| Advisory Services |
| We believe the greatest benefit we provide our clients is in the services we offer beyond the accounting reports and tax filings. These services include consulting services in areas of product and service costs and pricing, financial analysis, short and long-term cash flow and financial planning, and accounting systems and procedures. We have also found that it is these services that differentiate us from our competition.
Product and Service Cost And Pricing
One of the most important aspects of financial management is the ability to accurately determine product and service costs and to use those costs in setting profitable and competitive prices. Many companies have not fully developed the system or formulas to do this. As a result, they cannot identify their break-even point, successful product lines, or profitable customers. Companies that do not fully understand their costs become unsophisticated in pricing, which allows their competitors to set their prices.
There is no standard or uniform approach to determining product or service cost and pricing that is applicable to all types of companies. We have worked with many of our clients to develop approaches to better understand their costs and pricing. These approaches identify the desired sales needed to achieve the company's profit objectives and the product or service contribution margin that determines the activity's contribution toward overhead and profits. With this information, the company can intelligently determine pricing strategies and the effects of changes in capacity utilization, and know when to turn down a project that will result in losses.
Understanding the Organization's Financial Condition
The primary responsibility of most business owners and managers is to manage the daily operations of the business. This requires the planning and control of detailed operational and financial aspects of the business, often times on a daily basis. With this responsibility, it is difficult to step back and look at the overall financial condition of the business.
For a company to be successful in the long-term, it must know how outside users of financial statements, such as bankers and trade creditors, view the financial condition of the company. To address this, we have developed a financial analysis report. This report analyzes the changes in the financial condition of the company over time and compares the company to a survey of companies in the same industry through the use of financial ratios and common size financial statements. Short-Term Financial Planning
A short-term financial plan is made up of three parts: a budget, a cash flow plan, and a financing plan. Most companies prepare budgets, which are plans of revenues and expenses for a year or two into the future. The cash flow plan builds on the budget to project the cash receipts and expenditures, including loan payments and capital investments. From this cash flow plan, the company's financing needs can be planned and arranged for in advance to make sure working capital will be available when needed so that the operations are not disrupted.
Over the years our firm has done extensive work developing short-term financial plans for clients. We have developed and have available tools that reduce the cost of developing plans and allow our clients to carry the planning process forward with reduced involvement by our firm. We also have tools that allow us to assess the impact of uncertainty on the cash flow and financing need of the business. Long-Term Financial Planning
Long-term financial planning is one of the most important, yet least frequently performed aspects of financial management. A long-term financial plan sets out the company's long-term financial objectives and strategies for achieving them. This is important because it sets a benchmark against which daily operating and financial decisions can be measured for consistency with long term objectives. Four important aspects of long-term financial planning are the company's tax strategy, retirement plans, maximizing the value of your business, and plans for succession in ownership of the business. Long-term financial planning can provide the focus and direction needed to provide optimum value to the owners of the business and consistency in management. We can assist you with the tax and financial planning needed to maximize the value of the business and with determining the current value of your business and its future value based on your long-term plans. |
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| Accounting Services |
| Spilman, Hills & Heidebrink, Ltd. offers a full range of accounting and auditing services. This includes the performance of independent audits and reviews. For companies that do not have the personnel needed to prepare financial statements, bookkeeping services and compiled financial statements can be provided. We believe that integrity and objectivity are the most important elements in the performance of accounting work. Over the years our best source of referrals has been from area bankers, which we believe is an indication of our reputation in the financial community. Spilman, Hills & Heidebrink, Ltd. is a member of the American Institute of Certified Public Accountants Private Companies Practice Section. Accordingly, we are subject to periodic peer review which was most recently completed in May 1998. As a result of that review, we received an unqualified report and no management letter comments. This is evidence of our compliance with our industry's high standards. |
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| Tax Services |
| The professionals at Spilman, Hills & Heidebrink, Ltd. work closely with their clients to plan and prepare tax filings so that returns properly reflect financial activity and taxable income. Throughout the year, we monitor tax law revisions and discuss those changes with clients that are affected. We get involved in a variety of tax planning issues including year-end tax planning, business acquisition, sale or transfer, personal tax planning, alternative minimum tax planning and estate planning. We are available to consult on payroll and other tax matters as needed and can serve as an advocate in the event of a tax audit. Another tax related service we offer is cost segregation studies. This service involves review of building costs to determine whether shorter depreciation lives can be used to accelerate tax deductions. The shorter depreciation lives can result in significant tax savings which help to improve cash flows. |
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| Audit Services |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance. |
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| Audits, Reviews and Compilations |
| We view 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 intensive examination with the highest level of assurance
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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| Financial Forecasts & Projections |
| Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. |
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| Financial Statements |
| We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. |
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| Forensic Accounting |
| We use accounting and auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices. |
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| Reviews & Compilations |
| We view 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 two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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| Compilations |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed. |
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| Bookkeeping/Write-Up |
| 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. |
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| 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. |
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| Consulting Services |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Type of entity selection
*Business valuations
*Buying/selling a business
*Computer systems
*Financial & retirement decisions
*Estate, trust & gift planning |
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees. |
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| Retirement Planning |
| Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. |
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| Estate Planning |
| 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. |
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| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
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| Business Valuations |
| Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. |
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| Business Consulting |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. |
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