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Audits, Reviews and Compiled Financial Statements

Depending on your needs, Richard Heath & Co. is able to provide a high-quality audit which goes beyond the standard assurance. Our audit goes above and beyond by providing recommendations about the business processes that we have observed at your organization and others that we have examined over the years and can apply to your operations to help you achieve your success.

Since our focus at Richard Heath & Co. is small business, you can rest assured that your concerns have our attention. Your business, which you may consider small, is a big business to us and that is the way your company will be treated.

During the audit process we:

  1. Provide current and time tested solutions to your business challenges
  2. Attain a clear understanding of your internal control system and give you our assessment of your operations and control risk areas
  3. Since our focus is your privately held business, we communicate directly with your team during the audit so issues are identified quickly and deadlines are met
  4. If your business does not need an audit, we can also provide financial statement reviews and compilations.

Reviewed Financial Statements

A review is a procedure much less in scope than an audit but still provides your business with limited assurance. Our firm expresses this limited assurance by stating that we are not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with Generally Accepted Accounting Principles. In issuing our report, we perform sufficient inquiry and analytical procedures to give a reasonable basis for that conclusion, but we do not independently verify the accuracy of the data.

Compiled Financial Statements

Compiled financial statements generally provide even fewer representations than reviewed statements. The data going into a compiled statement is not verified or reviewed. The standard compilation report states that we do not express an opinion or other form of assurance of the financial statements. However, we do obtain a general understanding of the nature of your business transactions and the form of your accounting records, the accounting basis on which the financial statements are presented, and the form and content of the financial statements.

Tax services

Our tax practice at Richard Heath & Co. is comprised of professionals who specialize in federal and state income tax law and payroll tax reporting. Your selection of an appropriate tax advisor can be one of the most important business and financial decisions that you can make. Our tax professionals can assist you with tax planning strategies that can make a big impact on your personal net worth and your bottom line. Our tax services include, but are not limited to, the following special service areas:

  • Federal income tax planning
  • Tax compliance reporting
  • Transaction structuring
  • IRS representation
  • Forensic Accounting and Valuation Services
  • Richard Heath & Co. has assisted many clients as they face difficult legal challenges and actions. We provide expert testimony and assistance to counsel in the preparation of their cases. As part of our services in this area we also provide the fair market valuation of businesses as going concerns.

Accounting and Payroll Service Processing

A lot of our small business clients have determined that their time is better spent working with their customers and clients instead of managing an accounting function, paying bills or dealing with payroll processing and payroll tax reporting issues.

At Richard Heath & Co., we have specialists that take this burden off of businesses. Our clients enjoy the “mothering” service that our associates provide in this area.

QuickBooks Pro Advisors

Our QuickBooks Certified Pro Advisors specialize in QuickBooks installation and setup, customization, troubleshooting and file cleanup of your QuickBooks company files. We offer one-on-one training at our office or your office with ongoing support. Let the staff at Richard Heath & Co. help you become a seamless QuickBooks user.

Industry Focus

  • Professional Services and Small Business
  • Professional Services
  • Doctors, Attorneys, Architects, Decorators, Surveyors and other professionals have specific and unique needs that are addressed at Richard Heath & Co. Our firm works closely with all of our professional clients to minimize their business risk and maximize their personal return from their businesses.

Small Businesses

Small businesses are a core ingredient of our practice and our small business clients know that as they appreciate the resources we focus on their needs. We treat each business the same way that we would wish to be treated – which includes:

  • A courtesy phone or e-mail reminder of approaching tax filing deadlines.
  • On time completion – if we receive our small business client’s information in a timely fashion we will have their various tax returns completed, thus eliminating the need for an extension. Richard Heath & Co. continuously meets goals & deadlines for financial information that we have agreed to provide, even during the most hectic of times. Professional service completed in a timely & accurate manner is what defines Richard Heath & Co.
  • Retailers and specifically building material merchants are being strongly pressured in this economy to remain profitable while their gross profit percentages continue to decline. We have worked with a variety of clients in the retail industry, including specialty retailers in the building materials industry. At Richard Heath & Co., we help these particular clients see where profit “leaks” exist and help them plug those “leaks”.

  • For our building material merchants we facilitate business roundtables where owners and their representatives discuss their issues with others in the industry with whom they do not compete. We also work with the Southern Building Materials Association in assisting clients with facilitating a number of their roundtables that meet twice a year.

    If you are not a client of Richard Heath & Co. and desire to know more about our accounting services, please do not hesitate to contact us.

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