As a business owner, you have a lot on your plate.

You face tax laws that change every time you turn around, cash flow that requires constant monitoring, and costs that must be contained before they spin out of control. You need exit strategy planning completed sooner rather than later and proper bookkeeping in place. To tackle all of these challenges, you need more than an accounting service focused on numbers.

You need a business consultant. You need an accounting advisor in your corner that will look at the whole picture. TPI fits the bill.

We work with privately held companies as their business advisor. With our team you get an accounting firm that understands the ins and outs of tax law AND an advisor to help guide your company towards its financial goals.

TPI’s business accounting team will look at your business holistically. We act as an outsourced accounting department for your small, mid-size or large company, handling everything from bookkeeping to tax planning to audits.

We tailor our accounting services for privately held companies to suit each client’s particular industry and needs. They include:

  • Bookkeeping, QuickBooks, and payroll services
  • Streamlined record keeping processes
  • Cash flow analysis and optimization
  • Financial forecasts and budgeting
  • Year-end planning
  • Process automation
  • Performance measurement
  • Tax planning and tax minimization
  • IRS representation
  • Litigation support and forensic analysis
  • Business valuation
  • Succession and estate planning

For business owners, “audit” is a four letter word that causes much angst – but it doesn’t need to. An audit is simply a financial review to verify that your business’s financial information meets accounting standards. Accounting firms like TPI conduct them regularly on behalf of clients. In fact, clients routinely request an audit due to a request by:

  • Banks: If you are seeking a bank loan of more $5 million, your lending institution will usually require a CPA to independently review your financial records.
  • Government agencies: When your firm is a prime contractor at certain contract levels, the government agency will require an audit.
  • Bonding companies: Many bonding companies will require an audit if you seek a high-level bond.
  • Potential investors: If you are seeking outside investments, many investors will ask for an independent audit.

The audit process is fairly straightforward. One of our CPAs will assess your accounting system and internal controls. He or she will also collect and review your financial records that support your financial statements. If necessary, our auditing team will clarify information with management and outside parties on any outstanding issues.

Our goal is to determine if your company developed its financial statements in accordance with generally accepted accounting principles. You will receive a well-documented auditor’s report that details all findings.

TPI also provides compilation and review services to private companies.

Many privately held companies request a compilation for internal purposes, such as for a board of directors. During a financial compilation, we will develop financial statements for your company based in the information you provide. Our team does not review or audit the information or confirm its accuracy with outside parties.

Clients typically request a financial review if an outside party (like a lender or bonding company) needs a higher level assessment than a compilation but not a full audit. During a review, TPI conducts some outside inquiries and provides a limited analysis of your financial statements. We detail our findings in a review report.

The Benefits of Audits, Compilations, and Financial Reviews

When a CPA prepares your financials statements in audits, compilations and reviews, you provide more complete information to outside parties. Once they have a better understanding of the minimal risk you represent, you can enjoy lower financing and bond costs. If you are seeking to sell your business, solid financial statements can help you obtain a higher sales value.

TPI’s comprehensive auditing services for privately held companies will meet the requirements of your board of directors, investors, lenders, bonding companies, and government agencies. They include:

  • A full evaluation of your accounting system and internal controls
  • Analysis of your financial statements and data
  • Interviews with management and outside parties
  • Audit, review, and compilation reports
  • Guidance and recommendations around process improvements