Details of Service

AFFINITY ACCOUNTING – DETAILS OF SERVICES

Bookkeeping

Sales, Receipts, Payments and Recording Purchases
Bookkeeping is the foundation for good fiscal management. Affinity Accounting specializes in assisting individuals and small businesses with bookkeeping so that you can focus on your business. We help with recording sales, collecting receipts, making payments, preparing purchases and reconciling accounts. We monitor your accounts receivable to facilitate collections. We monitor your accounts payable to take advantage of available discounts and keep inventory at optimum levels. Affinity Accounting also records depreciation of fixed assets, prepares and remits sales taxes and provides payroll services including remittance of payroll taxes and reporting. Using accounting software like QuickBooks, we record and summarize all your daily transactions and post them to the general ledger. At any point in time, we can provide complete, accurate statements that show all your transactions and the financial status of your company. Timely and accurate financial reporting can provide a significant edge in a competitive market and will help you make well-informed financial decisions.

Accounting

Summarizing and Analyzing Financial Data
Utilizing the daily transactions recorded in the general ledger, our accountants summarize and analyze your financial data. Using benchmarks, budgets, ratio analysis and industry standards, we interpret the financial health of your company and suggest improvements. We also prepare budgets and forecasts of expectations so that you can monitor your company’s performance on a regular basis. We specialize in helping you increase revenue and reduce costs so that you can make the best use of your resources.

Assurance Services

Compilations, Reviews, Audits and Agreed-Upon Procedures
Audits provide the highest level of assurance on your financial statements. The objective of an audit is to determine whether your financial statements are free from material misstatement. With a thorough understanding of your organization and the controls you have in place, we perform tests of controls, balances and account details. We confirm balances from third parties, make inquiries of management and perform analytical procedures. We provide adjustments that we feel are necessary to fairly present your financial statements and suggest ways to improve efficiencies.
Reviews provide limited assurance on whether your financial statements are free from material error. Reviews are conducted using analytical procedures and inquires.
Compilations do not provide assurance on whether your financial statements are free from material error. We present information obtained from your accounting records in the proper financial reporting format.

Agreed Upon Procedures do not provide assurance. The procedures are performed on a specific account, control or balance, as identified by the interested parties. The specific procedures to be performed are determined by the interested parties and Affinity Accounting. Findings of the procedures are reported without any assurance or opinion as to whether there are material errors.

Tax Preparation and Planning

Everyone is required to pay taxes. Individuals, small businesses and large corporations alike must report their income and pay the tax that is due. Affinity Accounting takes care of all your tax requirements. Our tax accountants prepare income tax returns (federal, estate, gift, state and local), sales tax returns and payroll tax returns.
Tax and accounting laws are constantly changing. In December 2017, Congress passed the Tax Cuts and Jobs Act. Most TCJA changes for business are slated as “permanent,” meaning only that a pre-determined expiration date was not stipulated. Most of the changes for individuals are set to expire in 2026 but those changes may be extended or improved. More recently, changes have been made to inherited IRAs and contributions to traditional IRAs. Strategies such as “bunching” deductions, and the timing of revenue and expenses can have a significant impact on your bottom line. Knowing the opportunities and limitations of these changes and their expiration dates is necessary in order to provide the greatest overall tax benefit.

Forensic Accounting & Fraud Investigation

The Association of Certified Fraud Examiners 2018 Report to the Nations on global fraud and abuse estimates that more than $7 billion is lost each year to fraud and abuse. Ineffective or lack of internal controls is cited as being the cause of over half of all fraud cases. If you suspect fraud in your organization or would like an evaluation of how fraud is most likely to occur in your business, our trained Certified Fraud Examiners are available to help.