Business Accounting & Tax Services

Our Business Accounting & Auditing Service clients include private businesses, non-profit organizations, and other service firms. EFJ provides professional accounting services and financial guidance to the degree required.

Audits

An audit can be helpful in identifying areas of strength and weakness within a business accounting structure and can assist in updating your organizational goals and satisfying various financial and legal requirements.

Audited statements are helpful in:

• Negotiating bank loans and other credit
• Reporting to regulatory authorities
• Assuring credibility of financial statements for use by partners, stockholders, or bankers
• Developing stock buy-sell agreements
• Meeting bonding requirements
• Safeguarding business assets

Reviews & Compilations

While not as extensive as an audit, review or compilation services can also help your organization operate more effectively. For many situations, a compilation will provide business owners and managers with the relevant financial information they need to make well-informed decisions.

Reviewed statements are often all that is needed for meeting:

• Bank loan requirements
• Bonding requirements
• Buy-sell agreements

These two statement preparation levels are offered as an accounting service, and we do not express an opinion on such statements.

We view our role as accountants and auditors to be one of the long-term advisors to our clients, making significant contributions to their financial success.

Financial Projections & Forecast

There are two broad categories of prospective financial statement engagements – internal use and third-party use. Within those broad categories, EFJ can provide five levels of service. The types of services are as follows:

Internal Use

• Assembly (with or without a report)

Third-party Use

• Special disclaimer on current-year budgets presented with interim historical financial statements
• Compilation
• Agreed-upon procedures
• Examination

There are two types of prospective financial statements: financial forecasts and financial projections. Prospective financial statements are prospective financial information that presents financial position, results of operations and cash flows. They are either financial forecasts or financial projections, including the summaries of significant assumptions and accounting policies. Thus any information about the future is considered to be prospective financial information.

Non-Profit & Yellow Book

The special accounting and reporting requirements of nonprofit organizations require extensive education, training, and experience in order to provide quality, cost effective services. EFJ offers our clients high levels of experience and expertise. Our experience is enhanced in this area not only by working with our clients, but by participation in nationally sponsored educational programs. The high level of training allows us to provide expert advice and management assistance from all levels of our staff.

Bookkeeping & Payroll Services

Maintaining accounting records, preparing various financial reports and accurately interpreting records is essential for even the smallest of businesses. The bookkeeping and payroll services group at EFJ is organized to meet the needs of most developing businesses. Our clients range from individuals and companies without the resources of an internal accountant, to much larger businesses that use our bookkeeping & payroll services on a more selective basis.

Our bookkeeping & payroll services begin with the basics: maintaining records such as journals, general ledgers, payroll and progress to compilation of periodic financial statements or the design of an accounting system. These services also include:

• Assistance of adjusting and closing the books
• Preparation of year-end financial statements
• Preparation of interim financial statements
• Reviewing your bookkeeper’s work
• Reviewing internal control structure
• Month-end processing
• Financial reporting and analysis
• Procedures development and Implementation
• Bank account reconciliations
• Accounts Payable Processing
• Account Receivable Processing
• Bookkeeping Assistance
• Payroll Preparation
• Payroll tax filings
• Year-end Payroll and W2 Preparation
• Workers Compensation Audit Workpapers