Tag: accounting

Accounting Concerns for Legal Marijuana Business Operations

Posted by Maria T. Rollins on September 28, 2018

Accounting for the growing cannabis industry is unique. Here’s why.

The goal of any accounting system is to ensure that accurate financial information is available timely to users. An appropriate system will include processes and procedures for collecting, recording and classifying data and will assist in preventing and detecting waste or, even worse, fraud.

So why is accounting for the growing cannabis industry so unique?

Management, investors and other financial statement users require the same accurate financial information as any other industry. However, in this growing industry, businesses must comply with strict state and federal regulations to avoid substantial penalties or even the risk of losing their business.

Cannabusiness accounting and compliance

Proper and adequate accounting systems and controls are even more critical in a cannabis business where the business “touches the plant.” Growers, processors and distributors have unique accounting and compliance needs unlike any other industry. The potential for large cash transactions and banking restrictions common in the industry further emphasize the need for proper accounting controls and procedures.

As states begin to legalize marijuana for medical and recreational use, businesses will need to consider the unique challenges the industry faces at the onset. The federal government considers business operations in this space to be “trafficking in controlled substances.” As such, proper accounting and reporting should incorporate the nuances of Internal Revenue Code Sec. 280E and 471 relating to cost accounting and inventory. In addition, state regulations require industry tracking and reporting of “seed to sale.” Most states with legalized marijuana industry require businesses to have inventory control and reporting systems in place as well as an interface with state mandated tracking systems. Therefore, the accounting system must provide reports and analysis to support compliance with federal and local regulations.

In this highly regulated environment, the business can be audited at any moment. All records must be available and in order to prove compliance with state and federal regulations. Furthermore, the accounting for businesses in this industry will need to provide for transactions to and from related entities, segment or separate “lines of business” reporting and consolidation. Business structures often include related entity relationships and investments. These advanced accounting issues are uncommon for most young or start-up businesses in other industries.

While many businesses entering the Cannabusiness space are new businesses, they cannot approach their accounting and bookkeeping in a manner often seen with new business start-ups. It’s common for a start-up to lack a proper accounting system and accounting controls before the business is up and running. A Cannabusiness business must have their system and controls in place well before they start operations.

We’ve got your back

Cannabusiness is a developing industry with many complicated factors. If you’re starting a business in this space, don’t go it alone! Contact Managing Partner Maria Rollins at mrollins@krscpas.com or 201.655.7411 to discuss your situation.

How to Read and Understand the Balance Sheet

Posted by Maria T. Rollins on August 2, 2018

Determine the health of a business by analyzing its Balance Sheet

The balance sheet is a standard financial report that is often included with a business’ financial statements.

It is easy for business owners to understand the profit and loss statement (P&L), which provides business revenues and expenses for a given period. The balance sheet, however, provides a snapshot of a company’s accounts, specifically assets, liabilities and equity, at a given time.

So why is understanding your balance sheet so important?

First, as mentioned above, it includes the company’s assets at a specific point in time (i.e., month-end, year-end, etc.). A classified balance sheet will list the assets by liquidity and show what can and should be converted to cash quickly to pay for liabilities, operating expenses, or to invest in new ventures. Conversely, the non-liquid assets will also be listed and tell readers what the company owns long-term.

The liabilities section of the balance will show any upcoming amounts due in the short-term as well as any long-term balances. Usually, a liability is considered short-term if it is due within 12 months of the balance sheet date.

When reviewing a company’s balance sheet, the reader will review current liabilities as well as the current assets and determine if the company has sufficient current assets to settle short-term liabilities.

If current liabilities exceed current assets, the reader may conclude that the company may not be able to settle current liabilities as they come due.

Long term assets and liabilities

The long-term assets and liabilities also tell a story about the company’s future. Long-term assets such as notes receivable will advise the reader that the company will convert the assets to cash in the future. The long-term liabilities will advise of the future commitments the company has and its ability to settle those future commitments.

Analyzing a company’s balance sheet from one period to another will also provide information regarding the business health. For example, reviewing the trend in accounts receivable from one period to another can identify issues such as slow collections and uncollectible debts.

The equity section of the balance sheet is made up of the initial investment in the company and any accumulated profits or losses retained in the business at the balance sheet date. This balance is what the owners would expect if the company was liquidated. If equity is negative, the company would not have sufficient assets to settle its debts if the assets were liquidated at the balance sheet value.

For the balance sheet to be an effective tool for business owners in analyzing the strengths of their business, it should be kept on the accrual basis. In fact, financial statements prepared on the GAAP basis (Generally Accepted Accounting Principles) are usually accrual basis. An accrual basis balance sheet will include all accounts receivables and accounts payables, thus providing an accurate snap shot of the company’s assets and liabilities at a specific date.

Conversely, cash basis balance sheets will not include the receivables and payables and, if these items are material to the business, the reader will not know what collections are expected in the short-term and what liabilities will need cash in the immediate future.

If you are a small business owner take a moment to review your balance sheet. Understanding how to improve specific account balances can help you grow a financially secure business.

We’ve got your back

At KRS, our CPAs can help you review your balance sheet and put together a plan for improving your company’s financial situation. Give us a call at 201.655.7411 or email me at mrollins@krscpas.com.

Is Your Accountant More than Your Trusted Advisor?

Posted by Loraine Kasprzak on March 20, 2017

Managing partner Maria Rollins was a guest on the Accounting Success podcast, speaking on the topic, “How Successful Accountants Serve Their Clients.” In this session excerpt, host Ian Welham and Maria discuss what it means as a CPA to be more than a trusted advisor.

IAN: It’s sometimes said that owning a business can be a lonely world and even that clients can go into their own shell or into their own world. Do you ﬁnd that once you’ve got a relationship with a client that they tend to reach out to you to help them understand their business, help them avoid that feeling of loneliness…?

MARIA: Sometimes we refer to ourselves as more than just the trusted advisors. Sometimes we’re the psychologist that steps in and listens to what our clients’ issues are even if it goes beyond their business or accounting. I think it’s the fact that our clients know that we really do care about the success of their business, so we can listen to their troubles and their stresses and provide that third-party advice, that independent advice, to help them succeed.

IAN: I think that’s very important. I think you used the word “help them succeed.” Do you ﬁnd that some clients aren’t actually clear about where they want to go? They got into business. They’ve grown, perhaps, over 10 or 15 years, but they don’t have an end game.

MARIA: We do talk a lot about succession planning for their business. We do talk about buy/sell agreements… We do try to sit down and understand what the goals are. We talk a lot about a three-year plan and a ﬁve-year plan so we can help them, guide them. Their business is their biggest asset most times. You want to add value within that asset.

IAN: You have clients not just from New Jersey, but across the U.S. and from around the world. They’re quite diverse in terms of size, ranging from multinational corporations to small, independent businesses. What do you actually look for in a client? What are the things that attract you to the client?

MARIA: The biggest attraction is what we can do to help that client. Where can we actually see some success with what that client needs and how we can match up our talent to get them to that next level and to help them achieve their goals. We do talk a lot about what the client needs are, our understanding of those needs, and how we can help them achieve those goals.

IAN: I think it helps, of course, whether the client’s large or small, that they welcome outside expertise and understand this value.

MARIA: There’s clients that could be a little bit larger that have very different needs. Maybe those clients are more in the need of the traditional accounting services where we’re providing audit assistance or a ﬁnancial statement assistance. We’ve found very small businesses, and we don’t want to pigeonhole any business based on size, but very small businesses that are very entrepreneurial, they have a very high need and use of technology, and it’s exciting to be part of that growth.

IAN: I noted another expression on your website that caught my attention. I think it was echoed in some of your clients’ testimonials as well. The phrase is: “We’ve got your back.” Can you explain what you mean by that? How does that phrase embody how you serve your clients?

MARIA: The culture here is that we care about our clients’ businesses, sometimes even more than our clients seem to care about their businesses. That’s really where that comes from. You’re focused on your business. You’re in it day-to-day. Sometimes it’s very hard to step back and look at the big picture. We’re there. We’ve got you. We have that big picture in mind. You can count on us for that.

Listen to the entire discussion on YouTube at https://youtu.be/ox6UNUzreXk.

Is your small business prepared for the new employment tax filing deadline?

Posted by Maria T. Rollins on November 11, 2016

Be Aware of New W-2 and 1099 Filing Deadlines

In an effort to combat fraud, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was enacted. It revises the filing deadline for Form W-2 and certain types of Form 1099. New Filing Deadlines for W2 and 1099s

Without proper planning, these revisions can cause some real stress for small businesses.

In the past, there were always two dates to consider when filing your employer tax forms. Forms were due to recipients on January 31^st and forms were due to the government agencies (IRS and Social Security Administration) on February 28^th.

Effective with 2016 tax forms, W-2’s and 1099’s with Box 7 entries are now due by January 31^st for both recipient and government agency filings. Form 1099 box 7 reports non-employee compensation.

In practice, we have found that many businesses do not have correct recipient information for employees and independent contractors, and unfortunately do not realize this until it is time to prepare the recipient copies of the forms. In the past, the issuer had until February 28^th to track down or correct any incomplete recipient information.

If you fail to file a correct W-2 or 1099 information return by the due date, and you cannot show reasonable cause, you may be subject to a penalty. There are also penalties if you report an incorrect TIN (taxpayer identification number) or fail to report a TIN. Accordingly, collecting correct information timely is very important.

Complying with PATH

Our recommendations to businesses to assure compliance with the new due dates are as follows:

Verify the accuracy of all employee information NOW
Review all vendor files NOW and confirm that all applicable files include the vendor’s name, address and TIN
Obtain Form W-9, “Request for Taxpayer Identification Number and Certification”, for each new vendor PRIOR to issuing any payment to the vendor
Contact all vendors with missing information NOW to allow sufficient time to receive the correct information (it may be difficult to secure the correct information if you no longer do business with the vendor)

Due to the shortened filing deadline between the end of the year and the filing due date, it is essential that you have all the complete and accurate filing information by early January.

We’ve Got Your Back

At KRS we assist our business clients with employer tax reporting as well as tax planning and compliance. Feel free to contact partner Maria Rollins at 201.655.7411 if you have any questions relating to the filing deadlines or any tax compliance issues.

Tax Planning Strategies – Minimizing 2016 Individual Income Taxes

Posted by Maria T. Rollins on October 24, 2016

It is never too early to get a jump start on tax planning. Why not start now and minimize your end of the year holiday stress? These tax planning techniques could help you reduce 2016 taxes.

Make Charitable Contributions

Making charitable contributions is a great way to reduce your taxable income. The most common type of donation is a monetary contribution. Taxpayers are allowed to make tax deductible monetary contributions to qualified organizations in amounts up to 50% of adjusted gross income.

Additionally, donating securities is an excellent way to support a charitable organization and avoid paying capital gains tax. When you donate securities that were held for more than one year, the contribution is deducted at fair market value and capital gains tax is avoided. This strategy works best with appreciated securities. Unlike monetary charitable contributions, donating securities to qualified organizations are limited to 30% of adjusted gross income.

Plan for Capital Gains

If capital gains are expected to be significant in 2016, consider selling some securities in your portfolio at a loss and generate capital losses. Capital losses are netted against capital gains to calculate the net taxable amount. Furthermore, if capital losses exceed capital gains, taxpayers may take a capital loss deduction up to $3,000 in the current year and carry forward the remainder to future years.

For example, if a taxpayer sells two securities, one with a gain of $50,000 and one at a loss of $65,000, a $3,000 capital loss deduction is allowed in the current year. The remaining $12,000 capital loss is carried forward to the following year.

Avoid Alternative Minimum Tax

The alternative minimum tax (AMT) has a significant impact on tax planning for high income individuals. AMT limits certain benefits and itemized deductions you might otherwise be eligible to receive. In years where taxpayers will be subject to AMT, one strategy is to accelerate income or defer tax deductions. This will help avoid AMT either in the current year or over multiple years.

For example, if you are subject to AMT and will not receive any benefit for state tax payments in the current year, defer those payments, if possible, to the next year when you’re not subject to the AMT.

If you’re not in the AMT for the current year, pay any state taxes before the end of the year, which may be due in April, to accelerate the year of the tax deduction. The IRS has the following tax tool to help determine if you might be taxed under AMT (https://www.irs.gov/individuals/alternative-minimum-tax-assistant-for-individuals).

Prepay Deduction Items

Another way to reduce taxable income in 2016 is to prepay 2017 real estate taxes, state and local income taxes, and other miscellaneous itemized deductions. Itemized deductions are recognized in the year they are paid, not the year they are due. If a taxpayer itemizes and has the option to accelerate 2017 expenses to 2016, this will increase deductions in 2016 which will decrease adjusted gross income.

Before implementing this strategy confirm you will not be subject to the AMT and your overall itemized deductions will be greater than the standard deduction. You should also consider itemized deduction limitations that may be greater due to higher income in 2016.

You may benefit from implementing at least one of these tax planning strategies. They are just a few of the methods to reduce taxable income and should be implemented on a case-by-case basis. At KRS we work with our clients to develop fluid tax plans and minimization strategies.

If you would like to learn more about tax planning and how to implement strategies to reduce your taxes, please contact Maria Rollins, CPA, to set up a consultation.

What Drives SMBs’ Accounting Software Purchases?

Posted by Maria T. Rollins on September 30, 2016

Software Advice™, a trusted resource for software buyers across industries, recently published a trend report on accounting software purchases by small and midsize businesses (SMBs). SMB Accounting Trends Buyer Report – 2016 was based on hundreds of consultations the firm conducted with SMBs over the past year. The report provides excellent insights into what business owners should look for when considering buying an accounting software system to replace outdated software or manual entries (e.g., pen and paper or Excel spreadsheets).

prospective buyers current accounting methods — Prospective Buyers Current Accounting Methods

Software Advice analyzed a random sample of consultations and found that nearly 60% of SMBs are looking to replace their existing accounting software with a more advanced system, while roughly 30% are first-time buyers.

35% of buyers seeking upgrades are now using some version of QuickBooks. This comes as no surprise. In my experience working with SMBs, I’ve seen that software packages such as QuickBooks and Sage 50 (formerly Peachtree) are very popular because they are advertised as relatively inexpensive and easy-to-use. Though these solutions provide the basic financial information owners need to prepare their tax returns, they do have limitations on the following:

The number of user licenses and the ability to set user permissions
Inventory items and SKUs that can be tracked in the system
Capabilities for tracking edited/deleted transactions (audit trail)
Integration with operational, industry-specific software

SMBs Requirements for Advanced Functionality

According to the trend report, the majority of buyers desire greater system capabilities. Buyers want the new software solution to be able to:

Handle multiple entities
Consolidate data and accounts
Run payroll in-house

At KRS CPAs, we’ve noted that handling multiple entities is often a tipping point for businesses progressing from basis to advanced accounting solutions. When businesses try to perform the function with a solution that isn’t designed to support multiple entities, the process is time consuming and error-prone.

For example, inter-company transactions processed by larger software applications are handled in one entry. If the application doesn’t offer multi-entity access, then the entry must be recorded in each entity separately, which is time consuming and can result in mistakes.

Software Advice also reported that the 21% of buyers wanting to automate processes correlates with the same percentage currently managing their accounting with manual methods, such as Excel spreadsheets. These buyers are looking to improve efficiency by reducing time spent on manual data entry.

Financial Reporting Capabilities Are Crucial for SMBs

82% of buyers wanted financial reporting in their new software solution in order to measure key financial and performance metrics. I typically advise clients to ensure their new system has basic reports, including the balance sheet, profit and loss statement (P&L), and cash flow report. The P&L acts as the starting point for tax planning, while the balance sheet reports cash levels, debt and retained capital in addition to assets and liabilities.

Accurately tracking and reviewing this financial data on a regular basis gives business owners insight into financial history, department efficiency and the profitability of different ventures. This allows them to make more informed decisions regarding cash flows, budgets and projections.

Cloud Solutions Grow in Popularity

Another accounting trend SMBs should be aware of is the growing popularity of cloud-based solutions. Software Advice identified these benefits of moving accounting to the cloud:

Greater ease of access
Better security
Improved ease of use

I’ve also seen that cloud-based systems provide more integration and add-on options, which allows users to extend the reach of their existing systems to serve many industry-specific needs.

Ready to Get New Accounting Software?

If you’re ready to start evaluating accounting software, Software Advice offers an online accounting software questionnaire that can help you match your business needs with several products for you to assess.

Once you have your new software installed, KRS CPAs can help you set up your bookkeeping, accounting and financial reporting processes so that they deliver the insights you need to manage your business more effectively.

Is Your Business Ready for 2017?

Posted by Gerald A. Shanker on September 12, 2016

Budget Projections Offer a Road Map to Success

I know that many businesses do not prepare projections, and among the ones that do, many do not use them to monitor results. Many believe that one of the most important steps in achieving personal goals is to write them down. Preparing and monitoring a budget for your business is similar to a person listing his or her goals. It introduces accountability, and can be used as a road map for the upcoming year.

How to prepare a budget projection

Using Microsoft Excel, list the months in columns across the top with a total column after December, and income and expense accounts on the left. Add a line for total expenses, and below that a line for net income. Insert formulas to sum total expenses and annual total income and expenses in the column to the right of December.

How much money do you want to make? Start the projection by entering the net income for each month of the year. Next, enter projected monthly expenses for each month of the year. Hint: the current year monthly financial statements will be a big help in estimating future expenses. Now, enter a formula in each month of the sales line that adds net income and total expenses. Based on projected expenses and budgeted net income, this will show you the monthly sales necessary to achieve this profitability. Is this sales number realistic and achievable? If not, which expenses can be reduced? Does your business offer some products and services that are more profitable than others? Preparing projections will force you to deal with these issues, and help you understand what drives the profits in your business.

Monitoring business performance

This process is not as overwhelming as it may seem. It will become much easier once you do it, and it is a valuable tool for monitoring business performance. If you need help, contact your CPA firm; they have all the necessary historical data and the expertise in preparation of financial projections.

Stay in Touch With Your Accountant Even After Your Tax Return is Filed

Posted by Diane Pineda on July 22, 2016

Tap your CPA’s knowledge and experience

As your business grows so do the complexities of complying with the regulations and requirements that may apply to you and your business. Your accountant is available to assist with accounting and compliance issues. In a business environment where these rules and regulations are constantly changing you want to be sure you are covered. Make sure you keep the lines of communication open throughout the year and take advantage of all the knowledge and expertise your accountant has to offer. The added value from keeping in touch with your accountant could extend well beyond tax services.

How is your business actually doing?

COMPLIANCE concept If you are familiar with basic accounting and maintain your own set of books, but can’t seem to make sense of the reports your accounting software is producing it may be time to sit down with your accountant. This is a great way to analyze how your business is actually doing. Your accountant is well versed in what your cash flow and finances are comprised of and could be an extremely useful resource when it comes to planning your future, setting goals, and assuring growth.

Consider outsourcing your bookkeeping

Success and growth may mean that more time and focus is needed with daily operations. The accounting and tax rules and regulations that become applicable are also more complicated than what you may have seen in the past. Allowing your accountant to take charge of the bookkeeping tasks allows you to focus on managing your business and creates a relationship where there is constant communication.

Together, you can develop a strategic plan for the future while discussing aspects of your business that may need change or attention. The conversations and accuracy of the financial reports will provide you with an accurate understanding of your businesses profitability and allow for accurate projections to be made which results in an easier tax filing season.

Ask questions

You should be asking your CPA questions about the financial aspects of your business that you may not be familiar with and would like to learn more about. These conversations can lead to you feeling more comfortable and confident while making informed decisions to assure a successful business.

Stay in touch

Your accountant can offer the proper guidance needed to make you consider all possible outcomes, consequences, or opportunities that may arise when making business decisions. Keeping them informed about any significant changes is imperative to avoid negative repercussions when it comes to accounting or compliance issues. Be sure to stay proactive in keeping your accountant apprised of decisions regarding your personal finances, business engagements, and any other significant changes in your life. With expertise in many different areas, your accountant can offer you insight and support even after you’ve filed your tax return.

Additional resources

If you haven’t yet found the CPA that’s right for you, check out the post, “How to Choose the Right Accountants.” The post, “Does Your Small Business Need Help with Bookkeeping Tasks” can help you decide if outsourcing these important tasks is right for your small or mid-size business.

Choosing The Right Accounting Software

Posted by Maria T. Rollins on July 8, 2016

Get the Accounting Software Your Small Business Needs to Succeed

If you are looking for an accounting system for a small business you may want to start by reviewing the features included in prepackaged solutions such as QuickBooks or Xero. These are relatively inexpensive and can be set up and functioning quickly with some user training.

Businesswoman working on laptop. Depending upon the version purchased, these packages will offer the user the ability to perform basic bookkeeping functions such as

Creating estimates and invoices
Syncing bank or credit card accounts
Printing checks
Reconciling bank accounts
Exporting data to Excel
Maintaining a General Ledger
Providing basic financial reports such as Balance Sheet and Profit & Loss statements.

If not offered in the basic versions, more advanced features may include preparation and printing of 1099’s, payroll, inventory tracking, time & billing, budgets, and enhanced financial reporting. In addition to the pre-packaged accounting software, there are many add-on applications that can automate many business processes. For example, applications are available to provide point of sale solutions, enhanced inventory management, paperless bill-pay processes, employee expense/reimbursement processing and sales tax automation. There are even CRM and document management add-on applications available to help manage and grow your business.

Do your homework before buying accounting software

Not every app will integrate with every software package or version so it is important to do your homework. And if remote access is important to you, many packages offer both cloud-based and desktop versions of their software. Be sure to compare the features offered in each since certain functionality may be available in one and not the other.

It is also important that the system you use for your business provide an audit trail and the ability to lock down closed accounting periods. These functions will protect the integrity of the data and limit unauthorized posting or deletion of data.

Accounting software for a growing business

So what do you do when you believe you have outgrown the small business packaged software solutions such as QuickBooks or Xero?

First, be certain that it is the accounting software that you have outgrown and not your operational software. For example, a large volume distributor may have intricate inventory management, markup and costing operational needs that are best managed through industry-specific operational software. If this is your dilemma, then it is not only necessary to evaluate the accounting functions of the software; most often, the operational functionality will take the lead in the selection process.

Although they are getting better, we often see excellent industry-specific operational systems that lack functionality and integrity on the accounting and financial reporting side. In these circumstances, it is important to determine if the benefits of operational reporting outweigh the accounting functionality. If so, some customized software enhancements may be needed at additional cost. These operational and accounting software packages will be much more costly than packaged software and require significant training for all users. Most often it is recommended to run a new system simultaneously with the prior system until the integrity of the data can be tested and trusted.

In either scenario your accountant should be able to help you in the software selection process. He or she should understand your business operations, user needs and reporting requirements and be able to offer valuable insight in your selection process. Your accounting software should allow you to process transactions efficiently and provide financial reporting that will help your business be more profitable.

If you have questions about choosing the right accounting software for your small business, KRS CPAs can help. Give me a call at 201.655.7411 or email me at mrollins@krscpascom.

How to Choose the Right Accountants

Posted by Maria T. Rollins on June 24, 2016

Tips for choosing an accountant for your business or family

Businessman showing a superhero suit underneath dollar symbol Let’s face it, to be called a certified public accountant (CPA) one must have a certain educational background as well as proven knowledge (i.e., by passing a rigorous exam). We believe CPAs have the business acumen that allows them to prepare basic financial reports and tax returns. You may also expect your CPA to fill the role of business consultant to help you achieve certain business and personal results.

How do you know if a CPA is right for you?

You can start by asking the following questions:

How many years of (corporate, partnership, individual, estate) tax experience do you have?
If I use you/your firm, who will prepare my tax returns? Who will be working on my account?
Do you hold any advanced degrees? What associations are you a member of?
What if I am audited? Will you represent me? What are the additional costs?
Will you review prior years tax returns at no additional charge?
Do you have expertise in my industry or with a specific issue relevant to my facts and circumstances (i.e. stock options, government contracts, tax credits, etc.)?
How do you bill for your services/what will you charge?
What if I need accounting or bookkeeping help? Do you offer these services?
What if I need a loan or credit line? How can you help me?
If I decide to use you, what should I expect?

These basic questions should spark conversation that will not only provide you with the assurance that the CPA is qualified, but it should also provide insight as to how the CPA can help your business or family. This conversation should allow you to evaluate how the CPA can educate you and how the CPA will collaborate with you to help you achieve your goals. The CPA should be focused on understanding your needs and clearly communicating how his or her skills and expertise will help meet those needs.

Most CPAs will tell you they meet many of their new clients through referrals from existing clients or from other professional service providers such as attorneys, bankers and investment advisors. Other business owners, family and friends are also good sources to seek out for accountant recommendations. If you are unlucky finding a CPA through referral, you can try your state’s CPA society as it will likely have a directory of its members. You can also check the CPA firm’s website and partner profiles for services offered, industries served and other specific expertise.

All CPAs are NOT all the same

The industries CPAs specialize in and the services they offer will vary according to firm size and partner/staff expertise. At KRS, for example, we provide full-service accounting, tax planning and preparation, business office processing and business valuation services to businesses. We also offer family office services, individual tax planning and preparation, and estate accounting and tax preparation to our individual clients.

If you have questions about choosing the right accountant for your family or business, I’d be happy to help. Contact me at mrollins@krscpas.com or 201.655.7411.