Client Services
Certified Public Accountants and Business Consultants
| Our niche in the marketplace is our full-service approach for all clients. We believe our clients benefit most by getting personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description.
Nanavaty, Nanavaty & Davenport is a member of the American Institute of Certified Public Accountants' (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. The Center is a national community of firms with a commitment to quality and to raise awareness about the importance of Employee Benefit Plan Audits. The Center develops and provides to its members guidelines and tools to better serve their clients.
Additionally, we are a member of the AICPA’s Government Audit Quality Center (the “Center”). The Center was established to promote the quality of governmental and non-profit organization audits. The Center has created a community of firms that demonstrate a commitment to governmental and non-profit organization audit quality, and supports those firms by providing members with timely communication of regulatory developments, best practices guidance, and technical updates, as well as other useful practice tools. The Center is governed by an executive committee that establishes general policies of the Center and oversees its activities. It also establishes the requirements for membership in the Center as necessary, subject to AICPA Board of Director’s approval.
The list below is by no means all-inclusive, so please feel free to inquire about a service that you do not see listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
"Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work."
Robert Orben
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2009 System Review Report |
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Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's operations. We provide financial reporting on all three levels of assurance:
Audit Services An audit is the highest level of service and is the one that is familiar to most people. An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We will design an approach that will consist of tests of documents, contracts, agreements, etc. We will also assess the accounting principles used and any significant estimates made by management, as well as evaluating the overall financial statement presentation. An audit typically includes, but is not limited to, direct confirmation of bank balances, physical inspection of significant equipment and property, and other correspondence with third parties such as attorney’s, customers and others that we deem necessary in the performance of the audit procedures. As part of the audit we will obtain a sufficient understanding of the internal control structure in order to plan the audit and determine the nature, timing and extent of the tests to be performed.
Review Services A review is the middle level of service. A review consists principally of inquiries of company personnel and analytical procedures. A review is substantially less in scope than an audit, and does not include detail testing of evidence supporting the amounts in the financial statements, among other procedures typically performed in an audit.
Compilation Services A compilation is the third type of service. A compilation is consists of presenting information provided by management in the form of financial statements and may include footnotes. A compilation is not a review or an audit. No opinion or any other form of assurance is given on the compilation.
In addition to the above services our experience extends to Agreed-Upon Procedures Engagements; Reporting on Pro Forma Information; Compliance Auditing; and Internal Control Reporting.
Public Sector Audit Services
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Our Audit services are focused on Governmental entities, Non-Profit entities and Employee Benefit Plans. We have many years of experience and education in the areas of accounting and financial reporting for the above entities. We are currently providing or have provided audit and tax services to the following organizations in the public sector:
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Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, we believe that our experience can assist you in achieving your company's objectives.
Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
Estate & Trust Tax Preparation
“In this world, nothing is certain but death and taxes.” – Benjamin Franklin, 1765.
That was said long ago but it still remains true. Effective estate and gift planning, however, facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and should also reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
IRS Representation
“Anyone who’s received a notice in the mail from the IRS knows how it can cause the blood pressure to rise.” –Rep. James A. Trafficant, D-Ohio The quip may very well be true but we think it is our job to take that anxiety out of the equation. During our years of experience we have dealt with many taxing authorities and we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies. We have handled issues from simple letters of explanation to representation before the Internal Revenue Service’s Appeal’s Office.
Financial, Retirement and Estate Planning
A properly structured financial plan enables you to face financial challenges that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can assist in the reduction of tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Consulting Services
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
- *Financial & retirement decisions
- *Buying/selling a business
- *Type of entity selection
- *Estate, trust & gift planning
- *Business valuations
- *Accounting software selection and implementation
Buying and Selling a Business |
Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Understanding the different ways to buy or sell a company can cost or save you a significant amount of money – in sale/purchase price or taxes. We have the experience to guide you through the acquisition/disposition process by addressing issues such as cash flow analysis and tax considerations.
Tax Planning and Preparation |
We prefer to take a proactive vs. reactive approach to tax services. We follow one simple standard, as established by Judge Learned Hand: “There is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands…” (Comm. v. Newman 159 F. 2d 848, 850-851 (2d. Cir. 1947))
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a business, our experienced staff can develop tax strategies that take advantage of new and current tax laws. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities. Tax services offered include but are not limited to:
*Tax planning & return preparation
- - Individuals
- - Corporations
- - Partnerships
- - LLCs/LLPs
- - Estates, trusts & gift
- - Not-for-profit organizations
- *Taxing authority representation
- *Divorce and support issues
- *Tax effects of buying/selling a business
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