In addition to traditional assurance services, such as financial statement preparation, we also offer other non-traditional consulting and accounting services. Whether working with clients buying or selling a business, providing bookkeeping support, or consulting on employee benefit plan options, our clients find that the hands-on approach that the professionals at DeMott & Smith CPA’s P.C. offer helps to make informed decisions that are in the best interest of their business and personal objectives.
Find our list of services below:
Financial Statements (Review and Compilation)
At DeMott & Smith CPA’s, P.C., we take great pride in customizing and planning each financial statement engagement to best fit our clients’ needs while complying with all relevant standards. We find it very important that our partners also take an active role in all levels of the financial statement preparation process from the initial planning meetings to issuance of the financial statements. Beyond the required procedures involved in preparing and issuing financial statements, we strive to add value by reviewing and analyzing the statements and helping our clients to understand the results on which we’ve reported.
Tax Exempt & Non-Profit Assistance
DeMott & Smith CPA’s, P.C. works with a number of non-profit organizations, providing accounting and tax services at affordable rates. We find that the challenges faced by many small businesses are often the same challenges that local non-profits experience. Cash flow planning, accounting and bookkeeping needs, and tax compliance issues are common services that we provide to our non-profit clients.
Agreed-Upon Procedures / Financial Projections & Forecasts
To provide our clients with an additional level of assurance when required, we also provide agreed-upon procedures to report findings on specific procedures or transactions performed on a single subject matter. These services help our clients’ fine tune any internal processes that may have been lacking in controls or gain assurance on financial projections. By working closely with our clients in other areas, we can help assist in determining when and if these types of procedures are required while not spending the time to express an opinion on the financial statements as a whole. Agreed upon procedure engagements may include:
- Financial Projections & Forecasts
- Analysis over a specific set of transactions or account balances
- Due diligence support
Bookkeeping – QuickBooks Support and Training
As most business owners know, having to run and manage your internal accounting systems in addition to running the business is a challenging and time-consuming task. At DeMott & Smith CPA’s, P.C., we provide many services that can assist and streamline this entire process. From complete bookkeeping outsourcing duties to QuickBooks and tax software training, we individually tailor each client’s services to best fit their needs on a proactive basis. Our initial QuickBooks training and Support services provide clients with that extra safety net should they run into any bookkeeping issues during the year. We understand that your bookkeeping needs often change as your business changes, and we pride ourselves on being flexible with support at any level.
Mergers & Acquisition / Transactional Advisory Services
Our team at DeMott & Smith CPA’s, P.C. has extensive experience in representing clients in numerous industries on both the buy and sell sides of transactions. We have many years of experience in helping business owners understand all the intricacies involved in multi-step transactions and can assist in the design and tax efficiencies of these plans. We have helped numerous clients analyze potential offers and determine the appropriate market price based on historical cash flows or asset values.
In addition to the above, we generally provide the following services when clients are contemplating a potential sale, merger or acquisition:
- Assisting in determining appropriate market price
- Buy/Sell negotiations
- Bank financing consulting
- Cash flow analysis
- Tax efficient purchase/sale planning
- Due diligence analysis
- Legal entity structuring
Cash Flow Planning (Corporate/Personal)
Most small business owners agree, profitability is important but cash is king. We work with our clients to understand their cash flow cycles, whether it be at the business or personal level, and assist with planning and budgeting to maximize cash flow and minimize shortfall risks.
Personnel Evaluation
As we take great pride in the personal relationships that we develop with our clients, we also are in the position to assist with our business clients’ personnel evaluations and determining the appropriate staffing needs. Whether this relates to determining if a current employee is the right fit, or helping to find an individual with all of the necessary qualifications, we have many years of experience in the community assisting clients with human resource and personnel needs.
Outsource Accounting Assistance
As your business grows, you many find yourself in need of accounting and financial services beyond your current staff expertise. Whether you need staff or senior accounting assistance or higher level CFO and tax director support, DeMott & Smith CPA’s, P.C. can help. We can identify the individual within our organization that fits your exact outsourcing needs at a much lower cost than hiring a full-time employee. The outsource services DeMott & Smith CPA’s, P.C. provide include:
- Day-to-day bookkeeping services
- Monthly general ledger closing and bank account reconciliations
- Interim CFO Outsourcing
- External Tax Directorships
- Cash flow planning and budgeting
- Accounting software implementations
Benefit Plan Design and Consulting
Designing and implementing the most efficient and tax effective benefit plan package for employees and key executives can be a daunting task. The options and landscape have been changing at a rapid pace and companies often grow out of their historical benefit plan needs. At DeMott & Smith CPA’s, P.C., we work with our clients in designing the most appropriate retirement and health care needs package that achieves the employer’s goals. We do this by understanding the key executives’ personal needs and work with local advisors to design a tax efficient model that best fits the company’s needs. We also work closely with our business clients to help design and implement incentive compensation plans to motivate employees and reward efforts that help enhance the success of the business.
Legal Entity Selection & Rationalization
The initial entity selection for any new business is a critical and important decision. At DeMott & Smith CPA’s, P.C., we will assist with understanding your initial and future business needs to help tailor the best fit. As your business grows, if new entities are created, we will continue to monitor your legal entity structure to ensure you are operating in the most efficient and cost-effective manner possible. At times, a rationalization of these entities may be beneficial for tax planning or succession planning opportunities. We help our clients understand the pros and cons of each potential structure and provide the information to assist in making the appropriate strategic business decision.
Business Succession Planning
At DeMott & Smith CPA’s, P.C., we understand the importance of a successful and seamless business succession plan for our closely held business clients. We work with clients on constructing a tax-efficient, multi-step plan that best fits the buyer and seller’s cash flow and tax needs. With our many years of experience, we understand the challenges and needs of both the buyer and seller, and develop individually designed plans that tie in various service lines (estate planning, cash flow planning, tax efficiencies, business valuation, etc.). We understand that planning and execution does not happen overnight. We work with our clients many years in advance to ensure the succession plan and related business is in a position to succeed for many years to come.