Accounting

  • As a small business owner you have more important things to do like run your business and generate profit than to utilize your time to keep your own books therefore we assist you in keeping your books. Each month or quarter we'll do the following things for you...
  • These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

New Service:

Online Accounting Relief
We also offer Accounting Relief, an ideal accounting package that lets you collaborate with us by entering checks, deposits, or bookkeeping transactions on the same system we then use to analyze your trial balance and prepare your financials. We are able to customize this system for your benefit, so that it provides an ideal comfort level depending on your needs and your background in accounting. Because this system is Internet-based, both of us can log in to it securely, without the cumbersome process of transferring data back and forth between your computer and ours.

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 each month or quarterly allows us to hunt down any discrepancies such as double billings or any unrecorded payments.

Manage Income Statement

  • An income statement, otherwise known as a profit and loss statement, 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 the period.
  • An income statement allows you to...
  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Identify specific items that are causing unexpected expenditures. Like Repairs, phone, postage, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.


Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

  • A 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 receivables and payables. You can 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? 

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

Bank Reconciliation

  • Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
  • Having us reconcile your account each month allows you to...
  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Manage your cash more effectively. 
  • 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. Crime exists.

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 don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

QuickBooks Services

  • QuickBooks is the ideal business accounting software for small to mid-sized business owners. Here's why you should be using QuickBooks. Although QuickBooks is designed for the layman to understand, the initial setup and installation can be tricky. We can save you hours of frustration by assisting you in setting up QuickBooks. We can train you or your staff to properly operate QuickBooks for your business.

    More information

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Audits - Reviews - Compilations

  • Peter Advani CPA, PLLC Accounting ServicesStockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
    Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your 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, and financial institutions. 
  • Facilitate the purchase and sale of businesses.

Here's what you get...

  • You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with:
    • Your customers, to check outstanding receivable balances
    • Your banks, to confirm cash or debt balances and terms
    • Your vendors, to verify outstanding payable balances, 
    • Your attorneys, for information on pending or threatened legal action.
  • We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.

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.
  • A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

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 don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

We Offer Free Consultations

  • Peter Advani CPA,PLLC are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
     

Accounting | Compilation, Review, and Audit | Business | Payroll | Taxation | Financial Planning

420 Lexington Avenue, Suite 2059, New York, NY 10170 | Phone: (212) 682 4667 | Fax: (212) 682 4277
Email: peter@peteradvani.com | Website: www.peteradvani.com