Policy TypesAbout Uscontact usInsurance Terminology

 


 

Part-time CFO/ Controller Services

We will look over the shoulder of your in-house staff on an as needed basis.  The controller overseas the monthly and quarterly closing process helping ensure high quality financial statements.  We will look over the original entry performed by your staff.  At the end of the month, we can reconcile and update every balance sheet account, including bank accounts, fixed assets and accruals.  We’ll create work papers to make sure your business is always audit ready.

Additional services that we can provide:

  • Review all significant transactions to ensure compliance with GAAP

  • Oversee and review monthly, quarterly, and/or year-end close process

  • Timely and accurate financial reports for internal use and analysis

  • Financial reports to external stakeholders.  This may include bankers, shareholders, or important customers, in some cases

  • Establish and/or maintain financial policies

  • Bookkeeper and accountant direction

  • Accounting systems and controls

  • Budgeting and planning

  • Cash flow planning and analysis

  • Transaction classification, entry and verification

  • Employee supervision

To hire a full-time CFO/ controller is very expensive (average salary is between $60K - $120K per year).  The benefits, bonuses, and payroll expenses of hiring a full-time controller are enormous.  We can provide those same services for a very competitive rate.  We’re willing to work on an as needed basis in order to provide your business with the lowest cost and greatest benefit.


Bookkeeping Services

Tired of the revolving bookkeeper door?

Can’t find qualified and properly trained bookkeepers?

Does your business lack timely, accurate financial information?
 

Our team of dedicated professionals can ensure that your company maintains timely, accurate financial records and reports.  We recognize that not all companies have the same reporting obligations or analysis needs.  Our services are designed to satisfy the needs of companies that don’t require sophisticated reporting or GAAP compliant record keeping.  We can easily convert your books from GAAP to cash basis or vice-versa for your reporting and tax needs.

We offer on-site and off-site services for your bookkeeping needs.  Our flexible scheduling enables us to meet your needs.  Our bookkeeping services include:

  • Accounts Payable Management

  • Accounts Receivable Management

  • Bank Reconciliations

  • Inventory Management

  • Recording and Reconciling Payroll Transactions

  • Revenue Reconciliation with Bank Statements

Our team has experience in a wide-variety of industries. Leave the bookkeeping to us so that you can focus on growing your business.

 

Tax Services

We prepare all of the following the returns:

·         1120 C – Corp Returns

·         1120 S – Corp Returns

·         1065 Partnership Returns

·         1040 Individual Returns

·         1041 Trust Return

·         Gift & Estate Tax Returns

·         990 Non-Profit Returns

You can take comfort in knowing that your returns are prepared by a CPA and reviewed by another CPA. 

Tax Planning

Tax planning is the key to avoiding surprises on tax day.  We meet with most clients twice a year to review potential tax liability.  This is also a necessary requirement for proper estate planning. 

The tax codes become more complicated every year.  Let the professionals at McGinn & Co. deal with these complexities so that you can focus on growing your business.

 

QuickBooks Services

Starting a new business or trying to improve an existing business?

Let a CPA handle the design, set-up, and implementation of QuickBooks for you.  Often time’s new businesses will do this themselves to save money.  But, when its done wrong any cost savings that they realized will be eliminated by the cost of fixing the incorrect implementation.

McGinn & Co.will perform this service for a fixed flat-fee.  We will design the system around your business which will enable you to benchmark your business performance to industry standards.

QuickBooks Troubleshooting

Does your balance sheet balance?
Is QuickBooks not working out as you had planned?

We can help you solve these problems in a cost-effective manner. An effective accounting information system will provide your business with the information that you had hoped for and more. We can successfully reconfigure your accounting system set-up to provide you with the information you need. Let us troubleshoot the problem so that you can stay focused on running your business.
 

Why pay a payroll company to generate 1099’s when you can do that internally?
 

Accounting systems provide this functionality but, most companies don’t take advantage of it. We can make sure that your accounting system can generate accurate and timely 1099’s in order to lower your costs.

Our goal is to provide your business with these value-added services.

 

Business Consulting Services

Most businesses never reach their full potential for many different reasons.  McGinn & Co. can help you in the following areas:

·        Bank Financing – We have all seen the headlines on the news about how difficult bank lending has become.  The professionals at McGinn & Co. are here to help you get the financing you need in order to grow your business and take it to the next-level.

·        Budget Plan - Every business should prepare a budget but, in fact most small to medium sized businesses don’t have one at all.  Comparing budget/actual results will provide management with the areas that require immediate attention. 

·        Business Plan – A critical part of an organizations success is having a well written business plan.  These plans serve two main purposes: often times they are a requirement of obtaining bank financing and they help an organization stay focused.

·        Business Purchase or Sale – Purchasing or selling a business is a very difficult decision.  We strongly advise you to enlist our help so that you can make a well- informed decision.  There are a multitude of factors that play into these decisions and we’d like to help you sort through them all.

·        Cash Flow Projections – Have you ever heard the old saying, “Cash is king.”?  Most businesses either don’t know how to prepare a cash flow projection or just don’t have the time.  A cash flow projection can provide management with the information necessary in order to stay-in-business.

 

Financial Statement Prepration

Financial statements are often times required by a lending institution or a government agency. We can prepare the following financial statements for you:

  • Compilations

  • Reviews

Compilation:

Preparing financial statements of private entities based on information provided by the entity’s management.

Through compilation services, a CPA prepares monthly, quarterly, or annual financial statements. However, he or she offers no assurance as to whether material, or significant, changes are necessary for the statements to be in conformity with generally accepted accounting principles, the cash basis, or the income tax basis of accounting. During a compilation, the data is simply arranged into conventional financial statement form. No probing is conducted beneath the surface unless the CPA becomes aware that the data provided is in error or is incomplete.

However, before agreeing to perform a compilation, a CPA will take a "common sense" look at the entity to decide whether the client needs other accounting services, such as help in adjusting the accounting records.

A compilation is sufficient for many private companies. However, if a business needs to provide some degree of assurance that its financial statements are reliable, it may be necessary to engage a CPA to perform a review or an audit.


Review:

Inquiry and analytical procedures applied to financial statements of private entities.

A private entity may engage a CPA to perform a review of its financial statements and issue a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit.

Before a review, the CPA may have to compile the financial statements; however, in all cases, the financial statements are management’s statements, not the CPA’s. Management must have a sufficient understanding of the financial statements to assume responsibility for them.

Two other factors differentiate a review from a compilation — the CPA must remain independent of the client during a review, and all appropriate footnotes must be included in the reviewed statements.