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McClanahan and Holmes focuses on providing audit and special examination services to closely held companies, school districts, municipalities, financial institutions, cooperatives as well as other entities. The firm's approach is to establish strong and lasting relationships with clients by providing expert service and proactive accounting
solutions.
Financial Statement Reporting
Different entities have different accounting needs. The accounting profession has developed standards for three types of financial statement reports that ensures that you will receive a set of financial statements suited to your needs:
Compilation: Financial statements are prepared based on information provided by the entity's management. A compilation may be appropriate for entities that require
assistance with preparing financial statements for internal use.
Review: Some inquiry and analytical procedures are applied to the
financial statements. A review provides limited assurance that no material changes
need to be made to the financial statements. For financial statements that will be
used by a third party such as a creditor or regulatory agency, a review may provide
the best solution.
Audit: Provides the highest level of assurance that the financial statements
fairly present the entity's financial position. Involves significant field
work and includes procedures such as confirmations with outside parties, and testing
selected transactions through examination of supporting documents. An audit is the
most extensive service and is appropriate for entities that require a higher level of
assurance to outside parties. An unqualified opinion following an audit provides
reasonable assurance to outside parties that the entity's financial statements fairly
present its financial position and results of operations as of a specified date in
accordance with generally accepted accounting principals.
Write Up Services
M&H can assist small businesses with a variety of accounting services including:
- Preparation of monthly, quarterly, or annual bookkeeping reports.
- General ledger maintenance.
- Payroll preparation including all related employer payroll tax
reporting, as well as compliance reports.
- Preparation of state sales and use tax reports.
- Annual W-2's and 1099 reporting.
Other Accounting Services
Additionally, M&H can provide the following:
- Development and implementation of accounting and internal control systems.
- Evaluation, selection and implementation of computerized accounting software.
- Training and consultation for client accounting personnel.
