Accounting & Bookkeeping
Although it may be possible for businesses to grow and be profitable without good accounting, the likelihood of such success is very low. Most business owners need sound financial numbers to make both day to day and strategic decisions. The cornerstone to a company’s financial information is its accounting system. Strang, Olsen & Lynch, CPAs, P.A.’s can not only help with day to day compliance but with analysis that allows us to help with strategic planning.
Proper accounting is just the beginning of good financial planning. Using solid accounting as a base, we provide timely business analysis and review support to allow businesses to develop an effective financial strategy.
Accurate record keeping is a key component to the success of your business. Whether you need professional assistance to support your own bookkeeping staff or decide to outsource the entire bookkeeping function, Strang, Olsen & Lynch, CPAs, P.A.’s experienced professionals can assist you with the day to day tasks associated with bookkeeping. Our services will provide needed comfort to assure you that your books are accurate and in good hands. We will custom and tailor our services to what you need to keep your business on top of the financial game.
To effectively manage your business, management must have access to reliable financial information on a timely basis. Strang, Olsen & Lynch, CPAs, P.A.’s can assist you in the preparation of your financial statements in accordance with professional standards on a monthly, quarterly or annual basis. The basic level of this reporting and having an independent accountant associated with the financial statements is a compilation. A compilation indicates that we have taken information provided by you and have put the information into financial statements. Our procedures are very limited and the financial statements usually omit the required statements and disclosures.
This service does not constitute an audit or review of the financial statements and we will not express any opinion or other form of assurance on such statements. These services assist you in understanding the overall financial position of your operations based on management’s representations.
The objective of a review is to obtain limited assurance that there are no material modifications that should be made to financial statements. Review engagements require all of the procedures necessary for a compilation engagement, plus other procedures that enable the Strang, Olsen & Lynch, CPAs, P.A.’s to provide limited assurance on the financial statements. The additional requirements are inquiries of client management and analytical procedures. The purpose of analytical procedures is to identify account balances or relationships that appear unusual so that additional inquiries can be made to determine the cause of the unexpected patterns. Based on these inquiries, any necessary adjustments to the financial statements may be made.
A review is typically performed because outside third parties or investors are looking for some comfort that the financial statements are not materially misstated, but do not require audited statements.