NRSmith and Associates, PS consists of ten people who render professional accounting services to over 400 clients. The firm's core service is accounting and auditing. Its CPAs are members of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants.

As a member of the American Institute of Certified Public Accountants, NRSmith and Associates, PS has participated in the AICPA's quality assurance program for over 20 years. Its last peer review was completed on November 13, 2007 for the year ended June 30, 2007. The opinion on that review concluded:

"In our opinion, the system of quality control for the accounting and auditing practice...has been designed to meet the requirements of the quality control standards for an accounting and auditing practice established by the AICPA and was complied with during the year then ended to provide the firm with reasonable assurance of conforming with professional standards."

The full report is available for inspection upon request. All seven AICPA quality reviews conducted over the years have had the same assurance of quality.

The firm was originally founded to service the timber industry, which included logging and Christmas tree growing. We continue to maintain a presence in that industry. Just as the timber industry and South Puget Sound economy have changed, our firm applies different approaches to changing needs.

Today we proudly serve a variety of clients with specialization in service to automobile dealerships, construction, and not-for-profit organizations. We are actively involved in auditing, tax compliance, planning, and management consulting for these entities, ranging from basic tax return preparation to sophisticated management consulting.

Offering a full range of accounting, tax and consulting services to a wide range of other enterprises, NRSmith and Associates' client base includes:

• Traditional - automobile dealerships, transportation, manufacturing, publishing, grocery stores, distributors, specialty contractors, retail sales organizations, and restaurants;
• Real estate - homeowners' associations, development companies, and management companies;
• Professional services - attorneys, engineers, dentists, physicians, surgeons, optometrists, veterinarians, and consultants;
• Not-for-profit - trade associations, social service agencies, state and local government agencies;
• Retirement plans - qualified and nonqualified retirement plans; and
• Emerging industries - Internet development and marketing, long-term care, and technical research.

NRSmith and Associates is qualified to perform audits under the Single Audit Act (A-133), sometimes referred to as "Yellow Book" qualified.

The firm takes pride in having nearly forty years' experience in using this core accounting and auditing expertise to assist clients to meet their objectives. Typical services include:

• strategic planning, goals setting, break-even analysis, product pricing, sales forecasting;
• cash flow projections, operating budgets, capital expenditure budgets;
• computer selection and implementation;
• business acquisitions and dispositions, business valuations, financing plans, cost segmentation studies;
• accounting control systems, systems design;
• lease vs. buy decisions, as well as
• traditional accounting and tax services

NRSmith and Associates, PS has designed and implemented accounting computer systems ranging from single user sites to multi-user, including Microsoft SBS NT network systems. We work with clients to maximize their efficiency which oftentimes includes troubleshooting their accounting software problems and providing timely solutions. Firm members have participated in beta testing Intuit's QuickBooks Pro; they also have maintained qualified installer relationships with various software vendors over the years.

The management consulting services at NRSmith and Associates are supported by tax compliance and planning services ranging from guidance in the selection of the correct operating entity and structuring transactions to produce favorable tax consequences to representing clients before taxing authorities. Norman Smith, our founder and President, holds a graduate degree in taxation with 40 years of on-the-job experience.

Our firm's broad-based experience includes consummating numerous buy/sell projects as well as transitioning successors of various businesses. This ranges from structuring cash sales to locating and negotiating with buyers and sellers. As a function of these projects, we also calculate business valuation determinations.

NRSmith and Associates, PS is a Certified Public Accounting firm with Certified Financial Planners as part of their professional staff. The firm believes that income taxation is just one dimension of a good wealth management program. Our financial planning includes tax planning and implementation; we have an institutional relationship with Charles Schwab and Company. We are licensed as Registered Investment Advisor Representatives with the Securities and Exchange Commission, which allows us to actively manage investments in Washington State.

Our financial planners are certified and accredited by the International Board of Practices for Certified Financial Planners, and members of the National Association of Financial Advisors. As members, the firm does fee-only financial planning, which means we cannot receive a commission or other remuneration besides fees actually charged. This ensures that our clients receive objective advice. Our recommendations are not influenced by sales commissions.

NRSmith and Associates, PS is a member of the Personal Financial Planning Division of the American Institute of Certified Public Accountants. One of our Certified Public Accountants, who is responsible for financial planning, holds the designation of Personal Financial Specialist. The American Institute of Certified Public Accountants confers this designation. Less than 20% of all Certified Public Accountants hold this prestigious designation.

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