Our Firm offers a wide range of services to our individual and business clients. Our Firm's size, flexibility, and business model benefits our clients by allowing us to give them personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description of each.
As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Accounting and Financial Reporting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our Firm provides a full range of cost effective accounting services including the following:
> Accounting system setup for new businesses
> Posting of receipts and disbursements
> General ledger maintenance
> Computation and recording of accruals, deferrals, depreciation, reserves, and impairment
> Account reconciliations
> Payroll and withholding computations
> Closing of the books
Financial Statement Services
We can assist you in the preparation of your financial statements in accordance with professional standards. We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Preparation of the statements, however, is only half the job. We will also assist you in the analysis and understanding of the statements - identifying strengths, weaknesses, opportunities, and trends which, in turn, can enhance your ability to manage the business. We provide financial reporting on all three levels of assurance:
> Audit -- an intensive examination with the highest level of assurance
> Review – analytical procedures and management inquiry with limited assurance
> Compilation – based upon client information provided and prepared primarily for internal use
Our services in each of these levels of financial reporting are discussed in greater detail in the Attestation section of this serivces summary.
Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. It is also an effective way to explore “what if” strategies. From simple projections to complex financial modeling with an intricate series of assumptions, our experienced staff can assist you in the preparation of long-term or short-term financial forecasts.
Certified QuickBooks Pro Advisor ®
McManus, Dosen & Co. is a member of the Certified QuickBooks Professional Advisor Program. We have support staff who are qualified to assist your company with the installation, training, and support of QuickBooks. Our staff can assist in the installation of QuickBooks for a start-up business or an ongoing business. We can set up a chart of accounts unique to your business and assist in updating accounting procedures from manual to automated on the computer utilizing QuickBooks.
After installation, our support staff will train you in the areas of writing checks, invoicing, processing and tracking of receivables and payables, processing payroll, and creating reports to monitor the overall financial position of the company and give you the current and reliable financial information that you need to manage the business.
McManus, Dosen & Co. is committed to providing ongoing support to all clients utilizing QuickBooks. We can provide assistance with the daily usage of the system as well as troubleshoot problems.
CFO As You Grow Program
This program is designed specifically for small business owners who can benefit from the skills of a highly experienced CFO but who can't, or don't, want to make the full-time investment in one. The primary goal of this program is to help owners manage and grow their businesses more effectively and thereby increase their personal cash flow. The Program is generally spread over a twelve-month period of time and includes comprehensive analysis, identification of key performance indicators, financial literacy training, the development of management reports, and monthly reviews with management. If you want to see how we can help your business reach its fullest potential call us to schedule your complimentary Discovery Session.
Software Selection & Implementation
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. We have assisted many businesses over the years in selecting, designing, and installing software that is easy to use, provides meaningful management reports, and is cost efficient. Our experienced staff can help you choose and implement the system that best fits your needs.
As a business grows it must hire more employees which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our Firm can also help you develop an internal payroll system or select a reliable external payroll processor and prepare all necessary payroll tax returns in a timely manner.
Audit of Financial Statements
Simply put, the objective of an audit is to add credibility to a set of financial statements. That creditability provides assurance to the users of the financial statements – be they owners, board members, bankers, government agencies, donors, or others – that the statements are reliable.
Our audit staff is trained to perform audits which maximize efficiency and minimum intrusion. We are experienced in meeting not only the requirements of a traditional audit, but also the special requirements of the federal OMB Circular A-133, the U.S. Department of HUD, ERISA, the U. S. Department of Labor, the Ohio Bureau of Workers' Compensation, and other contracts and agreements when they apply. Our approach is one of partnership not adversary. We begin by obtaining a thorough understanding of your business and, just as importantly, your desires and concerns. We then develop an audit plan unique to your business and your situation. That plan guides us through our work. Upon completion of our work you will be provided with an audited set of financial statements – first in draft form pending your approval, then in a final printed and bound version and, an electronic version. Throughout the process we keep you involved and apprised. In addition, while performing our examination we are alert to opportunities to improve control, enhance operational efficiencies, and maximize profitability. These opportunities will be presented to you upon completion of the audit.
Our industry expertise is extensive. We currently audit businesses in retailing, manufacturing, social services, professional services, education, healthcare, rental activities, property management, technology, and broadcasting. We also audit trade associations, religious organizations, civic groups, employee benefit plans, and numerous other non-profit organizations.
Finally, you should know that we are subject to the profession’s Peer Review requirement – an independent examination of our practice and its quality controls. We have consistently received the highest ratings from these examinations. This indicates that our application of audit standards and our Firm’s system of quality control meet or exceed the rigid requirements of the profession.
In short, an audit performed by McManus, Dosen & Co. will meet all of the necessary technical requirements, address the unique needs of your business, identify opportunities for improvement, and remain cost efficient.
Review of Financial Statements
A review is substantially less in scope than an audit and provides a lower level of assurance than an audit. The objective of a review is to provide the financial statement user with a limited level of assurance that there are no undisclosed material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles. This is often referred to as "negative assurance". In effect, the CPA says that "our scope was limited, but based on what we did, nothing negative came to our attention". During a review, we examine summaries and other supporting detail of all significant accounts, analytically review those accounts for any unusual variations from expected amounts, and make inquiries to key personnel.
Upon completion of our work you will be presented with the reviewed financial statements -- first in draft form pending your approval, then in final form. If, during the course of our work, we identify opportunities for you to improve your operations these will be brought to your attention.
Compilation of Financial Statements
Compiled financial statements provide users with a minimal level of independent assurance. They are also the least costly of the three types of financial statements that a CPA firm can issue. Using our knowledge of your business and your industry we can assist you in properly closing your books and then prepare financial statements – with or without notes – that meet professional and business standards. After compiling the statements we will review them with management in order to help you understand and analyze your business.
Agreed-Upon Procedures Engagements
Agreed-upon procedures engagements enable one party to independently ensure that another party is in compliance with the terms of a contract, policy document, loan or rental agreement, or any other legal document or agreement between the parties. We perform such an engagement by first determining what the appropriate requirements of the agreement are, then by designing efficient and effective tests of compliance with those requirements, next by conducting those tests, and finally by reporting on the results of our work. Integral to the entire process is client involvement to be certain that we are addressing your concerns.
Whether you are thinking of buying a new business, selling all or a portion of an existing business, planning your estate transfer, or in the midst of a difficult divorce, the amount attached to the value of your business is important. Furthermore, that "amount" can vary significantly for a given business depending upon the purpose of the valuation and other unique factors. We have conducted valuations for many businesses over the years for a variety of reasons and can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. In order to ensure that you receive the highest level of service our valuation team includes a Certified Valuation Analyst with over 15 years of valuation experience.
Service Organization Control (SOC) Examinations
Today it is common for a business to outsource to a service organization certain tasks or functions related to its business. When this is done, many of the risks of the service organization become risks of the user business. By engaging an independent CPA to examine and report on the effectiveness of its controls the service organization can meet the needs of its business customers and their auditors.
A service organization has three SOC engagement options. A SOC 1 engagement (formerly a SAS 70 audit) consists of an independent examination of a company’s transaction processing procedures and a test of compliance with those procedures, the objective of which is the expression of an opinion as to the adequacy of the design and operation of the policies and procedures of the service bureau organization for reliance upon by its user organizations and their auditors. Our capable staff has been efficiently performing these examinations since 1995. A SOC 2 engagement specifically addresses one or more of the five “Trust Service” system attributes – security, availability, processing integrity, confidentiality, and privacy. A SOC 3 engagement is similar to that of a SOC 2 engagement however the final report is a general-use report that provides only the auditor’s opinion on whether the service organization achieved the applicable trust service criteria. Unlike the SOC 1 and SOC 2 reports the SOC 3 report does not contain a description of the tests performed and the specific results of those tests. A SOC 3 seal is available for the service organization to post to its website. If your organization is required either by its customers, users, or a governmental agency to undergo a Service Organization Control examination we can help.
Peer Reviews and Quality Control Reviews
Any CPA firm that issues financial statements is required by professional standards to undergo a review of its practice by another qualified CPA firm. McManus, Dosen & Co. is such a firm and has been performing peer reviews of other CPA firms since 1991. We approach these reviews in a very practical manner recognizing that each accounting firm is unique in its methodology to comply with professional standards. We know from experience that QC procedures must be economical as well as efficient. Upon completion of our review we'll sit down to discuss not only areas of QC improvement, but also any other practice management concerns or questions that you may have. We are strong believers in the sharing of ideas and best practices and we've accumulated quite a bit in this area over the many years of running our Firm and being exposed to those we have reviewed.
All individuals and business organizations - even those that are tax exempt - are required to file tax returns annually with the Internal Revenue Service. Our significant investment in computerized tax preparation and research software along with extensive training that our staff receives each year on the intricacies and application of tax laws enable us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. In preparing individual and for-profit business returns we strive to ensure that the individual or company is receiving the maximum tax benefits available while, at the same time, recognizing any problem areas which may create or increase exposure to the filer. In the case of a not-for-profit organization the returns are informational and provide the IRS with information to ascertain whether or not the organization continues to qualify for its tax-exempt status. Additionally, the returns are posted on the world wide web as a source of information to donors and other interested parties. For these reasons, even though no tax is due, the proper completion of the form is critical. McManus, Dosen & Co. prepares over fifty Forms 990 each year.
We prefer to take a proactive rather than a reactive approach to tax services. 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, not just at return preparation time.
During our many years of experience dealing with many taxing authorities, 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 know the "ins" and "outs" of the representation, appeal, and settlement processes. We also take a very practical and bottom-line approach in the advice we provide our clients during this process.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the identification of any tax exempt sales, the compilation of information, and preparation of sales tax returns in an efficient and timely manner.
One way in which we gauge our worth is 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 are just some of the areas in which we provide consulting services. Most of these are described in detail in other areas of this "Services" page.
> Accounting software selection and implementation
> Type of entity selection
> Business valuations
> Buying/Selling a business
> Computer systems
> Personal financial and retirement decisions
> Estate, college, trust, and gift planning
> Tax reduction strategies
> Whether to buy or lease a piece of equipment, building, or other asset
> Financial operating procedures review
> Strategies to increase cash flow and profitability
> Designing an equity compensation program for key employees
Buying & Selling a Business
Properly structuring the purchase or sale of a business is a critical step in the transaction that can have significant financial ramifications. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis, tax considerations, earn-outs, share-based payments, and the time value of money. We have successfully been a part of business transition teams and have represented both buyers and sellers in all aspects of the transaction including, but not limited to: due diligence, the transaction construct, goodwill, non-compete agreements, liquidiation preferences, indemnification escrows, and other facets of the transaction. Each transfer is different and we recognize that.
Mergers & Acquisitions
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations. We are also experienced in conducting due diligence reviews of M&A candidates in order to identify issues before they become problems.
A properly structured financial plan enables you to face any financial challenge 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.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and personal assets. For business owners it is essential to provide for business continuity, succession of ownership, and equitable treatment of beneficiaries who are not involved in the business. We can guide you through the complex process of getting your financial affairs in order.
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. We can assist with the development of a financial projection unique to your lifestyle and individual finances to aid you in your planning.
Business Entity Selection
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, partnership, or limited liability company) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of plan that will best serve the retirement needs of you and your employees at the lowest cost to the business.
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate the future growth and success of your business.
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day-to-day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex personal and financial issues of business continuation and can assist you in developing a strategically sound plan.
Our work with hundreds of businesses over many, many years has exposed us to hundreds of operating systems and subsystems - some very good; some not so good. With a "Systems" engagement we are able to bring this wealth of experience to your organization. We will study your operating systems and controls. We'll apply a "businessman's" approach recognizing that certain controls and procedures while good, may not be cost justified. At the end of the engagement we will sit down with you to review our findings - both what's good and what could be improved. We'll present our findings in a report and, if requested, we'll be available to help implement our recommendations.
SOC Readiness Review
Are you expecting to undergo a Service Organization Control (SOC) engagement audit in the near future? Are you concerned that your company’s procedures or your personnel’s compliance with them may be deficient? If so, then a SOC readiness review may be just what you need. Members of our Firm will come in prior to the start of the official SOC engagement (whether conducted by our Firm or another) and perform a “trial run” of sorts. We will review procedures and compliance and informally report our findings to you. Depending upon the amount of time between the readiness review and the actual SOC engagement audit you may have the ability to make adjustments to your procedures and enhance your level of compliance so that the previously identified deficiencies never make their way to the official SOC report.
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.
Cost Report Preparation and Review
We have extensive experience assisting our clients with the preparation of various cost reports necessary to meet funding requirements. Our goal is to not only properly prepare or review the report, but to do so in a way that legally maximizes the allowable reportable costs. In addition, third party payors and grant making organizations regularly engage us to reconcile submitted cost reports to the audited financial statements of the funding recipient. This can often times eliminate the need for a second audit by the payor.
As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return. Additionally, we can condense the voluminous data generally provided by the brokerage firms in their monthly statements into a single page recap of investment activity and performance. Many of our high net worth individual clients and our nonprofit clients with significant investments find this recap to be an invaluable tool.
Survey results, when properly analyzed and presented, can be an invaluable management tool providing information on customers, employees, competitors, or the public in general. The key to success is that the survey be independently conducted to ensure the desired quality and quantity of responses. CPAs are universally recognized for their independence and integrity. We have conducted numerous surveys over the years covering a variety of areas. Our final reports have always been well received by the survey sponsor.
Personal Financial Assistant
Are you are a high net worth individual whose days are filled managing your primary business activities with little time left to handle your personal financial and secondary business activities? If so, our PFA service is just what you need. We will administer those secondary activities for you in order to free your time and to avoid missed opportunites and tax penalties. We keep track of the income, expenses, and deadlines; we pay the bills through a special PFA checking account funded by you; we summarize the activity; we deal with whatever issues may arise; and, of course, we prepare the necessary tax filings. We also prepare for you a quarterly report of how the funds were spent and a statement of your personal net worth. Your only responsibility is to fund the PFA account and forward to our office invoices, investment statements, or other items requiring payment, accounting, or attention as they arrive. The whole goal behind this service is to free up your time so that you can focus solely on your primary business and personal interests. Also, to eliminate the need for you to gather up a year's worth of data for the various entities and your personal finances at the last minute and then submit it to us for tax planning or preparation prior to the IRS deadlines. Finally, our involvement in these activities during the year, rather then several months after the end of the year, enables us to identify and take advantage of tax saving opportunities on your behalf or at least avoid late filing penalties. We've found that clients that use this service love this service.
Cost Segregation Study
Cost segregation is the process of separating the cost of certain building components -- which traditionally have been depreciated along with the building over the course of decades -- and depreciating them individually over a much shorter period of time. This acceleration of deduction reduces current income taxes and increases cash flow. With so much riding on what can and cannot be segregated, it is critical to work with experts. At McManus, Dosen & Co. our team of accountants are well versed in the applicable tax laws and have the technical expertise needed to maximize your savings.
All publicly-held companies are required to comply with the Sarbanes-Oxley Act. In addition, many privately-held companies and nonprofit organizations have voluntarily adopted certain provisions of the Act as a form of "best practices". McManus, Dosen & Co. can help ensure your compliance with the law. If you are audited by another firm we can act as your in-house compliance staff (at a much lower costs that the national firms) to ready you for that audit.
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, some of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
> Mergers & acquisitions -- Analysis, due diligence, forecasting, and consultation
> Investment review -- Diversification review, yield analysis, and management reporting
> Cash flow forecasting -- Monthly or annually with the ability to quickly modify assumptions
> Employee benefit plans -- Consultation, compliance testing, plan design, and reporting
> Independent surveys -- Survey design, control, tabulation, and reporting
> Expert witness services