Services

Accounting Software Support

In addition to working with Best Software, we assist clients in using ACT!, MAS90, Peachtree and QuickBooks. We can assist you in the set-up of your software and development of a chart of accounts specific to your business.

Audited Financial Statements

Our firm performs certified independent audits for small businesses and non-profit organizations. The primary reason clients need audits is to satisfy bank loan and insurance bonding requirements as well as to satisfy governmental or funding source requirements in the case of non-profit organizations. Our audit work in not performed solely for compliance purposes, but with the goal of assisting our clients' board of directors fulfill their fiduciary responsibilities. The end result of our work is an audit report that meets the requirements of the various supervisory authorities. Kolita & Co., CPAs have earned three consecutive "unqualified" peer review reports under a program monitored by the American Institute of Certified Public Accountants.

Monthly Bookkeeping Service

If you're in business you are faced with a mountain of paperwork and recordkeeping tasks each day. We can design and install a recordkeeping and accounting system to fit your needs. In addition, each month we will provide you with a cumulative statement of income and expenses and visit your office to review your results of operations with you. Good records are the backbone of a great business. Without them you lack the ability to settle questions you're bound to encounter along the way. To save yourself a good deal of time and money our staff accountants are available to handle recordkeeping for you. If you're looking to make the paperwork struggle in your life a lot easier, please contact us.

Business Planning & Forecasting

The need for a clearly written business plan is extolled throughout business management literature. Our firm helps our clients write formal business plans that fully integrate text, graphs, reports and financial statements. In addition, once developed our clients business plans become fully formed strategic plans. We assist in tracking and managing all types of financial data, including product line data, sales by unit or cash, seasonal variations, and expenses tied to our client's reporting structure. We also support our clients by providing the capability for "what if" scenarios which allows them to project the results of decisions before committing themselves to action. They can choose to explore changes in any number of factors - from a single change to a compound modification. Increase or decrease operational expenses, salaries, salary-related expenses, sales, or cost of sales by any percentage. The see the impact immediately, including their break even, cash flow, income statements and balance sheets.

Business Start-Up Assistance

We are often approached by individuals seeking assistance in launching a new business venture. We offer these clients assistance in the following areas:

	Determining the viability of their prospective business.
	Choosing the best legal form in which to do business.
	Setting the business up for operation.

These clients are also made aware of the alternatives to starting a new business, such as purchasing an existing business or purchasing a franchise. All business start-up options have certain advantages and disadvantages, and each situation must be evaluated on its own merits.

Capital Budgeting

Because of the swift change in today's technology, increasing importance has been given to decisions about the portion of a company's total assets that should be invested in capital assets. Furthermore, equal concern must be devoted to how that portion ought to be spent. We use a variety of methods to evaluate "payback" requirements to help our clients in this area. In addition, we help our clients in making "lease vs. buy" decisions as well as assist them in obtaining necessary financing for capital expenditures.

Compensation Planning

Many times our clients need outside advice about the determination and administration of wage and salary scales. Because we have insight into the client's operations and know about the performance of their employees, and because we have gained perspective from serving a variety of clients, we can help in this area too. Furthermore, we are familiar with a wide variety of compensation plans which have important tax saving features. Periodic comparisons of a company's compensation levels to those prevailing in the community and also in their industry elsewhere are valuable reports that we can prepare. Our compensation planning services also include design about piecework rates, incentive plans, job description and evaluation, merit ratings, fringe benefits and issues of morale. We have occasionally joined with professional personnel consultants and industrial engineers to form an advisory team to help a client solve this kind of problem.

Compilation of Financial Statements

For clients seeking Compilation Services, our CPAs are available to prepare monthly, quarterly or annual statements. During this process, we acquire a general understanding of our client's transactions and how they are recorded and give the financial statements a professional "second look" without performing any audit procedures. Once done, we issue a standard report, a two paragraph report that in effect says: Financial statements were compiled, but because they were not audited or reviewed, no opinion is expressed. Kolita & Co., CPAs have earned three consecutive "unqualified" peer review reports under a program monitored by the American Institute of Certified Public Accountants.

Estate & Gift Tax Consulting

Estate planning is the process of providing for yourself and your family in the event of your retirement, disability or death. Through an estate plan you put your legal and financial affairs in order so that the assets you have accumulated during your lifetime will be preserved and transferred to your heirs with the least amount of financial costs. In developing an estate plan, consideration must also be given to the "Federal transfer tax". Taxes on gifts (lifetime transfers) and transfers occurring at death are integrated and taxed under one rate schedule. The minimum tax bracket is 37% and the maximum is 60%. Many people prefer to ignore estate planning. This can create problems between family members as well as become very expensive. If you have not faced up to this situation we urge you to do so.

Inventory Management

Inventories are often the largest single asset of a business. There are many other controls and measurements besides knowing what's on hand. Informed managers must know about the costs to acquire inventory and about the costs to keep it. Economic order quantities, safety stocks, appropriate re-order points are some other elements that must be determined and monitored. We can help with these. For example, frequently a disproportionate part of the dollar-value of an inventory is tied up in items that constitute a smaller proportion of the sales revenue. Identifying these items can result in savings. These savings are immediately realized and become apparent to our clients.

Litigation Support

We are available to support our clients when litigation threatens or is necessary. We often perform special analysis as directed by attorneys to support litigation and provide expert testimony when required. Whether for marital or business litigation, our many years of litigation support experience provide us with the necessary credentials to support your case.

Loan Application Assistance

One way we help our clients with their sources of credit (particularly their bankers) is to include a Cash Flow Forecast with the loan application documents we assist them in preparing. Such information shows how the indebtedness can be repaid and reflects the margin-of-safety in the credit. Such information is important to the credit grantor because it reveals to the lender that our clients understand their operations. To be complete, the actual flow of cash must be measured against the predictions. We assist our clients with these ongoing comparisons including analyzing variances for causes in order to single out adverse causes for correction.

Merger & Acquisition Assistance

There are many instances where the owner of a business has become so busy entertaining merger offers, he/she has neglected to devote the proper attention to running the business. Both seeking and investigating offers demands much time and skill We offer our clients screening services, to reduce such a time burden on them. Moreover, we can initiate negotiations and nurture them along toward final stages. Our familiarity with our client's companies facilitate the process of information exchange. In addition, we are acquainted with many other elements that can help a merger along.

Payroll System Consulting

One of the most important elements of a well-designed payroll system is that it provides the information needed. For many companies, the payroll system does not have to be elaborate. It can be designed to provide only the basic information necessary to:

	Calculate payroll, including gross pay and withholdings for federal, state and local income taxes, Social Security and Medicare taxes, and other payroll deductions.

	Compute and make timely payroll tax deposits.
	Record payroll expenses and liabilities on the books.
	Prepare monthly, quarterly and annual payroll tax returns.

Other companies may require more detailed information from their payroll system. For example, some of our clients want to accumulate payroll expenses by department or project. We can also help you obtain the results you need from your payroll system.

Personal Financial Planning

A personal financial plan helps an individual set financial goals, determine resources, and establish a framework for reaching those goals. There are many aspects of a financial plan that help you reach your financial goal including: (1) reviewing insurance coverage, (2) planning for children's education's, (3) cash flow planning, and (4) risk management evaluation. For those individuals who own in interest in a business, financial planning also evaluates the need for a business succession plan.

Personal Financial Statements

The term "Personal Financial Statements" refers to financial statements that present the personal assets and liabilities of an individual or group of related individuals (family). The term does not include financial statements presenting the financial position or results of operations of unincorporated businesses. Our CPAs are frequently asked to compile or review personal financial statements for use in obtaining credit, for income tax planning, for estate or retirement planning purposes, for divorce litigation, and for public disclosure by candidates for public office.

Retirement Planning ( Be Prepared, Not Surprised! )

Retirement planning is a lifelong endeavor. Recognizing this is the first step to ensuring a financially secure future.

In order to determine how much money you will need to set aside for retirement, we recommend that you consider the following factors:

	The number of years you plan to be retired
	The lifestyle you would like during those years
	The rate of inflation between now and the day you retire

If determining how much money you will need seems impossible, don't despair. We can help you minimize the guesswork.

Reviewed Financial Statements

Companies seeking a degree of assurance about their financial statements that falls between the no-assurance Compilation and the more extensive assurance of an Audit, often engage Kolita & Co., CPAs to perform a Review of their financial statements and issue a report giving a limited degree of assurance. During the performance of a Review, we will develop a working knowledge of the clients industry and key aspects of their organization, operating methods, products and services, etc. In addition, we will make inquiries related to the financial statements and apply "analytical procedures" designed to identify unusual items or trends. Kolita & Co., CPAs have earned three consecutive "unqualified" peer review reports under a program monitored by the American Institute of Certified Public Accountants.

Tax Audit Representation

We will serve as your advocate in tax matters and represent you before Taxing Authorities at the Agent Level as part of our monthly service fee. We are also available to represent you if any Tax Agent elects to perform a field examination.

Tax Planning

Planning is the key to paying the minimum taxes allowed by law. Throughout the year we will monitor tax law revisions and keep you informed of those changes that affect you. Our newsletters and Website are but two methods we use to accomplish this task. If you're concerned about how current legislation is going to affect your taxes, you'll find that the tax professionals in our office are well-versed in the latest tax law proposals and complexities. The only antidote to rumors and "what-if's" about tax changes is careful planning. We would like to assist you in finding effective, practical measures to counteract possible changes which could adversely affect your tax return. So why not call soon to schedule an appointment?

Tax Return Preparation

Kolita & Co., CPAs prepare federal, state, county, city and school-district income, franchise, and property tax returns for individuals, business entities, trusts, estates, and not-for-profit organizations. Taxes strike just about everyone. The bottom line is that tax concerns ultimately steal time that you could better use to increase your personal earnings and/or business profitability. Our firm of tax professionals is experienced in handling tax problems and meeting filing deadlines. We assist with daily tax matters and are always available if an unexpected "bolt from the blue" hits (aka audit notice). Please call for an appointment or to discuss the many professional services we can offer to you.

Technology Consulting

A computer can't just be plugged in to solve your paperwork and recordkeeping problems. Computerizing your business isn't that easy because:

	You must decide what you want the computer to do before you purchase one.
	It's not only the "hardware" that's important. It's also the "software" that tells the computer what you want it to do. The combination will determine the success or failure of applying a computer to your business needs.
	Note every computer can handle the software you may need to accomplish your objectives.
	The software needs to be configured for your system.
	Converting your existing records so that the computer can have access to the needed data can be a difficult and lengthy process.
	Employees must be trained to operate the computer and use its products effectively within your business.

BUT DON'T GIVE UP just because conversion won't be easy:

	Businesses that don't keep pace with technology will be at a competitive disadvantage to those that do.
	If you wait, the transition to a computer system could become difficult.

AND DON'T DESPAIR Kolita & Co., CPAs have helped many businesses like yours to make a successful jump into the age of modern technology. Depending on the circumstances, we can identify or provide the professional services needed to complement the capabilities of your own personnel.

Unlimited Consultation

Most accountants charge for consultation based on an hourly rate. We offer, as part of our monthly service fee, unlimited consultation about accounting, tax and other business questions at our office or by phone. If you are starting a business, we can help you select the proper organization structure, register with tax authorities and secure adequate financing. We will work with you to solve your business problems.

Valuation Services

Valuation services involve arriving at an opinion regarding the estimated value of an ownership interest in a business entity (company) as of a given point in time. The ownership interest valued may be the company's common equity or its total capital, which includes both interest-bearing debt and equity.

Kolita & Company provides valuation services for a variety of reasons, including the following:

Closely Held Business
Intellectual Property and Other Intangibles
Economic Loss/Damages
Fairness/Related Party Opinions
Solvency Opinions
Transaction Planning
Buy-Sell Agreements
ESOPs
Pre/Post-Money Valuations
Litigation Support & Dispute Resolution
Bankruptcy & Reorganization
Breach of Contract
Class Action Disputes
Fraudulent Conveyance
Lender Liability
Lost Profits
Marital Dissolution

Product Liability
Taxation
Capital Cost Segregation
Built-in Gain
Excessive Accumulation of Earnings
Executive Compensation
Purchase Price Allocation
Transfer Pricing
Gift & Estate
Business Interruption
Business Plans
Economic Value Added
Financial and Regulatory Reporting
Strategic and Market Analysis
Bankruptcy
Fraud
Tangible Assets for Purchase Price Allocation

In responding to our client's needs, Kolita & Company's business valuation reports range from oral discussion of reasonable ranges of value to a comprehensive, fully documented written report that would be defensible in court.

-- Helping you grow your business --

"You can observe a lot by watching" --- Yogi Berra