Management Advisory Services Florida Keys

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CONSULTING AND MANAGEMENT ADVISORY SERVICES

Accounting Systems and Controls

This part of Management Advisory Services involves a review of a Florida Keys company’s accounting system, policies and procedures to ensure that there is an accurate recording of income, expenses, asset purchase and sale, the recording of new debt and the repayment of debt as well as a review of internal control procedures to protect cash, assets and client and staff information.

Asset Valuation

This involves the analysis of a Florida Keys client’s assets to derive a value using several valuation methods. This service is useful for fair value analysis, determining proper insurance coverages, estate planning and valuation for potential sale of the business.

Business Strategy

This involves a review of the competitive situation of a Florida Keys business, given its market positioning and product line, along with recommendations for how to improve gross revenue and net profits.

Computer Systems

This can involve several areas including analysis of existing systems, an analysis of potential upgrades or new systems, internal controls, and procedures to safeguard data and the implementation of new hardware and software. Litigation Support: This involves the provision of services to a client that is involved in a lawsuit or potential lawsuit. We can provide expert witness testimony and financial analysis and support as part of Management Advisory Services for the Florida Keys.

Merger and acquisitions

This can involve several areas including due diligence of acquisition targets as well as the integration of the operations of an acquired entity into those of the existing client.

Organizational Structure

This involves analyzing how a business is organized and making recommendations to improve decision making and accountability. We also will review how responsibility and authority is shared.

Process Analysis

This involves a detailed analysis of selected client processes, producing recommendations for more streamlined processes and/or the need for additional support or controls.

Risk Management

This involves an analysis of the risks to which a Palm Beach client is subjected and how risk can be mitigated by implementing various strategies and insurances.

Succession and contingency planning

Succession planning involves planning for an unexpected death or disability of an owner or key employee. Contingency planning focuses on having plans in place in the event of a fire or natural disaster such as a hurricane to ensure smooth business operations and a return to normal operations as quickly as possible.

AUDITS, REVIEWS AND COMPILATIONS

for Management Advisory Services Florida Keys

Audit - Greatest Degree of Assurance

An audit provides the greatest degree of assurance. An audit is an analytical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our Management Advisory Services includes testing of selected transactions and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

Review - Limited Degree of Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of methodical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures. Why might a Florida Keys business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the expense of an audit.

Compilation - Lowest Degree of Assurance

In compiling financial statements for a Florida Keys Management Advisory Services client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants. Each type of financial statement report may suit specific circumstances, depending on requirements from your bank or other parties, and your budget. Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one.

Outsourced IT Services

Our IT Advisory and Consulting services groups works in partnership with Weston Technologies and RightWorks work with clients to help them comply with regulatory requirements, improve computer, and network security, and improve efficiency in the workplace. This ever evolving and dynamic area of business should not be overlooked by any of today’s businesses.