Non-Traditional Accounting Services
Personal Financial Statements are documents that contain general information about an individual as well as information about their current financial status. Most commonly this is referred to as a Statement of Net Worth as it includes a breakdown of total assets and total liabilities. These are frequently requested when applying for credit. At Verdant, we can prepare your personal financial statement, no matter the need.
A financial forecast is an estimate of the future financial status of a business based on the historical financial data. These are used to provide business owners with information about what the financial outlook of the company is likely to be. A financial forecast is likely to be requested by banks and other investors.
A projection takes the financial forecast and adds in a “what-if” scenario. Projections contain hypothetical events and help the business owner to see how things could turn out. We are asked to do these for various reasons such as: buying a business, estimating how a specific event would affect the bottom line, tax consequences of a specific event, evaluating the sustainability of the current business, etc.
Our on staff Certified Divorce Financial Analyst (CDFA®) can help both the client and lawyer understand how the financial decisions made today will impact the client’s financial future.
The CDFA® becomes part of the divorce team, providing litigation support for the lawyer and client. The CDFA® professional will be responsible for:
- Identifying the short- and long-term effects of dividing property
- Integrating tax issues
- Analyzing pension and retirement plan issues
- Determining if the client can afford the matrimonial home—and if not, what might be an affordable alternative
- Evaluating the client’s insurance needs
- Establishing assumptions for projecting inflation and rates of return
- Bringing an innovative and creative approach to settling cases
Clients often ask us to assist in the due diligence process when looking into purchasing a new business. During this process we assist in investigating and analyzing the prospective businesses financial statements. It is important to make sure their expenses look reasonable and that the financials make sense in order to make the appropriate decision on whether to buy the business or move on.
With a Certified Fraud Examiner on staff, we are able to assist our clients in detecting fraud by evaluating their accounting procedures for vulnerabilities, evaluating internal controls, determining the extent of fraud risk, interpreting financial data, and following up on fraud indicators.
An agreed-upon procedures engagement is a service in which a CPA is to report findings based on specific procedures agreed upon beforehand. The procedures are agreed upon in advance and can encompass a wide variety of topics. Some examples of such AUP engagements that our firm often performs are: Anti-Money Laundering Program compliance, Directors’ Examinations in conformity with Title 45 Chapter 25 of the Nebraska Administrative Code, compliance with FINRA policies and regulations on conflicts of interest, cost allocation studies, and testing for accuracy of expenses.
The procedures are determined by your organization and may be as limited or as extensive as desired but should not include procedures that are open to varying interpretations. One of the benefits of engaging a CPA to perform such work is that the findings are independently derived with no bias. There is flexibility in the nature, timing, and extent of the AUP and the work can be tailormade to fit your needs. You know your organization and can direct a CPA to perform procedures in a certain area—perhaps an area of concern, a new activity, or just a closer look at something. It is also important to note that in an AUP engagement, the CPA does not provide an opinion or a conclusion. Instead, the CPA provides a report listing the findings resulting from the procedures that are agreed-upon.