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Business consulting covers a myriad of needs. Effective business consulting entails:
Business consulting includes preventive measures and as-needed services. Business planning, business financing, business management, fraud prevention, forensic accounting and litigation support, business valuations, and computer technology are consulting services discussed in other sections of this website. Other consulting services are discussed below. Risk Management Managing risk is probably the single most important thing successful business owners do. If risk management is not proactive, financial hardships loom in the not too distant future. Risk management has become increasingly more important as technological advances have arrived at record pace. You must consider many factors to effectively assess your risks, including: economic, competitive, industry, regulatory, environmental, political, social, customer, vendor, employee, and cash management, among others. Risk management cannot insure smooth sailing, but it can warn you of approaching storms and afford you the opportunity to avoid them if possible. Businesses are a lot like large ocean-going vessels, most of them sail "with a full head of steam" and cannot immediately react to unforeseen obstacles. Without risk management procedures, businesses generally are unable to react until the ship is taking-on water. All businesses, both large and small, can reduce their exposure to the risks they face by developing systems to monitor and control identified risks. REAGAN Accounting & Consulting Group can help you 1) identify and 2) respond appropriately to the risks you face.  Acquisition Due Diligence You have just located the perfect business to acquire…you have been looking for this opportunity for a long time, you are excited, envisioning future profits, planning your retirement…..wait a minute, just what should I pay for this business?, you ask yourself; and can I believe these financial numbers I am reading. Repeatedly, investors buy businesses or a business's assets without performing adequate due diligence, only to wind-up struggling to survive or spinning-off divisions that just cannot turn a profit. Just ask anyone who has "been there" and "done that". Proper due diligence always pays for itself. It either prevents significant future losses or helps to ensure future profits; it is a cost you cannot afford to cut. Due diligence requires that you obtain an understanding of the target company's financial information system and ascertain the reliability of its financial records. It also entails determining the structure for the transaction and negotiating all of the various terms of the transaction. REAGAN Accounting & Consulting Group has helped many business owners buy, and we have helped others avoid costly acquisitions that were doomed for failure. Let us help you determine the appropriateness of your potential acquisition candidate and the related value to you of the target company's assets. Performance Measurement Businesses have historically measured performance based on financial results. Since profit is the lifeblood of any business, financial measures are critical. Long-term profitability is better achieved by focusing on a balanced set of financial and nonfinancial measures. Performance measurement is essentially a process of considering whether your performance measures are consistent with your overall business strategy. Performance Measurement involves:
Application of Accounting Principles Frequently management, lenders, or investors have questions about the manner which significant transactions are accounted for. REAGAN Accounting & Consulting Group professionals have an excellent understanding of generally accepted accounting principles and can help you gain the assurance you need concerning your financial statements. Agreed-upon Procedures You desire an audit of your company's internal controls when only specific concerns exist about certain accounting procedures. An agreed-upon procedures engagement designed to test only your specific concerns may be a better alternative. In an agreed-upon procedures engagement:
Bankruptcy Services We live in uncertain times and many once successful businesses are today experiencing reduced margins, reduced volume, strong competition, restricted capital, all of which deteriorate cash flows and create financial difficulties. Properly identifying your root problems, determining feasible mitigating efforts, and gauging your realistic chances for success are critical. It may be that bankruptcy can and should be avoided, or alternatively, a workable plan of reorganization may need to be pursued through the Bankruptcy Courts. We have served as Court Appointed Examiners in resolving disputes between debtors and their creditors committee. We have also helped businesses return to profitability and make the successful transition from bankruptcy protection. Dispute Resolution Effectively resolving disputes is an art in itself. Attorneys and other professionals who specialize in this area often rely on financial experts to unscramble the complexities of professional accounting standards like:
Sometimes financial experts need to determine the fair market value of a closely held business interest in order to help legal experts resolve disputes about value. Whatever the conflict, Reagan Accounting & Consulting Group has the skill, ability and experience to help resolve disputes in a proper and professional manner. Our services include:
Fraud Investigations If fraud as taken you by surprise, you are not alone. And while being in good (or not so good) company is no comfort at all, it is just a sign of the times. Our experience in investigating fraud, assisting legal advisors, and joining forces with police and prosecutors has equipped us to help you. We are members of the Association of Certified Fraud Examiners and our staff include Certified Fraud Examiners who possess the necessary training and experience to uncover the scheme, demonstrate it, and prove it. Fraud can be in the form of asset embezzlement or misappropriation, or financial statement fraud. Cash is almost always involved in cases of asset embezzlement or misappropriation. In most financial statement fraud cases, revenues have been overstated. Financial Needs of the Elderly We all get older. As we get older, at some point, we lose the interest or ability to care for our financial affairs the way we always have. Members of our family sometimes feel better having assistance with financial decisions in the complex areas of:
Our services may include:
Services for CPA Firms The quality control system we utilize in our firm was created by the firm's principal several years ago and has stood the test of independent peer review five times, all without letter of comment. We can help you refine your system to enhance its effectiveness and efficiency. We can also perform your next peer review (whether system review, engagement review, or report review). We have assisted other CPA firms in determining the appropriateness of GAAP applications, performing consultations, and performing pre-issuance reviews of financial statements and reports. We are qualified in most industries and areas of practice. Compliance with Lease Agreements Lease agreements often contain contingent rental payments. Frequently the contingency relates to sales volume. Verifying income for lease payment calculation purposes requires determining whether a schedule of sales is complete. The determination can come in the form of an audit, review, compilation, or agreed-upon procedures service. We have initiated fraud prevention services that we discuss elsewhere in this website in response to the significant amount of fraud investigation work we have been called upon to perform. Compliance with the Terms of a Contract or Regulatory Requirements Many agreements contain positive and negative covenants imposed on one or both parties to an agreement. Assurance that the terms of the agreement have been complied with can be easily obtained through specific procedures as opposed to an organization wide financial statement audit. Attesting to Third Party Assertions Frequently parties to an agreement rely upon third party assertions about specific subject matter that are significant to a transaction or a series of transactions. We can test the subject matter or the assertions related to the subject matter, and attest to the reliability of the assertions. Pro Forma Financial Presentations Pro Forma presentations are essentially recast financial statements. The purpose is to illustrate the effects on historical financial statements that might have occurred had a transaction or event not occurred, occurred later, or occurred at an earlier date. Internal Control Effectiveness Because internal control is so important to the reliability of financial statements, there are times when the internal control system should be examined closely. Examining the design of internal controls can be extremely beneficial and is usually much less costly than an audit of the organization wide financial statements. |
REAGAN Accounting and Consulting Group, P. C. 2117 Magnolia Avenue Birmingham, Alabama 35205 Phone: 205-380-4200 | Fax: 930-9867 E-mail: info@reagan-solutions.com |
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