Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description.
As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Accounting Services
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.
Governmental Audits
Collier, Johnson & Woods PC has audited numerous governmental units and governmental grant contracts for over seventy years. Our experience gives us expertise in governmental accounting and auditing and fund accounting in a budgetary environment.
We have committed significant time and resources to developing governmental services. All of our audit staff attend governmental audit training. We have expanded our library of reference materials and devoted considerable study to governmental issues. We actively communicate with grantor agencies regarding reporting requirements and are experienced in channels of consultation to resolve problems.
Our firm has been a member of the Government Audit Quality Center (GAQC) since its inception. The GAQC is a firm-based voluntary membership Center designed to help CPAs meet the challenges of performing quality audits in this unique and complex area. The Center’s primary purpose is to promote the importance of quality governmental audits and the value of such audits to purchasers of governmental audit servicers. The Center also offers resources to enhance the quality of governmental audits. Our membership in the GAQC demonstrates our commitment to governmental audit quality. Our membership requires us to adhere to membership requirements over and above what is normally required including annual internal inspection procedures of a firm’s government auditing practice and additional requirements relating to our peer reviews with specific emphasis on governmental audit practice.
Our experience includes Single Audit Act reporting; combined and combining statements; governmental, fiduciary and proprietary fund types; financial and compliance auditing; and compliance with reporting requirements; promulgated by a variety of agencies and standard-setting groups.
We actively comment as a firm on governmental reporting requirements. We have many resources available to assist in the resolution of unusual reporting problems that may arise.
Audits of Financial Institutions
Financial Institutions operate within an environment of changing laws, regulations, and processes unique to the industry.
Collier, Johnson & Woods PC has audited numerous financial institutions for over sixty years and has a team of experienced professionals with extensive industry knowledge and experience. We have experience in many different types of banking transactions including auditing a newly chartered bank, troubled banking acquisitions and dispositions, establishing a holding company and dissolving holding companies.
We have committed significant time and resources to developing our banking expertise and auditing expertise. All of our audit staff attend audit training, including governmental training, which is required for HUD audits. We have many resources available to assist in the resolution of unusual reporting problems that may arise. Through our professional affiliations and memberships, we can also consult with a wide variety of consultants and auditors throughout the country. Additionally, as a member of the Texas Management Group (TMG) we have resources available to brain storm any issues that affect the banking industry with other CPAs with bank auditing and tax experience.
Employee Benefit Plan Audits
Plans with 100 or more eligible participants at the beginning of the plan year that file Form 5500 are required to have an annual audit of their financial statements. Hiring a qualified public accountant to perform that audit is one of your most important fiduciary duties.
Collier, Johnson & Woods, PC is a member of the Employee Benefit Audit Quality Center (EBPAQC). The EBPAQC is a firm-based voluntary membership center designed by the AICPA to help CPAs meet the challenges of performing quality audits in this unique and complex area. The Center’s primary purpose is to promote the importance of quality employee benefit plan audits and the value of such audits to purchasers of employee benefit plan audit services. The Center also offers resources to enhance the quality of ERISA audits.
Our membership in the EBPAQC demonstrates our commitment to ERISA audit quality. Our membership also requires us to adhere to membership requirements over and above what is normally required including annual internal inspection procedures of the firm’s ERISA auditing practice and additional requirements relating to our peer reviews with specific emphasis on ERISA audit practice.
Audits of Not for Profit Organizations
We have audited numerous governmental units and non-profit organizations with governmental grant contracts for over sixty years. Our experience gives us expertise in governmental accounting and auditing and fund accounting in a budgetary environment. Our experience includes Single Audit Act reporting, financial and compliance auditing; and compliance with reporting requirements, promulgated by a wide variety of agencies and standard-setting groups.
Members of our Firm, including our specialists, serve as members and advisory members of boards of many non-profit organizations. Our participation in these organizations has helped us develop insight into operations and management that extends beyond traditional audit and accounting expertise.
We actively communicate with grantor agencies regarding reporting requirements and are experienced in channels of consultation to resolve problems. We actively comment as a firm on governmental and non-profit reporting requirements. We continually monitor accounting and auditing issues that impact our governmental and non-profit clients.
We believe in being proactive rather than reactive. Our goal is to prevent surprises for management and boards of our clients. The Firm regularly conducts seminars relating to major changes in accounting or other issues that are of particular interest to our clients.
Our firm has been a member of the Government Audit Quality Center (GAQC) since its inception. The GAQC is a firm-based voluntary membership Center designed to help CPAs meet the challenges of performing quality audits in this unique and complex area. The Center’s primary purpose is to promote the importance of quality governmental audits and the value of such audits to purchasers of governmental audit servicers. The Center also offers resources to enhance the quality of governmental audits. Our membership in the GAQC demonstrates our commitment to governmental audit quality. Our membership requires us to adhere to membership requirements over and above what is normally required including annual internal inspection procedures of a firm’s government auditing practice and additional requirements relating to our peer reviews with specific emphasis on governmental audit practice.
Title Company Audits
All title agents licensed in Texas are required to have an annual trust fund audit to be completed and submitted to the Texas Department of Insurance (TDI) within 90 days of the end of the agent’s fiscal year. The purpose of the audit is the determination of compliance with the laws and rules established in Title 11 of the Code and the Basic Manual Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas.
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.
Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not 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
*Computerized payroll services
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
*Litigation support
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.
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.
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.
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.
Tax Services
Tax Services
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
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.
IRS Representation
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.
Payroll Services
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Consulting Services
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.
Business Valuations
If you own a business or a percentage of a business, want to protect your wealth, or determine how much an asset is worth, you will at some point need professional business valuation services. It may be to:
• Assist with selling your a percentage of the business• Obtain financing from a lender for the purchase of a business
• Plan for a merger, acquisition or stock offering
• Develop an estate or tax plan to protect your wealth
• Create a succession plan
CPAs who are Accredited in Business Valuation by the AICPA bring to the task of valuation:
• Integrity
• Objectivity
• Sound judgment
• Commitment to quality service
Whatever its purpose, valuation is a widely used discipline that can play a key role in helping you achieve your financial goals. Business valuation is a complex process requiring broad knowledge of accounting, finance, economics and business, expert application of recognized valuation methodologies, and diligent adherence to professional standards. When expert valuation services are needed, choose the CPA/ABV mark of excellence.
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.
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.
Fraud Prevention & Detection
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
Accounting Software Selection & Implementation
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.
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
Computer Consulting
Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business' computer systems.
Financial Planning
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Retirement Planning
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
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.
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.
Debt & Financing Services
Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
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.
Employee Benefit Plans
The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan.
Mergers & Acquisitions
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.