We believe in creating a strong working relationship with our clients to determine their specific accounting and compliance needs.

Audit and Accounting - Additional Information

Audit

An audit of an entity's financial statements results in the issuance of a report that provides the highest level of assurance that the financial statements are presented fairly in conformity with generally accepted accounting principles. An audit involves performing procedures that provide assurance to offer an opinion as to whether the financial statements are fairly presented and are in conformity with generally accepted accounting principles. In an audit, as in a review, the CPA must be independent of the client and the financial statements must contain all required footnotes.

The auditor's goal is to determine whether the financial statements are free of material misstatement. An audit requires extensive inquiry and study of the organization's policies, procedures, systems, operations, and financial management. Items are observed, tested, confirmed, compared, or traced based on the auditor's judgment. After gathering sufficient evidential matter through this process, an auditor can issue an opinion about the fairness of the financial statements. As an additional benefit, the auditor may become aware of inefficiencies or weaknesses in the entity's systems and offer suggestions for improvement.

Peer Review Services

Every peer review or internal inspection should add value to your business. Working with Holbrook & Manter’s knowledgeable team will ensure just that. We bring broad experience to each peer review engagement and can provide value added recommendations to maximize the quality and efficiency of your practice. The cost of a properly completed peer review is an investment in the future success of your operation. That will be our team’s focus as we review not only the technical quality of your practice, but, also seek out ways to improve efficiency. Holbrook & Manter has a rich history of client service and satisfaction. When you partner with us for a peer review, you can expect many benefits, including:

A Practical Approach: Our team will deliver timely and efficient reviews that offer sound suggestions to improve and strengthen your practice.

Efficiency: Our experience with peer reviews positions us to identify creative ways to perform each engagement in an efficient manner. Look for us to perform required procedures while eliminating unneeded ones.

Competitive Pricing: A portion of most peer reviews can be completed before we even arrive on site, which reduces your out-of-pocket expense.

Contact us today to discuss your next peer review. Our team would be honored to assist you.

Review

A review is conducted when a lower degree of assurance than an audit is require, yet the user wants to know that a professional has performed analysis of the statements. With respect to reliability and assurance, a review falls between an audit, which provides reasonable assurance, and a compilation, which provides no assurance.

During a review, the CPA will inquire about the entity, the accounting policies and procedures, the industry, operations and personnel. The CPA will also ask about any changes in these items and request other pertinent information. In addition, your CPA will conduct a battery of analytical procedures, such as ratio analysis, comparison of your operating statistics to prior periods or perhaps to industry averages, as well as other financial analyses deemed appropriate. In a review, like an audit, the CPA must be independent of the client and the financial statements must contain all required footnotes.

Compilation

A compilation service is required for an entity that needs assistance in preparing their financial statements. A compilation involves gaining a general understanding of the entity, its bookkeeping systems, and presenting the financial information in the accepted format of proper financial statements. Through compilation services, a CPA prepares monthly, quarterly, or annual financial statements.

During a compilation, the data is simply arranged into a conventional financial statement presentation. No probing is conducted beneath the surface unless the CPA becomes aware that the data provided is inadequate or incomplete. The report attached to the financial statement emphasizes that the service is a compilation.

Agreed-Upon Procedures

An agreed-upon procedures project is one in which H&M is engaged to issue a report of findings based on specific procedures performed on the subject matter. The client engages H&M to assist the specified parties in evaluating subject matter and/or an assertion as a result of a need(s) of the specified parties. The findings are to be independently derived; hence, H&M services are to perform specified procedures and report on these findings. H&M and the specified parties agree upon appropriate procedures to be performed.

Because the needs of the specified parties may vary widely, the nature, timing, and extent of the agreed-upon procedures may vary as well; consequently, the specified parties assume responsibility for the sufficiency of the procedures since they best understand their own needs. H&M does not perform an examination or a review and does not provide an opinion or negative assurance. Instead, H&M's agreed upon procedures report presents the procedures performed and the resulting facts and findings.

401(k) and Retirement Planning Compliance

Experience is one of the most important factors of retirement planning compliance. Holbrook & Manter provides services to clients with pension plans including 401(k) plans, profit sharing plan and defined benefit plans. An annual report regarding their financial condition, investments and operations is filed on the client's behalf. Holbrook & Manter can help ensure that the audit of your employee benefit retirement plan is completed timely and accurately.

In addition to following necessary guidelines and procedures, having an audit completed by an accounting firm with experience and aptitude can provide clients with beneficial information about the health and trends in their employee benefit plans.

Outsourcing Service Solutions


Accounting Services

H&M services provide single accounting functions all the way up to full accounting outsource solutions to address companies precise accounting needs. These services can include, but are not limited to, the following items: entering and paying bills, invoicing, preparing monthly statements, reconciling bank and credit card accounts, depositing funds and other similar functions.

Closing the Books

Accounting entries are necessary at the completion end of each accounting period (e.g. month, quarter and/or year) to assure that the books are in balance and that the company's books are ready to move forward into the next month. These entries are required in the preparation of periodic financial statements and other management reports.

Payroll

H&M provides fully customized outsourced payroll service solutions. For most of our clients we take care of their specific and unique needs by preparing the payroll each pay period, making all the required tax deposits and filing all of the appropriate payroll returns as well as the year end W-2's and annual required reconciliations. To meet our client's preferences and various specified needs, we can pay the company's taxes by pulling the funds when the taxes are actually due or we can ratably impound the tax monies with each payroll.

Management Reporting

We provide Management reporting in order to meet the precise needs and expectation of the users. In order to manage any business properly, the key items must be measured and monitored. We work with management to identify and determine the most efficient means to the critical success factors.

Benchmarking and KPI development, monitoring and measurements

We provide industry benchmarking information to see how businesses align and measure against their industry peers. Benchmarking provides insights as to where a business should be focusing its initiatives and efforts in order to continuously improve. KPIs (Key Performance Indicators) help a business define, monitor and then measure progress toward the company's stated goals and objectives. Our KPI tracking is presented in a graphical format, which is easy to read and comprehend.

Controller and CFO assistance

We provide Controller and CFO level assistance and services. Most often these situations entail special assistance and oversight, specific project endeavors, coaching and mentoring, temporary or short term solution fulfillments, and related type services.

Other Value Added Services


Succession / Retirement Planning

It is inevitable that management and/or ownership will change due to succession or retirement situations within a business. We know the tough questions to ask and how to get to key answers in order to define the critical path, identify the key needs of the entity, assess the potential options, track the progress according to plan and, measure success against performance.

Business Planning / Consulting

The strategic and business planning process begins by implementing and developing specific action plans. In doing so, the entity will continuously build upon and improve the framework for running a successful and prospering enterprise. The goal is to develop a competitive strategy and corresponding business plan. Our strategic and business planning services vary according to each client's unique and specific needs. We believe that in business, failing to plan is planning to fail.

Financial Planning & Investment Advisory

H&M, in conjunction with our planning partner Pinnacle Wealth Planning Services, Inc., exclusively offers a very personalized comprehensive wealth planning in which clients' goals are discussed, reviewed, and evaluated. After analyzing clients' financial needs, we present them with individually tailored plans designed to achieve established goals and objectives. Only after acceptance, these plans are closely monitored throughout the implementation process. In addition, we have a variety of plan levels available to meet our client's needs. These services include such items as: estate planning, retirement planning, 401K planning, college planning, and related type services.

Benchmarking and KPI development, monitoring and measurements

We provide industry benchmarking information to see how businesses align and measure against their industry peers. Benchmarking provides insights as to where a business should be focusing its initiatives and efforts in order to continuously improve. KPIs (Key Performance Indicators) help a business define, monitor and then measure progress toward the company's stated goals and objectives. Our KPI tracking is presented in a graphical format, which is easy to read and comprehend.

Mergers & Acquisitions (M&A)

H&M's M&A Team is uniquely qualified to help and assist a business owner on either the buying or selling side of a transaction. H&M routinely assists many entities (and is consistently sought after and referred to by others) to successfully navigate the hidden unknowns and inevitable pitfalls that transpire in many transactions.