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Benefit Plan/ERISA Audit
We have a dedicated team of professionals that concentrate on employee benefit plan audits. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL). We are committed to achieving the highest quality audit possible and perform limited and full-scope audits of these types of plans. We plan and execute our audits in a way that maximizes audit efficiency and quality and we offer your plan administrator and human resources personnel confidence in their plan reporting and management. Our employee benefit plan audit clients range from a national non-profit with over 1500 participants to a local manufacturer with a 125 participants. As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, RMSBG is committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include specialized continuing professional education requirements for audit professionals that audit employee benefit plans and establishing firm quality control programs.
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Budgeting & Projections
Businesses often require outside assistance in preparing internal budgets, forecasts or projections. We can help you prepare a budget or complete a forecast or projection:
- for internal financial management purposes
- to support an application for bank financing
- to meet the terms of your current banking agreement
- to help assess the effect of a course of action being considered, such as a move to a new location, or a purchase of new technology
Financial forecasts are prospective financial statements that present an entity's expected financial position and the results of its operations, and changes in its financial position. It is based on the party's assumptions reflecting conditions it expects to exist and the course of action it expects to take. Financial projections are prospective financial statements that are based upon one or more hypothetical assumptions, and present an entity's expected financial position, results of operations, and changes in financial position. A projection, unlike a forecast, is sometimes prepared to present one or more hypothetical courses of action for evaluation.
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Capital Access & Financing
We work closely with clients to develop financing objectives and to identify appropriate sources of debt and equity. Our strong contacts throughout the financial services industry enable us to match client needs with the specific requirements of the banking and investment communities. Our debt and equity financing contacts include banks, private equity funds, hedge funds, investment bankers, private investors, business development companies and small business investment companies.
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Estate Planning
Effective asset protection is of increasing concern to families. In conjunction with an on-site independent attorney, we offer comprehensive estate planning services including the structuring of wills, to creating Family Limited Partnerships, Family Foundations, transitioning family businesses, and other strategies to mitigate excessive taxation. We are extremely well versed in Grantor Retained Annuity Trusts (GRATs), Grantor Retained Income Trusts (GRITs), Grantor Retained Unitrusts (GRUTs), QTIP Trusts for spouses, and other tactical tools.
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Family Office Services
One of the greatest challenges faced by families is effectively identifying the most appropriate team of advisors to ensure that the family’s financial and lifestyle goals are met. One of the most important members of that team should be your accounting firm. What is an outsourced family office? While there is not one specific definition, at RMSBG we define it as an entity or individual that supports the complex financial needs of a specific family group and acts as their “chief advisor.” Our primary family office skills remain focused on tax planning, tax compliance, estate and succession planning, accounting, budgeting and financial reporting for family investments, revenues and expenditures and acting as your “chief advisor.” If you do not already have a trusted investment advisor, we can refer you to investment advisors that are skilled in working with family’s investments. If you have a family office or are thinking of creating one, there are challenges to consider that may convince you that outsourcing could be one of the better decisions you can make for your family.
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Financial Planning
Our financial planning services help our clients save or defer taxes and retain capital. We provide guidance in the following areas: designing a personal financial plan, insurance and estate planning, retirement and college cost planning and pension and profit sharing plan implementation.
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Information & Accounting Systems
We are committed to employing state-of-the-art information systems wherever applicable. We believe that new technologies are central to innovative solutions. Our IS services include assisting in the selection and implementation of accounting/financial reporting software packages. This includes investigating software choices and evaluating current systems. We are continually reviewing and testing the latest software, and we are knowledgeable of MAS90, Microsoft Dynamics, Quickbooks and other accounting programs.
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Internal Audit Services
According to the Institute of Internal Auditors Standards, "Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes." In performing an internal audit, RMSBG works closely with management to develop an internal audit plan designed specifically for the stated objective. Our firm has been engaged as the “outsourced” internal auditor for several large internal control projects, including a human resources department project for an international health services company, a revenue and receivable process audit for a large not for profit organization and we have also guided smaller public companies on the Sarbanes Oxley Section 404 requirements and implementation.
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Internal Control Consulting
Ineffective internal controls and weak accounting procedures can result in inefficiencies and potential losses of your organizations assets as well as result in material misstatements of financial information. With the many audit failures reported over the last decade, corporate governance of internal accounting processes has received a lot of press and many companies both public and private have decided to review their business processes. By engaging RMSBG for an internal control review we can help you with reviewing, refining, or redesigning your internal controls and accounting policies from a solid technical standpoint to meet your corporate governance goals. Our professionals are experienced with a wide range of industries and accounting systems and we bring that experience to every engagement. Our services also include preparation of SAS 70 reports on service organizations internal controls.
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Litigation Support and Forensic Accounting
Our Litigation Support Department specialists assist lawyers and their clients in need of expert advice relating to the financial and tax aspects of litigation. These services include forensic accounting, the analysis of data during the discovery process, such as the tracing of assets and cash flow, and the reconstruction of income, damage and lost income calculations, income tax issues, analysis of settlement offers and expert testimony. Our firm is a leader in providing business valuation services relating to litigation matters.
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Management & Strategic Consulting
Management consulting services cover the full scope of business, management and operational issues, from budgeting, organizational structure, personnel assessment, and hiring to strategic planning, business plans, finance sourcing, equity and debt sourcing. Our management consulting services help companies respond quickly to current and evolving business, economic and organizational issues.
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Mergers & Acquisitions
The firm conducts due diligence investigations for numerous companies, validates financial and tax information, and identifies any potential areas of concern. Our tax professionals counsel companies on structuring transactions to maximize economic returns and minimize the tax burden. We also assist companies in creating practical business plans which confront the critical questions of asset redeployment and diversification, acquisition and disposition strategies and corporate growth plans.
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Sales Tax Audit Services
The states and other taxing jurisdictions are out to raise funds and the sales and use tax area is an easy and low-cost way for them to find those funds. Not only do they extract their share of tax, but the interest and penalties in many cases can be more than the tax itself. Whether you need an experienced firm to represent you in a sales and use tax audit, or whether you’re looking to prevent sales and use tax disaster, RMSBG is a firm that can help. If prevention is what you’re seeking, we can provide you with what we call a “reverse audit.” In a reverse audit RMSBG performs a review of your books and records for sales and use tax compliance, and we will look for and advise you of any potential sales and use tax deficiencies. We can advise you of the areas where sales or use tax should have been remitted, and bring to your attention the issues that we find that you can fix going forward, thus thwarting a potential future state audit that uncovers deficiencies and adds significant interest and penalties to the bill. We have been successful in representing clients in sales and use tax audits, including clients in the restaurant and bar business, manufacturing, computer software, and professional services industries.
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