Sheppard-Harris & Associates, P.C. offers clients a full complement of accounting, tax, and financial services that allows you to be more effectively and efficiently in managing your business. Our firm has the experience and the resources to serve both individuals and businesses professionally and efficiently. Below is a list of services we offer.
Audit, Reviews, and Compilation
Our firm views our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance:
Audit – An audit report provides the highest level of assurance that the company’s financial statements are presented fairly in conformity with Generally Accepted Accounting Principles (GAAP). In an audit, the accountant must be independent of the client and the financial statements must contain all required disclosures. An audit is planned and performed with an attitude of professional skepticism; that is, the auditor designs the audit to provide “reasonable assurance” that significant errors or fraud are detected. In an audit, an opinion is expressed whether the financial statements are fairly presented in all material respects, in conformity with GAAP. An audit includes tests of accounting records supporting the transactions recorded in the accounts and direct confirmation of balances and representations from the attorney.
Review – A review of financial statements produces a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit. A review consists essentially of inquires of management and performance of analytical procedures.
Compilation – A compilation is a monthly, quarterly, or annual financial statement. A compilation offers no assurance as to whether material or significant changes are necessary for the statements to be in conformity with GAAP – the set of rules regarding financial statement form. No probing is conducted beneath the surface unless the data provided is in error or is incomplete. Our auditing practice fully complies with the standards of the American Institute of Certified Public Accountants’ System of Quality Control. Preparing and examining financial reports is only part of our service, however, as we prepare reports, we gain a unique perspective on the efficiency of our clients’ internal control systems and whether or not those systems are working properly. Back to top
We can provide your business with detailed bookkeeping services to help you record and manage your daily business transactions in an accurate matter. Our services include check writing, bill paying, receiving and recording deposits, receivables and payables tracking and analysis, bank statement and credit card reconciliation, paying your employees and subcontractors, and making tax deposits. We can customize our services to meet the needs of your business, whether you need assistance in one or two of these areas, or need a full range of bookkeeping services provided in order to allow you to concentrate on other aspects of managing your business. By entrusting your daily bookkeeping duties to our firm, you will allow yourself more time to focus your attention to other important areas in your business. Back to top
Our firm offers a full and complete range of accounting services that’s totally adaptable to your specific needs. We are committed to providing you with accurate financial information in a timely matter that will allow your business to operate more effectively and efficiently on a daily basis. Our accounting services consist of financial statement preparation that includes general ledger, payroll journal, and bank reconciliations. We will also provide you with monthly, quarterly or yearly balance sheet and income statement that’s compiled from your financial transactions for a given period where the statements are designed specifically for your type of business. Back to top
As your business grows, the need of more employees becomes a must which can result in an increase in payroll administration. Our firm can assist you in designing and implementing the controls necessary to ensure a reliable, effective, and efficient payroll system. In addition to helping you develop a payroll system, we can also prepare all necessary payroll tax returns in a timely matter. Back to top
Tax Services and Preparations
Our firm offers a full range of tax services. We prepare individual federal and state tax returns (including states other than Alabama) and we offer very competitive and affordable rates which are based on the complexity of the returns. We will also prepare payroll taxes, sales taxes, and annual corporate income tax returns. If you are anticipating any changes that may affect your tax liability, such as changes in income or filing status, we can prepare a tax plan for you so you will be ready as these changes occur. Back to top
Tax Planning and Consultation
Tax planning is very important and essential element in tax preparation. Our firm has the experience and the knowledge of present tax laws that will help minimize both your current and future tax liabilities. Here at Sheppard-Harris & Assoc., we acknowledge that it is our duty to keep current on all new tax laws that will benefit our clients. When considering tax planning, normally one thinks only of federal income tax. Our firm goes beyond the norm by considering and reviewing all taxes for which you or your business may be liable for. Because tax laws are constantly changing, your business needs professional personnel to maintain accurate records. Back to top
Management Advisory Services
Every business or organization needs a clear sense of purpose of where it is today and where it wants to be in the future. To achieve this, most successful organizations rely on a strategic plan that can bridge the gap and provide guidance in developing ways to improve efficiencies and profitability in order to add value to a company and help achieve its goals. We provide management consulting, financing assistance and strategic and business planning services to our small business clients. Our services are customized to meet your individual needs and provide you with the convenience of working with a local CPA firm. Our collective experience in a broad range of industries enables the firm to provide consulting services in almost any financial and business situation. Back to top