Frost & Company, PLLC is a local accounting firm that has the perfect mix of large-firm resources and small firm attention to detail that our clients have experienced for decades. We pride ourselves on the special relationships we develop with our clients and we concentrate our service practice around working in concert with them to help achieve their goals and objectives.
An audit is the highest level of service that can be offered. It is an essential tool in assessing the financial strength of an organization. It enables us to express an opinion as to whether your financial statements present your financial status, operations, and cash flows in accordance with generally accepted accounting principals (GAAP), or other applicable financial reporting framework such as the income tax or cash basis. Audited financial statements have added benefits for clients far beyond their immediate compliance function. They bring credibility to your financial picture.
Does your bank, investor group or Board require a financial statement that doesn't involve the rigorous procedures involved in an audit? Often times, banks and investors accept a reviewed financial statement to satisfy their needs. The scope of a reviewed financial statement is less than an audit and a review provides limited assurance of the accuracy and completeness of the financial statements.
There are instances when an audit, review or compilation may not fit the end goal or just may not be necessary. Agreed-upon procedure engagements are a unique attestation engagement because we report procedures and findings rather than a conclusion. These engagements involve applying procedures, agreed-upon by specified users, to information and issuing a report that enumerates the procedures performed, states our findings, and restricts the use of the report to the parties that agreed to the procedures.
Internal Control Consulting
We help organizations assess their internal control and then develop and implement the right set of controls to mitigate their specific risks. Our dedicated internal controls team helps clients strengthen their corporate governance, set the right tone-at-the-top, establish proper guidance and directives for the organization, and remediate control weaknesses. Our experience in internal controls cuts across many industries — ranging from nonprofits to closely held businesses to publicly traded companies.
Business Entity Selection
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
We provide outstanding solutions that blend extensive experience with pragmatic advice. Our professionals assist clients with mergers and acquisitions activities, including deal structure, tax consulting and sell-side advisory services. Questions typically revolve around valuation, tax effect, capital structure and financing. We provide clear and insightful advice to clients in order for them to be able to make properly informed decisions.
Compliance and Consulting
Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.
Federal taxation is complex, and complying with today's tax laws presents challenges and opportunities. Our professionals take the necessary time to learn about each client's specific tax situation, challenges and objectives. This knowledge combined with our solid understanding of the latest tax laws and strategies results in the optimal tax solution for our clients.
We leverage the latest tax software and technology to enable us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
Business Accounting Services
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Business Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
- Business tax return preparation (Sales & Use/Business Property)
- Payroll tax return preparation
- Personal financial statements
- Litigation support
Certified QuickBooks Pro Advisor ®
We are a Certified QuickBooks Pro Advisor ®. We can assist you in QuickBooks ® Setup, Training, and Reporting.