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Accounting Services

Accounting Services in Bucks County, Pa
Bookkeeping Services
Financial Statements

Professional Accounting Services

Fox & Company, P.C. provides professional accounting services to business owners, executives, and independent professionals where we specialize in advising businesses on how to make their businesses more profitable.

You get more than just an accountant..

Accounting Services Include

  • Bookkeeping Services
  • Cash Flow Management
  • Financial Statements
  • Payroll Services
  • Quickbooks Services

Bookkeeping Services

As a small to medium size business owner, you have more important things to do than to keep your own books.  Let Fox & Company, P.C. to do it for you with our top A bookkeeping services.  Our bookkeeping services are in-house and off-site, at your business or residence either on a weekly, bi-weekly, monthly, quarterly, or annual basis with our own software or with your Quickbooks software.

  • Weekly, bi-weekly, monthly, quarterly, or annual preparation of bank reconciliations, income statements, balance sheets, and general ledgers.

Bank Reconcillations

Reconciling your business checking accounts allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your accounts allows you to:

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect and prevent excess and unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing? You can’t really unless all accounts are reconciled and properly accounted for on your financial statements.
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crimes does exist.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement Preparation

An income statement, otherwise known as a profit and loss statement (P & L), basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for any given period.

A professionally prepared income statements allows you to:

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures. eg, telephone, fax, mail, or office supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance Sheet Preparation

A balance sheet gives you a snapshop of your business’ financial condition at a specific moment in time.

A professionally prepared balance sheet helps you:

  • Quickly get a handle on the financial strength and capabilities of your business.
  • Identify and analyze trends, particularly in the area of Accounts Receivables and Accounts Payables.
  • Determine if your business is in a position to expand.
  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
  • Determine if you need to take immediate steps to bolster cash reserves?
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Perfect General Ledger

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system regularily allows us to find any discrepancies such as misposted items, unrecorded payments and so on.

Cash Flow Management Services

A wise business owner once said, “Happiness is a positive cash flow”. As a business owner, I am sure you agree. Everything is better when your cash-in exceeds your cash-out.

A cash crisis can be emotionally devastating and it can even kill your business!

Our cash management services allow you to:

  • Know when, where, and how your cash needs will occur.
  • Know what the best sources are for meeting your additional needs.
  • Be prepared to meet these needs when they occur, by keeping good relationships with bankers and creditors.

The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

Additional Cash Management Services

Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get:

  • Help obtaining an appropriate line of credit.
  • Cash collection acceleration techniques.
  • Proven effective payment policies.
  • Obtaining the maximum rate of return on your idle cash.

Financial Statements

We offer compilation, review and audit of financial statements by our licensed independent CPAs which are done on either a monthly, quarterly or yearly basis. These functions are done to the exacting standard set forth by the American Institute of Certified Public Accountants.

Audits are performed under generally accepted auditing standards or other more standards set forth by the various regulators to which clients may be subject. This is certified through the peer review process the firm must undergo every three years.

Fox & Company, P.C. has received and unqualified opinion (The highest rating by the AICPA), the last three cycles with no exceptions. Financial statements are prepared using various basis of accounting (generally accepted accounting principle, income tax basis, regulatory basis, prescribed forms) depending on the client’s specific needs.

Audit – Highest Level of Assurance

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

An Audit allows you to:

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
  • Comply with banking covenants.
  • Help deter and detect material fraud and error.
  • Facilitate the purchase and sale of businesses.

Review – Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

Compilation – Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants

 Payroll Services

There’s nothing better than personal attention from a trusted advisor who knows your business. Our payroll service is customized for you and your business.

Each payday, simply tell us your employees hours. We will calculate and prepare all federal taxes, state and local taxes, as well as voluntary deductions such as retirement plan deferrals or insurance premiums.

We provide direct deposit for your employees.

We prepare payroll tax information for payment to the various government entities based on government mandated deadlines and the necessary reports to those governments on the mandated quarterly schedules.

Intuit Quickbook Services

We have a, Intuit Quickbooks Pro-Advisor on staff with 18 years experience with the program and over 30 years bookkeeping experience, and specializes in setting up and maintaining your Quickbooks financial records and other specific services adapted to each business’s requirements such as use of chart of accounts, set up vendors and customer accounts, inventory and payroll.

We will take care of paying your bills and employees, keeping your books and billing your customers.

Quickbooks Set-up, Training and Support

Our clients receive unlimited telephone support with our Pro-Advisor.