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Our clients expect the highest quality products and services from their accounting firm. For this reason, Patton and Braucht, P.C. established an in-house quality control review process for all work released to clients. As a member of the American Institute of Certified Public Accountants (AICPA), we are also required to undergo a review of our quality control standards every three years by a peer firm. Since 1992 and including our most recent review, we have received an unqualified opinion -- the highest rating available. We would be pleased to provide you with a copy of the report.
Other measures for maintaining quality include a professional education requirement of 40 hours per year for all professionals, close supervision of engagements by the principals, careful screening of prospective staff members, a regular evaluation for independence of staff members, and a code of strict confidentiality.
FINANCIAL STATEMENTS
Clients who use financial statements need varying degrees of assurance, so we offer three distinct financial statement services: audit, review and compilation.
Audit
Audits offer the highest degree of assurance and therefore require significant testing of the underlying financial transactions and consideration or study of the system of internal controls. An audit includes confirmation with outside parties, physical inspection and observation, tracing transactions to supporting documents, and other tests that the auditor deems necessary. Upon concluding the audit, we express an opinion as to whether the statements are fairly presented in conformity with accounting principles.
Review
In reviewing financial statements, we obtain a working knowledge of your industry and key aspects of your business. We make inquiries relating to the financial statements and apply analytical procedures designed to identify unusual items or trends which require explanation. A review provides negative assurance, meaning that the financial statements concur with the review's findings and make sense.
A compilation involves compiling financial information provided by your company into a financial statement format. While compilations carry no degree of assurance, they are adequate for certain purposes.
We prepare hundreds of tax returns each year on one of the best tax preparation programs available. All tax returns, no matter how complex or simple, go through quality review before being released to you. Tax preparation services include: Individuals, Corporations, Partnerships, Non-Profit Organizations, Trusts and Estates, and representation before tax authorities.
Tax Planning
We encourage income tax projections and a planning meeting several months before year end. We estimate your personal or business tax liability to determine appropriate actions to minimize your taxes and will inform you of any hidden surprises that either tax law changes or changes in your work or tax situation may bring.
When you consider buying a business, selecting an entity, purchasing assets, or installing a pension plan, we assist by determining tax consequences. Almost every business decision carries tax implications and no major decision - especially regarding organization or structure - should be made without first consulting us.
Representation
We actively represent clients to Federal and state tax agencies.
ACCOUNTING SERVICES
A variety of businesses employ our firm for routine accounting functions. Our most popular service is the preparation of monthly compilations. Compilations are prepared primarily for management, so we tailor the statements to your needs by emphasizing the areas important to you. We produce reports, on either a monthly or quarterly basis, with up to four year comparisons and related graphs, all prepared in a professional manner. Ask us for examples!
While our clients handle daily accounting functions, we prepare monthly financial statements, payroll reports, personal property tax returns and bank reconciliations. You need accurate, timely information to effectively manage your business and we deliver.
The CheckBook Solution (CBS) is a family of software modules (checkbook, accounts receivable, accounts payable, and payroll) that allow you to add the capabilities you need to the basic program. The software is designed for bookkeepers and business owners who want to maintain good records, but prefer to leave the complex financial statement preparation to the experts. The bookkeeping process is automated , making your check writing, cash deposits, and financial record-keeping easier. At the end of each month, clients send us their data by either diskette or modem and we prepare their financial statements. Contact us for more information about CBS and a demonstration of this time-saving and user-friendly software.
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