cash flow, installing management measurement and monitoring systems to improve performance, or a host of other services Arendholz Bryan can be an extraordinary business partner for you. As a member of the CSCPA and AICPA has access to training, resources and tools that allows us to be your premier business growth advisor.



Business Accounting



As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!



Each month or quarter we'll do the following things for you...

Reconcile your bank account

Generate an income statement

Generate a balance sheet

Clean up your general ledger

Provide unlimited consultation

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.



Bank Reconciliation



Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.



Having us reconcile your account each month allows you to...

Identify lost checks, lost deposits and unauthorized wire transactions.

Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

Detect and prevent embezzlement of funds from within your company.

Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.

Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.

Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.



Income Statement



An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.



An income statement allows you to...

Track revenues and expenses so that you can determine the operating performance of your business.

Determine what areas of your business are over-budget or under-budget.

Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.

Track dramatic increases in product returns or cost of goods sold as a percentage of sales.

Determine your income tax liability.



Balance Sheet



A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.



A balance sheet helps you...

Quickly get a handle on the financial strength and capabilities of your business.

Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.

Determine if your business is in a position to expand.

Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?

Determine if you need to take immediate steps to bolster cash reserves?

Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.



QuickBooks Services

QuickBooks is the ideal business accounting software for small to mid-sized business owners. Here's 10 reasons why you should be using QuickBooks.

You save time on bookkeeping and paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business.

You can easily generate the reports with the information you need, so you always know where your business stands. You instantly know whether you're making money and whether your business is healthy.

You save money because QuickBooks is so affordable. You can use it to run a $5 million or a $25 million business for a few hundred bucks. PC accounting software is truly one of the great bargains in business.

Your business can grow with QuickBooks. QuickBooks will help you design a business plan to use when trying to secure a small business loan or line of credit or to plan for the future. QuickBooks will create a projected balance sheet, profit and loss statement and statement of cash flows in the format recommended by the U.S. Small Business Administration.

You can customize QuickBooks to work the way you want. QuickBooks is specifically designed to be flexible and adaptable to a wide range of small businesses. To broaden its appeal, QuickBooks has recently added customized accounting packages for Contractors, Retailers, Health Care Professionals, and Non-Profit organizations.

You can rest assured knowing that QuickBooks is a stable, reliable and proven product. Hundreds of thousands of small businesses throughout the world have chosen QuickBooks as their accounting software. You can't go wrong with a software program with such an extensive installed user base.

You save typing time and errors by sharing data between QuickBooks and over 100 business applications. You can even share data with popular programs, such as Microsoft Excel, Word, Outlook and ACT.

You will get paid faster with QuickBooks online payments. E-mail an invoice or statement and with QuickBooks Online Billing, your customer can easily pay you with a credit card or bank account transfer. No more waiting for the check in the mail!

You can easily accept Credit Cards. With QuickBooks Merchant Account Service, you can accept credit cards with ease. QuickBooks Merchant Account Service is the only credit card acceptance service integrated with QuickBooks software, which means you don't have to enter the same data twice. No additional software or hardware is required. Your customers can use Visa, MasterCard, or American Express.

You can pay your bills and bank online. Setup your current bank account in QuickBooks, and you're ready to pay your bills without licking envelopes, sticking stamps, or printing paper checks. Just write checks in QuickBooks as you normally would, then click a button and your participating bank does the rest! Pay anyone in the U.S. from your credit card companies to your pizza service. Online Banking also lets you download your monthly statement from your participating bank directly into QuickBooks for easier reconciliation.



Audits, Reviews, Compilations



Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.



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.



Here's what you get...



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.



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. Please call if you have questions about which type of report is right for you.



We welcome you to take a moment and browse our website and learn more about how we can be of service to you. Thank you for visiting, we look forward to working with you!



Arendholz Bryan & Associates, PC

Tax Preparation & Tax Services

14 Summit Place, Suite 201

Branford, CT 06405

Phone (203) 483-7333

Fax (203)483-8320

info@abapc.com

https://www.abapc.com/Services/BusinessServices/BusinessAccounting.aspx