Melamed & Karp understands no two companies are alike. We are proud to offer a wide variety of accounting and consulting services to help you meet your daily and ad hoc accounting needs. Among the services we provide:
Internal Control Evaluation
An internal control evaluation concentrates on the organization of the financial reporting structure and processes of the company. This evaluation is different from most other accounting services because it concentrates on the control structure that produces the financial information and not on the financial information itself. During an internal control evaluation, Melamed & Karp will study a company to identify its internal control strengths and weaknesses. We will be particularly attentive to weaknesses and explain how these weaknesses could adversely affect the company’s ability to record, process, summarize and report financial information. This can be a key service in helping the company prevent losses due to fraud as a result of poor internal control structure. Losses as a result of fraud are often much higher than the costs of evaluating the internal control structure. We will provide recommendations to strengthen internal controls and consequently provide asset protection and assurance that transactions are executed in accordance with management’s authorization.
At Melamed & Karp, we understand that 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.
Our Cash Flow Analysis Includes:
- The importance of managing liquidity and profitability related to financial leverage and overall improvement of shareholder value
- Asset investment decisions: The types of investment decisions necessary for a business to manage its profitability and growth.
- Asset acquisition strategies: Understanding and managing a firm’s capital structure to determine the optimal mix of financing, both internal and external, to achieve the greatest profitability and improve shareholder returns.
- Asset management: Focusing on the tools necessary to determine and evaluate the overall effectiveness of the firm’s management of its critical resources.
- Management of cash flows: Strategies for improving cash inflows and outflows with the aim of improving shareholder returns and increasing the firm’s profitability and liquidity.
- Simulation techniques: Understanding and managing cash flow using leading-edge simulation models.
- Regression analysis: Using regression analysis to understand the timing of cash flows and determine how much cash to maintain on the balance sheet.
Forecasts & Projections
Businesses are often required to prepare forecasts or projections and should always operate with a budget. 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. They are based on assumptions reflecting conditions it expects to exist at a time in the future. Financial projections are prospective financial statements that are based on hypothetical assumptions, and present an entity’s expected financial position, results of operations and changes in financial position based on those assumptions. A projection is sometimes prepared to present hypothetical courses of action.
Do you have a clear idea of what your long-term business and financial goals are? Are you on track to achieve those goals? The demands placed on today’s business owners often keep them from planning ahead, yet such planning is critical to future success. Without a strategic plan long-term goals are more likely to always be long-term. Melamed & Karp will help you change that by implementing a carefully thought-out strategic plan which works as a blueprint for building your business. We will help you:
- Understanding your personal and financial goals
- Identifying your company’s vision and long-term business goals
- Analyzing your company’s strengths, weaknesses, competitive position and market opportunities
- Identifying and evaluating necessary strategies
- Quantifying costs, resources and timelines associated with those strategies
- Establishing short-term goals
- Identifying key performance indicators and critical success factors
- Measuring and evaluating company performance against the strategic plan on a regular basis
Melamed & Karp will guide your company in the detection and deterrence of corporate, organization and external fraud schemes. We will utilize a full range of skills and techniques to prevent, detect, and investigate a wide range of fraudulent conduct. Internal control studies can help your organization identify weaknesses in your procedures and assist you in developing new procedures to help deter and detect fraud, if it occurs.
In today’s fast paced technological environment, it’s more important than ever to understand how to use current software advances. Melamed & Karp can help your business with customized software installation, training and support services designed to meet your specific needs and budget.
A business controller is the manager of the accounting department and typically is an experienced accountant, often a CPA. Many small businesses do not need nor can they afford a full-time person with these capabilities. We will provide these services which can include but are not limited to:
- Reviewing a bookkeeper’s work
- Assistance in adjusting and closing books
- Payroll Services
- Inventory Analysis
- Cash Flow Projections
- Special Reports Preparation
- Loan Negotiation Assistance
- Bank Reconciliation
- Budget Development
- Strategic Planning
- Mergers and Acquisitions
- Sales and Discontinuations
At Melamed & Karp, our goal is to simplify and improve the financial lives of our clients. Because each company’s needs are different, we tailor our services specifically for you. We offer a full range of bookkeeping and back-office accounting services. Recurring outsourced bookkeeping engagements may entail any or all of the following services:
- Timely payments of all vendor bills
- Monthly reconciliation of bank accounts
- Monthly reconciliation of credit card accounts
- Online banking and reporting
- Accounts payable
- Accounts receivable
- Job costing
- Collections and aging reporting
- General ledger and journal entries
- Write-up and general bookkeeping
- Inventory adjustments
- Cash disbursement
- Payroll preparation
- Sales tax tracking and payments
- Notary services
- Maintenance of files for paid bills, cash receipts, legal documents, tax information, and miscellaneous transactions
- Preparation of monthly accounting reports summarizing cash receipts and disbursements
When a corporation’s physical, contractual and financial assets and liabilities must be objectively valued in the course of financial reporting, a business deal, dispute, for tax purposes or in marital dissolution; we offer skilled, independent valuation services. Our professionals are expert in the income, asset and market approaches to valuation, and we carefully evaluate each engagement to determine the approach that will be most beneficial to the particular assignment.
Business Acquisition and Due Diligence
Melamed & Karp is pleased to have the expertise to support both simple and complex transactions through the due diligence process of mergers and acquisitions. By quickly identifying potential risks and areas of interest for specific transactions, we are able to focus and customize our services.
During a merger or acquisition, both sides of the transaction feel the pressure to make sure they have the most accurate information prior to completing the deal. At the same time, both sides are usually motivated to complete the deal in a timely manner. The challenge many companies face is determining when they have sufficient information to meet the transaction goals.
Companies on both the buy-side and the sell-side can benefit from performing due diligence, reviewing financial statements, assessing the financial health and operating efficiencies of all parties, exploring the tax implications of a deal and optimizing the deal structure.
Payroll Tax Returns
With today’s complex tax law changes and government-required reporting procedures, in-house payroll and payroll tax preparation can be complicated for many small business owners. Year-end payroll processing can bring even more unanticipated problems as you tackle year-end withholding calculations and adjustments.
Melamed & Karp offers flexible solutions that are accurate, timely, secure, and reliable. With services created for all types of businesses, we can help you take the pain out of payroll management. Our payroll department offers: check writing; direct deposit; management reports; tax filings, including Federal and State Quarterly 941s, state unemployment wage reports, and Federal 940 deposits; and year-end requirements, including W-2s and W-3s, 1099s and 1096s, State W-3s, and Federal 940s.
Sales Tax Returns
At Melamed & Karp, many of our clients are responsible for collecting and submitting sales taxes in many different locales. We can assist your company in the compilation of information and preparation of sales tax returns.