HOAs

Audit Services

An audit provides the highest level of assurance(defined as high but not absolute), that a set of financial statements is fairly stated in all material respects in accordance with Generally Accepted Accounting Principles.

 

An audit allows you to:

  • satisfy stakeholders and other as to the credibility of published information
  • comply with banking covenants
  • help deter and detect material fraud and error

 

An audit is a methodical review and objective examination of the financial statements. Our work includes obtaining an understanding of your business's internal control and assessing fraud risk.  We are required to obtain audit evidence through various procedures, such as inquiry, examination, and physical inspection.

 

 Based on our findings, we issue a report expressing an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with your financial reporting framework(typically Generally Accepted Accounting Principles).

 

We are required to  report any significant deficiencies or material weaknesses in your system of internal control that are identified during the audit.

 

We must be independent to perform an audit.

 

Keep in mind, for HOAs, an audit is not intended to audit the association's reserve study, nor are we able to express an opinion on whether you have sufficient funds designated for major repairs and replacements. Our report will disclaim an opinion accordingly.

 

 We have extensive experience in performing audits for HOAs, non-profit organizations, for profit businesses, and governmental entities.

 

An audit is the most expensive as compared to reviews and compilations.

Review Services

A review is less extensive than an audit, but more involved than a compilation. It provides limited assurance regarding the financial statements.

 

We are required to understand the industry in which you operate, and obtain knowledge about your specific company.  However, a review does not require us to study and evaluate your internal controls, or verify data with third parties, or physically inspect assets. 

 

We primarily perform analytical procedures and make inquiries of your company's management team.  If anything appears inconsistent or otherwise questionable, we may perform additional procedures.

 

At the conclusion of a review, we issue a formal report concluding as to whether or not any material modifications need to be made in order for your financial statements to be in accordance with your reporting framework.

 

We must be independent to perform a review.

 

A review is a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.

 

The cost is less than an audit, but more expensive than a compilation.

 

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Compilation Services

A compilation is the lowest level of assurance.  In fact, it represents no assurance on the financials.

 

A compilation engagement involves "compiling financial statements" that are the "representation of management."  However, it's important to note that we do not provide any assurance on these statements.

 

We do not verify the accuracy or completeness of the information provided by management through inquiries or other procedures(like we would with an audit or review). Therefore, we cannot offer any level of assurance when it comes to compiled financial statements.

 

Furthermore, we are not obligated to gain an understanding of or disclose any weaknesses in internal control, or evaluate the potential risk of control failure.

 

At the completion of the compilation engagement, we will provide an Accountant's Compilation Report.

 

We do not have to be independent, but must disclose if we are not.

 

A compilation is the least expensive of the three options.

Bookkeeping Services

We offer bookkeeping services to all industries we serve. Typical bookkeeping includes:

 

Downloading/coding transactions

This involves pulling transactions from bank accounts into your accounting system and coding to the appropriate general ledger account.

 

Reconciling bank statements - this allows you to:

  • identify lost checks, lost deposits, unauthorized wire transactions
  • detect/prevent excess/unjustified bank charges
  • help detect/prevent embezzlement of funds, thereby protecting yourself
  • helps you know how your business is doing


Maintaining a clean general ledger

The general ledger serves as the heart of your system. As every transaction flows through it, it becomes crucial to review it every month. Rest assured, we can address any concerns to ensure your books are consistently accurate and maintained in excellent condition.

 

Generating financial statements monthly or quarterly

Basic financial statements consist of a Balance Sheet and Income Statement(otherwise known as a Profit & Loss Statement or P&L).  

 

The Balance Sheet shows what you own, what you owe, and what your net worth is at a specific point in time.  It can help you:

  • identify/analyze trends in such areas as receivables and payables.  
  • determine if your business has been slowing down payables to forestall an inevitable cash shortage

The Income Statement shows your revenue and expenses, with a net profit or loss for the period and/or year.  It can help you:

  • track actual expenses vs. budget 
  • track actual revenues vs. budget
  • identify any items that might be causing unexpected expenditures
  • determine areas that are over or under budget
  • determine your income tax liability

 

1099 Processing

Annually we can assist with 1099 processing for your vendors.

 

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Tax Services

Does Synergy CPA & Advisor prepare and file tax returns?

While we do offer tax planning and assistance with preparation, we do not prepare and file tax returns through Synergy CPA & Advisor.  We have an affiliated CPA firm who handles the tax preparation and filing for us.  However, we coordinate all services, so you can rest assured you will get the same service as if we prepared it ourselves.

 

Tax Planning

We will work with you throughout the year in coming up with tax saving strategies.  We will look at your current organizational structure to see if it is the most advantageous.

 

Business Tax Preparation

As a business owner, you are busy developing new products or services and making sure your business runs smoothly.  We will work with our affiliated CPA firm to prepare and file your taxes.  As your trusted advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees.

 

Individual Tax Preparation

We will evaluate your individual tax situation and guide you through any tax challenges that develop.  Our goal is to minimize your tax liability so that you can keep more of your hard-earned money.  We will work with our affiliated CPA firm to develop tax planning strategies that reflect individual financial goals.