Every NR Smith and Associates, PS client is served by a professional who is experienced in accounting and auditing, taxation, management advisory services, systems installation and support, or personal financial planning as dictated by the engagement.
Our team of professionals has a diversity of experience in the practice of public accounting and governmental finance. We are not just auditors or "tax specialists." We have a broad background of dealing with governments and non-profit organizations. This means a fresh perspective founded on experience.
Since we are a local firm, we are not required to look to larger headquarters for decisions, nor must we support a home office. This allows for more efficient communications, resulting in better services to clients.
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:
Financial statement preparation
Accounting support and assistance
Monthly/quarterly/annual assessment or evaluation of accounting data
QuickBooks installation and setup for new businesses
Business tax return preparation (Sales and Use/Business Property)
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
Audit - an intensive examination with the highest level of assurance. We determine that the facts are presented fairly on which we express our professional opinion of a business.
Our audit services focus on single audits (A-133 or Yellow Book), nonprofits, contractors, auto dealerships, homeowner associations, as well as a variety of other entities with related tax compliance requirements.
Membership in the Governmental Audit Quality Section of the American Institute of Certified Public Accountants demonstrates our committment and adherence to the highest quality of service.
Review Financial Statements - some analytical procedures conducted with limited assurance. We make inquiries and perform analytical procedures to express limited assurance, concluding that we know of no reason that the facts are not presented fairly.
Compilation Financial Statements - based upon client information provided and used primarily for internal use. Compiled financial statements provide limited guidance.
Generally federal law requires employee benefit plans with 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings. Smaller plans may also need to have an audit if they do not meet certain conditions exempting them from the audit requirement.
Employee benefit plan audits include audits of pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act ERISA) under the regulatory authority of the US Department of Labor (DOL).
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.
Based on your goals and objectives, we develop asset allocation and recommend specific investment vehicles. Our advisors have extension experience in research and design of portfolios that are carefully monitored and discussed with you on a regular basis.
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 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.
Financial goals are at the heart of the financial planning process. We assist you in establishing realistic goals and quantifying them in terms of measurable objectives.
Managing the resources you have accumulated is vital to acheiving financial success. After a thorough process of identifying your goals, we offer investment management services to assist you with this.
As members of the National Association of Personal Financial Advisors, we are fee-only financial planners.This means we are objective. We sell no product, only our objective, value added services, and we fully disclose all compensation. We have an institutional relationship with Charles Schwab and Company. We provide secure custodial services for the funds we manage. Stringent policies are in place to protect your confidentiality, and we have taken a fiduciary oath to always put your interests first.
Although NR Smith and Associates is currently registered with the Securities and Exchange Commission (SEC) to provide investment services in Washington State, rule changes mandate that we apply for transition registration with the Washington State Department of Financial Institutions. We are now considered "mid-sized" investment advisors with assets under management between $25-$100 million at 12-31-2011. This registration process should be completed by June 30, 2012.
Our planners and advisors can help you assess funding needs for retirement and education, and determine whether your current strategies will be adequate or if alternative strategies are needed to meet those goals.
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Effective coordination of your business to your successors is critical to ensure its continued success once you decide to transition yourself from the company's daily operations. With a solid background in tax and other financial matters, we are qualified to address the complex issues of business continuation and can assist you in developing a strategic sound plan. When, how and how much become the questions to be answered.
Whether you are thinking of buying or selling a new business or in the midst of a difficult divorce, doing an effective financial planning of the amount value of your business is important. We can provide useful and objective analysis to assist you in the valuation.
We are a Certified QuickBooks Pro Advisor. We can assist you in QuickBooks setup, training, and reporting. Periodically, we provide seminars that focus on proper setup of your accounting software and related training.
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
With complex operating environment including modern technology, even the most experienced executives rely upon outside experts for specialized service.
Identifying your needs and proposing solutions are important to us. By using accounting information, we provide management with objective and independent operations direction.
Services to accomplish your objectives include: strategic planning and goal setting, break-even analysis, pricing strategies, costing of services, cash flow projections, operating budgets, capital expenditure budgets, computer selection and implementation, accounting control systems, systems designs, financial report review and analysis, development of performance measures, development of federal grant applications and reports, and staff training programs.
Finding the right business partner is a difficult task. We can assist you in the merger or acquisition process by assessing critical elements including tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
Forecasting is a necessity when trying to effectively manage to business profitability. From simple projections to complex financial modeling, our experienced team can assist you in achieving your company's financial goals. We can help you develop meaningful key performance indicators (KPIs). If you cannot measure results, you cannot manage them!
Generally federal law requires employee benefit plans with 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings. Smaller plans may also need to have an audit if they do not meet certain conditions exempting them from the audit requirement.
Employee benefit plan audits include audits of pension, health and welfare, and 401 (k) plans subject to the Employee Retirement Income Security Act ERISA) under the regulatory authority of the US Department of Labor (DOL).
As Certified Financial Planners and Registered Investment Advisors, we can help you develop and maintain an investment portfolio for your company retirement plan that will meet fiduciary standards for prudence. Our portfolio management services include developing an asset allocation model appropriate to meeting your financial goals and objectives, and implementing the portfolio, utilizing the services of Charles Schwab and Company as our custodian. We then monitor your investments on an ongoing basis, and report to you quarterly on the progress of your portfolio and recommend modifications as deemed necessary.
One of the most valuable tools available to accumulate wealth is the retirement plan. Business owners and employees both benefit from the tax deferral options available through popular 401(k) Plans, Self-Employed Retirement Plans (SEPS), and 403(B) plans for non-profit entities. These employer sponsored retirement plans also encourage employee loyalty and reduce costly turnover.
Along with the benefits, however, come increased responsibilities to the employer, both in terms of administrative requirements and fiduciary liabilities. NRSmith and Associates, PS is uniquely qualified to assist you in both areas.
As Certified Public Accountants, our services include comprehensive plan admininstration from plan creation, to filings with the Internal Revenue Service and the Department of Labor, as well as reporting to employees. We can provide the expertise you need to maintain your plan in compliance with the numerous and ever changing testing and reporting requirements demanded by various government agencies.
A cost segregation study is a strategic analysis that allows companies that have constructed, bought, expanded or remodeled real estate to increase their cash flows by accelerating depreciation-related tax deductions. To do so, the study identifies, segregates and reclassifies property costs currently being depreciated over the typical 39-year depreciable period to shorter depreciable periods of 15, 10, 7 or even 5 years.
Effective estate and gift 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 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.
Businesses of all sizes and types face heightened focus from the IRS today as it seeks to encourage greater transparency. New IRS examination approaches are widening the net of returns that fall under review as the IRS initiates efforts to examine more tax returns of a broad range of entity types, particularly S corporations, partnerships, and high-net-worth individuals. Penalties are becoming an increasing source of revenue for the government.
Our tax controversy services are designed to advise and assist organizations in many aspects of the tax examination life cycle - from pre-examination preparation through the filing of amended returns and assistance through the courts if necessary.
Tax planning and preparation are the foundation of our successful clients. Whether you are an individual or a multi-tiered entity, our experienced staff can develop tax strategies that take advantage of tax laws and legislation. It is critical to have a completed tax plan using your tax dollars wisely.
Our tax services are not limited to simply preparing your tax return once a year. We consider your financial situation and structure expenditure efficiently while keeping you in compliance with government regulations and filings.
