| Audits, Reviews and Compilations |
| Compliance requirements are often imposed on businesses and organizations by a lender or a funding source. These requirements are often viewed as "painful necessities". We try to take away the pain by working closely with our clients to use the audit as a means of providing useful information to help the business or organization grow.
Audits in accordance with:
- Office of Management and Budget (OMB) Circular A-133
- HUD, including electronic transmission
- Generally Accepted Auditing Standards
- Laws and regulations promulgated by various federal, state and local governmental agencies
- Government Auditing Standards (the "Yellow Book")
- ERISA (Employment Retirement Income Security Act of 1974)
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| Bookkeeping/Write-Up |
| 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. |
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| Cash Flow & Budgeting Analysis |
| A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses. |
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| Financial Forecasts & Projections |
| Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. |
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| Estate & Trust Tax Preparation |
| Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| IRS Representation |
| During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies. |
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| Tax Planning |
| Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities. |
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| Tax Planning & Preparation |
| Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation. |
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| Tax Preparation |
| Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. |
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| Accounting Software Selection & Implementation |
| This is a good time to look at your current accounting system and ask yourself the following questions:
Are you currently using software to manage your business? Is the information your receive timely? Is is accurate? Does it provide you with the means to improve your business?
Our Technology Group will work with you to install or convert your accounting system in the most cost-effective manner. We offer on-site training of your staff, never scripted, each session customized to ensure that you learn only what you need. Every installation has one focus - to assist our clients in meeting or exceeding their goals. Our Technology Group works with each client to design a system that will provide information to guide the strategic plan of the organization. We firmly believe that for our business clients to be successful, we must understand their needs and provide solutions to assist them toward their achievement.
In addition, our Technology Support personnel are experienced in the configuration and administration of today's most popular operating environments, including PC-based operating systems such as Windows 9x/NT Workstation and Windows Peer and Client Server networking. This experience is a resource we make available to our clients as they assess their technology needs and proceed with the implementation of technologies which fit those needs. We also provide support with the questions which arise during the every day operation of their specific information systems environment.
Products Supported
- QuickBooksâ - Certified Pro Advisor!
- Peachtree Completeâ
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| Business Consulting |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. |
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| Business Entity Selection |
| Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company. |
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| Business Succession Planning |
| Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan. |
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| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
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| Computer Consulting |
| Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business' computer systems. |
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| Debt & Financing Services |
| Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level. |
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| Estate Planning |
| Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| Financial Planning |
| A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. |
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| Investment Review |
| As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return. |
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| Management Advisory Services |
| Running a business takes a great deal of time. The owner of a closely-held business needs to focus a majority of his/her time on the product or service that is being provided and not become immersed in the day-to-day running of operations. We act as your business advisor and a member of your business team. A Baum, Smith & Clemens professional is always available to provide you with the information you need or to assist you in making that critical decision. Our key services include strategic planning, internal control or accounting system analysis, software selection, personnel search and inventory assessments. |
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees. |
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| Retirement Planning |
| Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. |
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| Employee Benefit Plans |
| We offer a full range of employee benefit plan services. Our Employee Benefit Plan Group provides plan administration and documentation services for a variety of plans, including Profit-Sharing, Money-Purchase, SEP's, SIMPLE, 401(k), Age-Weighted, Comparability plans, 403(b), Section 125 Plans and ESOPs. From initial consultation on the type of plan which best suits your needs, to establishing and maintaining new plans, as well as handling plan terminations, we work with you to achieve your objectives. Our key services include proposals, plan administration, plan documents, consulting and plan audits. |
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| Manufacturing |
| We have been servicing manufacturing clients for over 30 years. With our more recent affiliation with CPAmerica and contacts at other organizations we have tremendous resources available to offer the manufacturing sector. We can assist you in developing a plan to achieve your goals and reach success. |
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| Construction/Real Estate |
| We are a member of the Southeastern PA chapter of ABC (Associated Builders and Contractors Inc.) Our clientle include builders and contractors (residential and commercial), special trade contractors, real estate developers, real estate agencies and management and leasing including apartments, homes and shopping centers. |
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| Healthcare |
| The vigorous scheduling and financial demands on today’s doctors make it imperative to obtain solid accounting and management advisory services.
Our Firm is prepared to help you grow a profitable practice from early development through retirement.
We are currently servicing medical professionals in a wide array of specialty areas. As members of MGMA – Medical Group Management Association and CPAmerica International, we have the resources to provide specialized services to attend to the specific needs of these varying areas of expertise. |
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| Not-for-Profit |
| Not-for-Profit organizations are a vital part of the community. While they need to be focused on the mission of the organization, they must still be mindful of compliancy with Federal, State, County and Local regulators and thier donors.
Service to the not-for-profit community is an area of significant growth and commitment of our firm. They professionals at Baum, SMith & Clemens, LLP attend statewide and national conferences specifically focused on the needs of not-for-profit organizations ans serve as members of boards and committees for a variety of local organizations.
Our services include complications and reviews, assistance with internal control documentation and monitoring, preparation of IRS Form 990 and state and local tax filings as well as audits in accordance with: - Office of Management and Budget (OMB)
- HUD, including electronic transmission
- Generally Accepted Auditing Standards
- Laws and regulations promulgated by various federal, state and local governmental agencies
- Government Auditing Standards (the "Yellow Book")
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