Seachrist, Kennon & Marling, A.C. can assist you with a wide range of services. For a more detailed explanation click on one of the services below.
Accounting and Payroll Services
We provide a complete accounting service for your business by maintaining your general ledger on our own network or by using your own software. The most common software applications we use are Sage 50 Accounting® (formerly Peachtree®) and QuickBooks®. We have even helped large distributors with specialized inventory software process their accounting information.
We provide a full professional payroll solution for your business. You just need to send us the timesheets and we take care of the rest with either mailed checks or direct deposits. If you want to continue doing your own payroll we can assist with processing the monthly, quarterly, and annual payroll reports, for example, 941, 940, and W-2s.
Audit, Review and Compilation
We provide three different levels of assurance relative to our clients' financial statements. The three levels of assurance are audits, reviews, and compilations.
A compilation of financial statements is presenting in the form of financial statements information taken from our client's records. A compiled financial statement is sufficient for some businesses to be used for management decisions.
A review of financial statements can be used to comply with external reporting requirements of banks, suppliers, and investors at a cost less than an audit.
Conducting a review allows us to provide limited assurance about the client's financial statements by performing inquiry of management on the company's accounting policies and procedures and analytical procedures on financial data. Additional inquiry of management may be required to explain items that appear to be unusual as the result of analytical procedures performed.
An audit of financial statements is used to provide reasonable assurance that the statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes evaluating the internal controls and, if necessary, recommending changes.
We have the qualifications, reputation, and experience to issue audit opinions in accordance with auditing standards generally accepted in the United States of America. Some areas of specialization include:
Seachrist, Kennon & Marling, A.C. was engaged by a nonprofit organization to prepare a special report presenting selected financial ratios covering a six (6) year period that compared the organization to itself as well as comparable organizations throughout the state. This report was absolutely invaluable for the CEO to put into perspective where the organization came from, where it was heading in the future, and instrumental in communicating this to the board of directors. The report was critical in serving as the building block for the foundation for the strategic vision for the future of the organization.
A service business was ready to close because of fiscal mismanagement. We changed the financial structure and arranged for new equipment and technology. We added cost controls and increased marketing to adjacent areas to expand the business. At the end of five years we had increased annual cash flow by $150,000. Within five years, we had increased the value of this business from zero to $500,000.
A service business engaged Seachrist, Kennon & Marling, A.C. to review its internal financial reporting system. At the end of six months, we suggested expenditure changes amounting to an annual savings of $150,000. Our testing of the invoice/collection cycle indicated irregularities in the cash collections. Our suggestions improved annual cash flow by $300,000.
Our certified public accountants review your financial situation and then work with you to identify your requirements and goals. After determining asset ownership and liabilities, reviewing your existing will and related documents, projecting the value of your potential estate, and analyzing your retirement plan and death benefits, we develop a coordinated plan that meets your stated objectives.
SKM serves the legal profession and its clients by providing personalized service and measurable results.
Business Concerns & Issues
Mergers and Acquisitions
Selling or Buying a Business
Computer Information Systems Audits
We have experience in mergers and acquisitions with small and medium businesses. If you would like to buy or sell a business, please give us a call today.
Cash Flow Analysis
Divorce - Hidden Assets Analysis
Oil and Gas
Outdoor Sign Company
Pension - Defined Benefit Plans
Pension - Defined Contribution Plans
Physician - General Practice
Reviews of Internal Financial Reporting Systems
This is a difficult market we live in. No company can survive without a keen understanding of the complex accounting laws we live in. It is important to seek expert assistance to gain an advantage over competitors and to improve workflow efficiency to increase the bottom line. Below are some of the management consulting services we offer:
Assessing Organizational Performance
Redesigning Processes and Workflows
How We Help Our Clients
A nonprofit organization in a serious financial crisis was concerned it would be forced to close their operation. Seachrist, Kennon & Marling, A.C. analyzed their situation and discovered the organization had unpaid payroll taxes, unfiled annual information returns for two years, undisclosed transfers in the cash reserve account, and the required report forms had not been filed with the state funding agency. The Board of Directors engaged our firm to make recommendations and monitor the implementation of strategies to solve these issues. The executive director was dismissed and past due payroll taxes were paid. The information returns were filed and we were successful in abating penalties and interest of $10,000. We negotiated the elimination of a large grant payback to the state funding agency. Currently, the organization is operating in compliance and is increasing their cash reserve position.
A nonprofit organization's complete financial function was lost in a thirty (30) day time span due to the departure of both the Treasurer and Controller. This left the organization without proper documentation of a financial system that is very difficult to learn and operate. All of this occurred within a month of the end of their fiscal year end and the organization was two (2) months behind in closing their books. Seachrist, Kennon & Marling, A.C. was engaged to help reengineer the finance department. With an extraordinary effort and personal sacrifice Seachrist, Kennon & Marling, A.C. personnel worked evenings and weekends to accomplish their assignment. As a result of our efforts we were able to minimize the damage to the ongoing operations of the organization, assisted in developing documentation of the accounting procedures, helped train a new CFO and Controller, and completed the year end audit within the same time schedule as previous years. Our assistance helped reduce the amount of time the CEO had to spend on this problem and allowed him to concentrate on operational issues.
At Seachrist, Kennon and Marling, A.C. we can help with any type of tax related question or service. We have several tax professionals with over 40 years of experience in the industry and a staff of CPAs and other qualified tax professionals. All tax professionals undergo at least 20 hours of classes a year to stay up with the current tax laws with several taking 40 hours or more. We prepare income tax returns for individuals, corporations, partnerships, limited liability companies, estates, and non-profit organizations. Below is a list of some of the tax services we offer.
Planning and Analysis
Preparation and Reporting
Federal Income Tax Compliance
State and Local Tax Compliance
Payroll Tax Compliance
Information Return Reporting
It's important to have tax planning to help minimize the taxes businesses and individuals have to pay. You don't want to miss out on the maximum deduction for your new truck or hybrid vehicle. We are also happy to assist our clients with transitioning their business to their estates.
We help landowners with lease bonuses and royalty income to determine the tax effects to prepare estimated payments. We have many clients in the area that signed five year leases and received upfront cash. It is important to know the facts to receive the best possible deduction. It is also important to plan for the upcoming royalty income to minimize taxes.