info@gkrcpa.com (734) 658-8334
Follow Us On

Client Advisory Services

Client Advisory Services

Schedule a Free Consultation (734) 658-8334
Client Advisory Services

A. Business Formation

Thinking of owning a new business? Our team simplifies the business formation and incorporation process for new and developing businesses by providing a one-stop place for all your business needs, including:

  • Business entity selection Helping you choose the right business structure, such as LLC, sole proprietorship, or corporation, based on your specific needs and goals.
  • Registration and filing Assisting with the preparation and filing of necessary documents to register your business with the appropriate state and local authorities.
  • Tax planning and compliance Developing tax strategies to minimize your tax liabilities and ensure compliance with federal, state, and local tax laws.
  • Accounting and bookkeeping Providing comprehensive accounting and bookkeeping services to help you manage your finances and make informed business decisions.
  • Payroll services Handling payroll processing, including calculating wages, taxes, and benefits, to ensure accurate and timely payments to your employees.
  • Business consulting Offering advice and guidance on various aspects of business operations, including financial management, growth strategies, and compliance issues.
  • Ongoing support Providing ongoing support and assistance to help your business succeed and grow.

With GKR And Associates, P.C., you can trust that your business formation and incorporation process will be handled efficiently and professionally, allowing you to focus on running and growing your business.

We offer a FREE consultation to new clients to help you choose the right structure and ensure that you minimize your taxes.

Call us at (734) 658-8334 to discuss your specific needs.

Start business formation process

B. Internal Control Evaluation

At times, you may lack adequate internal controls leading to errors or misstatements in financial statements, which can mislead stakeholders and investors. Without internal controls, there is a higher risk of employees misappropriating assets or engaging in fraudulent activities. This highlights the importance of having robust internal controls in place to ensure the accuracy and reliability of financial reporting.

We assess your internal control systems to evaluate the efficiency and effectiveness of your operating procedures. Based on our findings, we provide recommendations to strengthen your company and improve profitability by addressing any inefficiencies or ineffectiveness in your operating procedures.

Here's how we can assist you:

  • Document policies and procedures and ensure they are accessible to all employees. The documented policies and procedures provide day-to-day guidance to your staff and ensure continuity of duties in the event of employee absences or turnover.
  • Implement segregation of duties by dividing responsibilities among different individuals to reduce the risk of errors or inappropriate actions. Segregation of duties acts as a deterrent to fraud by making collusion more difficult. If one person cannot complete a fraudulent transaction alone, it's less likely to occur. When duties are segregated, it's easier to detect errors or fraud. Reconciliations and reviews by different individuals can uncover discrepancies.
  • Identify the key controls within the process that are designed to prevent or detect errors or fraud.
  • Test the effectiveness of the key controls to ensure they are operating as intended. This may involve reviewing documentation, observing procedures, or performing sample transactions.
  • Evaluate whether the design of the controls is adequate to achieve the control objectives. This includes assessing whether the controls are properly designed to mitigate risks.
  • Document the evaluation process and the findings, including any weaknesses or deficiencies identified in the controls.
  • Provide employees with the necessary training and guidance to ensure they have the knowledge required for their job duties.
  • Prepare a report summarizing the evaluation findings and recommendations for improvement, if applicable.
  • Monitor and follow up on the implementation of any recommendations to address identified weaknesses or deficiencies.

If you'd like more information about our internal control services, please complete the "CONTACT US" form to set up a free consultation.

Optimize internal control systems

C. Financial Reporting

Financial reporting regulations are constantly evolving, requiring businesses to stay up-to-date with changes. Accounting standards, such as GAAP, are complex and can be difficult to interpret and apply.

We can help your businesses streamline their financial reporting processes, navigate the latest changes and ensure compliance, making the financial reporting more efficient and effective for your stakeholders, investors, lenders, and regulators.

D. QuickBooks Advisory

Thinking of doing your own accounting in QuickBooks? Our team can help you in several ways, including:

  • Setup and Implementation Helping your business set up and configure QuickBooks to meet your specific needs, including chart of accounts setup, customizing reports, and integrating with other systems.
  • Training and Support Providing training to your team on how to use QuickBooks effectively, including entering transactions, reconciling accounts, and generating reports. Offering ongoing support to address any issues or questions that may arise.
  • Optimization Reviewing your existing QuickBooks setups to identify areas for improvement and optimization, such as streamlining processes, improving data accuracy, and enhancing reporting capabilities.
  • Advanced Reporting Creating custom reports and dashboards in QuickBooks to provide your businesses with valuable insights into your financial performance and key metrics.
  • Ongoing Support Providing continuous assistance and guidance to your businesses using the software effectively.

E. Employee Benefit Plan

If you have a retirement benefit plan, such as 401(K) or 403(B) for your employees, we can assist you in several areas, including:

  • Review the plan document and summary plan descriptions (SPDs) to identify key plan provisions to ensure compliance with all relevant laws and regulations, including the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code
  • We can offer guidance on plan administration, including contributions, distributions, vesting schedules, fiduciary responsibilities, compliance testing, census completeness, and Department of Labor rules regarding the timely remittance of deferrals.
  • If there are late remittances of deferrals, we can calculate the loss of earnings for your plan according to the Department of Labor's Voluntary Fiduciary Correction Program (VFCP).
  • For your plan, we can handle all kinds of compliance and filing requirements mandated by the IRS.
Get Started