Services

Client Advisory Services

Measuring your company's financial well-being is far more complex than a cursory glance at a bank account statement. To accurately evaluate a company's financial health and long-term sustainability, a number of financial metrics must be considered. The four main areas most establishments use to examine financial health are liquidity, solvency, profitability, and operating efficiency.

"Client Advisory sounds broad; how can this help me as a Client of EGP?"
- Great question.

Many clients are accustomed to working with their CPA once a year, around tax season, of course, but our Client Advisory (CAS), takes a deeper dive year around. For those clients who need a controller, bookkeeping, or accounting arm, we are your virtual CFO. Our team will perform an operational assessment of your business, how it works, its people, processes, and systems of the organization, allowing us to map where you are currently.

"For example," said Candice Cole, Partner of the CAS division within EGP, "I have clients who run any sizable transaction past me, such as investing in a new piece of real estate or selling property. How will this transition affect the bottom line or capital gains at the end of the year? Say you decide to build a home. You have all the materials and the determination, but no experience. The advice from an experienced home builder could save you from significant pitfalls and costly mistakes.", said Cole. "Our job is to anticipate what could impact your future and act while there is still time". "

Our team spends time with a company's leadership to fully understand where the pain points may be. We believe providing clients with strategic consulting on a going basis is one of the most significant unmet needs within the accounting industry. The CAS team of EGP is here to bridge the gap.

• Organizational Health & Forecasting

• Buy/Sell and Mergers/Acquisition Consulting

• Financial Statement Compilation

  Definition: A financial statement compilation is a service to assist the management of a business in presenting its financial statements. Compiled financial statements provide business owners with a basic inspection of an organization’s data and are useful when preparing tax returns and analyzing financial results.

• Certified QuickBooks Pro-Advisors

  Definition: Certified QuickBooks experts known as ProAdvisors are typically CPAs, accountants, small business advisors or consultants who have been tested and certified on QuickBooks. Certified ProAdvisors help businesses customize QuickBooks for their unique needs and help them get the most out of the software.

• Business Set-up

  Definition: Assistance with a choice of identity, i.e. C-Corp, S-Corp, LLC, LLP; for achieving business goals and tax advantages.

• General Ledger Accounting

  Definition: A general ledger is a complete record of financial transactions over the life of a company. The ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners' equity, revenues and expenses.

• Sales and Use Tax Compliance

  Different state and local tax rates along with ongoing changes that are made every year by state legislatures are a huge challenge. The potential for errors on complex sales tax returns is considerable, and the penalties can be substantial.

• Accounting Systems Development and Implementation

Accounting 101 for Small Business eGuide

Accounting and bookkeeping are two of the most common consulting activities needed by small businesses. As with other non-core business activities, when deciding whether to contract out some or all of your bookkeeping or accounting duties you need to ask:

What is my time worth?
Can I do as good a job as a professional in this field?

No matter which path you choose, our Client Advisory Services professionals are here to guide and assist.

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Audit and Assurance

At EGP, our audit and assurance services can be designed to go well beyond the typical to address the quality of information businesses use to make critical decisions. Our approach emphasizes a thorough understanding of our client's business philosophy, personnel and operating systems. As part of our audit, we will communicate any weaknesses noted in our clients' internal controls or accounting systems and offer suggestions to improve operations where possible.

• Audits

  Definition: The examination by an independent CPA of the financial statements of a company or any other legal entity resulting in the publication of an independent opinion to provide assurance for third party or external users on whether or not those financial statements are relevant, accurate, and fairly presented.

• Reviews

  Definition: Performing inquiry and analytical procedures that provide the CPA with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with GAAP.

• Forecasts and Projections

  Definition: Applying significant assumptions and accounting policies to financial information in order to develop prospective financial information that presents financial position, results of operations, and cash flows.

• Agreed - Upon Procedures

  Definition: An engagement in which a CPA will perform specific procedures and report findings. The CPA does not audit or provide an opinion relating to the subject matter but rather performs only those procedures that have been agreed upon and reports findings.

• Internal Control Audits and Evaluations

  Definition: An audit focusing specifically on the quality and efficiency of important processes and controls of a business or entity.

• Compilation

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

Business Consulting

Success can be measured by the company you keep. As markets change at increasing velocity, successful companies align their resources and strategies to meet current and new business needs. We ensure our clients' strategic business decisions are based on quantifiable facts, sound business models, and tested assumptions. EGP's clients rely on our expertise to guide them in successfully developing and implementing these strategies for growth and to generate solutions to avoid business pitfalls. Our consultants allow you to save time, get focused, and achieve the long-term results you are looking for from your strategic planning process.

• Formation and Structural Planning

  Definition: Based upon the business owner's intentions, type of business, tax situation, risk tolerance and other factors, what type of entity (C corporation, S corporation, Limited Liability Company, partnership, etc.) is best suited to a particular situation. Analysis of tax implications of conversion from C corporations to S corporations.

• Succession Planning

  Definition: Each business owner must face the inevitable fact that ownership of a privately held company must eventually be transferred to other parties. It is important to have the appropriate plans in place to transition the ownership of a business and long before an unexpected event should occur.

• Industry Comparisons and Profitability Analysis

  Definition: How does your company compare to your industry peers? Are there ways to improve your profitability that you have not considered? How do you identify those areas, quantify the effects of change and implement a plan to improve your profitability.

• Business Valuation Services

  Definition: A process used to determine the economic value of an owner’s interest in a business. Business valuation is often used to estimate the selling price of a business, resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among the business assets, and many other business and legal disputes.

• Merger and Acquisition Consulting

  Definition: Selling your company or pursuing an acquisition involves careful consideration in structuring the transaction and negotiating the purchase or sale, financing, asset versus stock purchase and many other variables.

• Due Diligence

  Definition: Engagements in which a CPA is asked to assist a client in looking over a prospective acquisition target. Here the CPA applies general business and financial knowledge over selected general list of items to investigate as part of an acquisition analysis to ensure all the proper financing is needed for buyer/seller, banks or other financial institutions.

• Corporate Finance

  Definition: Analyzing alternatives and assisting management in making sound financial decisions. Preparing budgets, forecasts or loan packages to assist in attaining financing. buy or lease decisions.

• Natural Resource Consulting

  Definition: i.e. Includes Oil, Gas, Land and Timber tax consulting.

• ESOP Feasibility and Design

  Definition: 'ESOP' is an acronym which stands for Employee Stock Ownership Plan. Through an ESOP, owners can create a market for selling their company with substantial tax incentives both for the owner and the company.

• Feasibility Studies

  Definition: A preliminary study to determine and document a project’s viability in order to make decisions about whether to proceed with a project.

• Cost Segregation

  Definition: An engineering-based cost segregation study allows certain costs previously classified as subject to 39-year depreciable life, can instead be classified as personal property or land improvements, with a 5, 7, or 15-year rate of depreciation using accelerated methods. This study may create an immediate increase in cash flow, reduction in current tax liability, deferral of taxes and the ability to reclaim missed depreciation deductions from prior years without having to amend tax returns.

Estate Planning

Estate planning is not just for the wealthy or the elderly. Putting yourself in control of how your assets are divided is something that you should do in order to save your family excessive taxes, legal fees, legal battles, and family disputes. Our team of professionals works closely with you in order to assure we are familiar with your goals and concerns, details of the estate, as well as your family structure.

• Formation of Succession Plans for Closely Held Businesses

  Definition: A closely held business can range in size from a small business to an extremely large, complex entity. The common denominator to this wide range of companies is that they are owned by a relatively small number of stockholders, or partners, in which the stock in not publicly traded.

• Formation of Gift - Giving Strategies

  Definition: The idea of giving away your property and money before your death and not in a will or trust can result avoiding or reducing your estate tax when you die and helps direct your assets to the individuals and entities of your choice.

• Review and Monitoring of Planning Goals

  Definition: The ultimate goal of estate planning can be determined by the specific goals of the client, and may be as simple or complex as the client's needs dictate.

• Formation of Family Limited Partnerships

  Definition: A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.

• Formation of Trusts

  Definition: A trust is a relationship in which assets are transferred to a separate entity (trust) and managed by a designated individual or entity (trustee) for the benefit of the trust beneficiaries. Trusts are used for various purposes including the reduction of estate taxes and the avoidance of probate.

• Business Valuations

  Definition: A process and a set of procedures used to determine the economic value of an owner’s interest in a business. Business valuation is often used to estimate the selling price of a business, resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among the business assets, and many other business and legal disputes.

Litigation Support

At some point, most individuals and businesses will find themselves embroiled in highly complex litigation requiring financial analysis. Our experience and well established reputation for highly competent, objective and authoritative financial expertise enables us to assist you and your attorney as you face a legal issue. The firm's litigation team is widely regarded as having the expertise needed to express an opinion about the validity of evidence in a case and convey that opinion in a way that can be understood and believed. Our team has earned respect from law firms that understand a qualified financial services firm is a critical component of a successful litigation strategy.

• Expert Consultant and Expert Witness

  Definition: As a consultant, the CPA is engaged by an attorney to develop information that will be used by the attorney in a variety of ways. In these engagements, the CPA is usually not expected to testify, and the documents created may be protected by attorney-client privilege. This means that they may not have to be made available to the opposing side. Expert Witness – When a CPA is engaged as an expert witness, the CPA will often have to provide deposition and courtroom testimony, and all of the documents created by the CPA, including reports relating to the case, are subject to “discovery” by the other side.

• Economic Damage Analysis

  Definition: Loss of earnings, Medical Expenses, Burial Costs, Loss of use of property, Costs of repairing or replacing property, Costs of obtaining replacement personal household services.

• Forensic Accounting

  Definition: Forensic accounting centers around engagements relating to criminal matters that typically arise in the aftermath of fraud. They frequently involve the assessment of accounting systems and accounts presentation, in essence assessing if the numbers reflect reality.

• Business Valuations

  Definition: A process and a set of procedures used to determine the economic value of an owner’s interest in a business. Business valuation is often used to estimate the selling price of a business, resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among the business assets, and many other business and legal disputes.

• Marital Property Consulting

  Definition: Expert team of accountants utilize forensic accounting skills to investigate and uncover unreported income and assets, and we provide written valuation reports for business ownership interests that are part of the marital estate.

• Shareholder Disputes

  Definition: Shareholder disputes can occur for a variety of reasons including, but not limited to: A desire by one or more shareholders to terminate the shareholder relationship. A disagreement with actions taken by the majority shareholders. A claim by a minority shareholder that the actions of controlling shareholders are either fraudulent, illegal or oppressive.

• Business Interruption

  Definition: Cost and lost profit damage analysis arising from an interruption of business.

• Settlement Negotiations

  Definition:

Personal Advisory

In reading or listening to news accounts these days, there are numerous reports regarding the dwindling social security fund, increasing college tuition, volatile stock markets and growing healthcare costs. According to the Employee Benefit Research Institute, the percentage of workers who said they had less than $10,000 in savings grew from 39% in 2009 to 43% in 2010. In 2011, the Associated Press-LifeGoesStrong.com poll found that 89% of baby boomers were not strongly convinced they would be able to live comfortably in their later years.

Proper estate and wealth transfer planning is also important FOR EVERYONE, regardless of what or how much you own. For one thing, when you consider the value of your home, retirement funds and life insurance, you could be much closer to the estate tax threshold than you might think. Even if you’re not subject to the estate tax, you should engage in proactive planning to ensure that your assets are directed as you wish upon your death. Advance planning can also serve to minimize probate costs. For example, statutory fees could amount to $15,000 on an estate valued at only $300,000.

Our team of professionals is very aware of how crucial these issues are to you and your family. We will perform a thorough financial needs analysis (including a review of your estate plan), and help you develop and implement a plan of action based on your needs, goals and objectives. Getting started is as simple as providing the following information that allows us to help you achieve that peace of mind.

A consultation centered around these items below gives you the tools to start the path to preserving your wealth:

• Copy of Will(s), Trust Documents, Power of Attorney Forms, Healthcare Proxy(s)

• Personal Financial Statement, if any, or other listing of your assets and liabilities

• Documents related to Life Insurance, Disability & Long-term Care Insurance Policies

• Year-end Brokerage Statements

• Names and Contact information of current advisors, i.e., attorney, insurance agent(s), investment advisers

Taxation

With constant changes in the tax laws, your need for trusted advice is critical. Tax planning and compliance are vital to all different forms of entity structures including individuals. Our professionals are experts in federal, state, and local tax laws and providing year-round, not just year-end, tax planning. Through this approach, potential tax concerns are taken care of as they arise. The scope of our tax consulting services will guide you through the maze of statutes, regulations, preparation of tax returns and tax planning.

• Formation and Structural Planning

  Definition: Assistance with a choice of identity, i.e. C-Corp, S-Corp, LLC, LLP; for achieving business goals and tax advantages.

• Consolidated and Regular Corporations

  Definition: A tax return that covers several affiliated companies or small entities.

• IRS Negotiations and State Representation

  Definition: Hiring a CPA to negotiate on your behalf can alleviate a lot of stress, additional tax fees, and miscommunication with the IRS.

• Year-End Planning

  Definition: Strategic planning prior to year-end to achieve the best possible results.

• Structuring Complex Transactions

  Definition: Mergers and Acquisitions, ESOP Implementation, Buy-Sell Agreements.

• Individuals

  Definition: Tax return filed by an individual. Both single and married taxpayers, with and without dependents, file this type of return.

• S-Corporations

  Definition: A tax status elected by a corporation in which the income and losses are passed through to the shareholders and taxed on their individual returns.

• Partnerships

  Definition: An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit"

• Limited Liability Companies

  Definition: A company whose owners and managers enjoy limited liability and some tax benefits, but avoid some restrictions associated with S corporations.

• Estates and Trusts

  Definition: Estate and trust planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.

• Oil and Gas Taxation

  Definition: Oil and gas revenue tax issues are very complex, especially from a federal perspective. A qualified CPA is need to ensure best strategic and tax planning services.

• Non Profit Organizations

  Definition: A nonprofit organization is often dedicated to furthering a particular social cause or advocating for a particular point of view with making a profit. nonprofit and not-for-profit are not consistently differentiated across jurisdictions. In layman's terms they are usually equivalent in concept, although in various jurisdictions there are accounting and legal differences.