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We have expert Professional Accountants and Bookkeepers on staff, and we provide Bookkeeping Services for many of our smaller clients.
Our Professional Bookkeepers speak the language of Bookkeeping, a language as old as civilization. In fact, Anthropologists believe that the creation of ancient written languages among the early civilizations of the Fertile Crescent, was spurred primarily by the need to maintain bookkeeping records.
We provide a Complete Write-up of the Client’s Books and records, including:
Our clients choose to use our Professional Bookkeepers, for many reasons:
Clients who do not hire a full time Bookkeeper, save not only a full time salary, but also the related employee benefits and payroll taxes.
They have viewed, identified, and reported on most types of bookkeeping errors. They know how to correct and eliminate errors.
More importantly, they know how to design and set up methods and procedures to prevent future errors from happening.
In fact, they are Registered QuickBooks Advisors, and can assist our clients in setting up QuickBooks on their in-house computers, as well as train them and their staffs in the operation of QuickBooks.
The term Write-up harkens back to a time, not so long ago, when a business posted its financial records and transactions in a series of hand written Books of Entry, such as a Sales Journal, a Purchase Journal, a Payroll Journal, a General Journal and many more. The Books of Entry were then summarized in a General Ledger book, which was organized by Account category.
The Bookkeeper then prepared a Trial balance from the General Ledger Account balances. Finally the Accountant would Adjust the Trial Balance and would prepare the Financial Statements of the business from the Adjusted Trial Balance.
Today, all these bookkeeping and accounting procedures have been incorporated in Computerized General Ledger Programs.
Accounting became differentiated from bookkeeping in 1494, when the Italian monk, Luca Pacioli, wrote his treatise of bookkeeping, currency exchanges, and financial analysis, which laid the foundation for the modern practice of Double-Entry Bookkeeping.
Accounting is both science and art.
Accounting is based on mathematics, statistics and other measurement methodologies. Like Chemistry, Accounting is algebraic in nature. The action of recording a financial transaction in the company’s books and records, causes one (or more) transaction(s) of equal monetary value to be recorded elsewhere in the company’s books and records.
Accounting is also art, since the Accountant has to employ creativity when classifying financial information, or when selecting the data points to be used to illustrate a financial goal, to analyze a financial problem, or when interpreting financial results.
Our Professional Accountants and Certified Public Accountants on our staff, are expert Financial and Managerial Accountants, with more than seventy five years of professional experience.
Our Accountants act both as Financial Accountants and Managerial Accountants:
Financial Accounting – Our Accountants analyze and adjust the Trial Balances prepared by our Bookkeeping Staff or the Client’s own bookkeepers. They analyze and insure that all major account categories, such as Accounts Receivables, Inventories, Fixed Assets, Accounts Payable and Bank Debt and other Debt are properly stated. They adjust Prepaid Expenses And Accrued Expenses, and accrue the proper amount of Income Taxes Payable. Lastly they prepare a Financial Statements, including Balance Sheet, Income(Loss) Statement, and Cash Flow. These Statements are presented and discussed with the Client, and are made available to interested third parties, such as stockholders, creditors, debt holders, customers, suppliers, and governmental regulatory agencies.
Managerial Accounting – When acting in the capacity of Managerial Accountants, we are literally acting as the Client’s Part-time Controllers or Part-time C.F.O.
In addition to preparing Financial Statements, our Accountants develop from the financial data and other measurable data, analytical information to be used principally by Client’s Management. These data, such as numbers of items produced or shipped, quantities of supplies consumed, items produced or shipped per labor hour, actual versus expected consumption of material, actual versus expected profit targets, etc., when properly analyzed and summarized, provide a wealth of utilizable information to Client’s Management.
As Managerial Accountants, we focus on analyzing the performance of the Client’s Operations. We identify areas of excellence, to be mimicked and replicated elsewhere within the business. More importantly, we identify areas of weakness, to be addressed and corrected, to insure the future profitability of the Client’s Business.
Our analytical tools assist Client’s management in pointing the way to finding solutions to most operating problems, and to corrective actions.
Many of our Clients are required by agreement with their Banks and other Creditors, to provide them with either Compiled or Reviewed Financial Statements.
The CPA Compiles or Reviews the Financial Statements according to specific standards promulgated by the Accounting Profession, as represented by American Institute of Certified Public Accountants (AICPA), in order to give the Bank or Creditor limited assurance and confidence that the Financial Statements presented to them, paint a fairly accurate picture of the financial results of the Client. The assurance is given in the form of either a Compilation Report or Review Report prepared by the CPA, which is appended to and precedes the Client’s Financial Statements.
When engaged to perform a Compilation, the CPA assists Client’s management in presenting the financial information in the form of Financial Statements including Balance Sheet, Income (Loss) Statement, Cash Flow and (some or all) Footnotes Disclosures. To adequately perform a Compilation, the Accountant must adhere to Statements on Standards for Accounting and Review Services (SSARSs) issued by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants, including the fact that the Accountant must obtain knowledge about the Client, about the industry in which the Client operates, and insure that the Financial Statements are free of obvious material errors. However, the Accountant does not undertake to provide any assurances that no material modifications should be made to the Financial Statements.
As stated above, the Accountant then writes a Compilation Report in the form dictated by SSARS, which is appended to and precedes the Client’s Financial Statements.
Reviewed Financial Statements provide the readers or user with assurance that the CPA is not aware of any material modifications that should be made to the Financial Statements. In order to conduct a Review, the CPA must perform analytical procedures and inquiries that provide a reasonable basis for obtaining limited assurance that no material modifications that should be made to the Financial Statements.
The Accountant designs the analytical procedures using his understanding of the Client and the Client’s industry, and the awareness of risk that the Financial Statements might be materially misstated. However, in a Review, the Accountant does not need to: (1) attain an understanding of the Client’s internal controls; (2) assess fraud risk; (3) test accounting records; (4) perform tests and procedures that are normally performed during an Audit.
As stated above, the Accountant then writes a Review Report in the form dictated by
SSARS, which is appended to and precedes the Client’s Financial Statements.
Our staff includes Certified Public Accountants (CPA’s), Enrolled Agents (EA’s) and Professional Accountants, who are expert Tax Preparers and Tax Planners.
Due to their recognized professional status, CPA’s and EA’s are allowed to practice before the IRS and the Taxation Department of each State. This means that when the IRS or any other taxing authority questions or audits a tax return, as filed, our CPAs and EAs are qualified to represent and defend both the taxpayer and the content of the tax return before those taxing authorities.
We specialize in the preparation and filing of Income taxes for:
CYBS is headed by a group of seasoned professionals with extensive experience in the area of corporate financial management.
We consult with Clients in the following areas: