AUDITS & REVIEWS

We offer professional audit services, review and compilation services to businesses, non-profits, and DDS Vendors.  We can quickly compile your financial records into meaningful GAAP and tax-compliant financial statements.

A good financial statement or audit inspects the accuracy of information presented in financial reports of your organization. In today’s competitive business environment there is rigorous scrutiny of a company’s financial statement. A clear and accurate financial statement makes information relevant and useful. The financial statement represents financial status of an organization that includes the profit and loss assessment and balance sheet records. Every organization, large or small, needs professional financial assistance for better financial returns. Grace & Associates, CPAs, an experienced regional accounting firm in California, has a solution to all financial issues for all types of businesses.

 

NON PROFITS

We can help you maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

  1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
  2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
  3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  5. Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications.

Here’s what we do for you…

  • Review and compile your financial statements
  • Design, install, and maintain your Accounting System
  • Provide training for your accounting personnel
  • Complete and file your non-profit status application
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices
  • Prepare and file the 990 and 990T tax forms

BOOKKEEPING

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.