| Accounting Services |
| Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
*General ledger & financial statement preparation
*Bookkeeping (Monthly/Quarterly/Annual)
*Accounting system setup for new businesses
*Computerized payroll services
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
*Litigation support |
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| Asset Management |
| Using a highly tax efficient approach to investments, we can tailor an investment program to your unique needs. We will manage your assets with the objective of maximizing your return while developing a level of risk you are comfortable with. We have a CFP (Certified Financial Planner designation conferred by the Certified Financial Planner Board of Standards, Inc.), and a PFS (Personal Financial Specialist designation conferred by the American Institute of Certified Public Accountants) on staff.
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| Audits, Reviews and Compilations |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
*Audit- an intensive examination with the highest level of assurance
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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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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| 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 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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| Business Valuations |
| Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. We have an ABV (Accredited in Business Valuation designation conferred by the AICPA) and a CVA (Certified Valuation Analysts designation conferred by the National Association of Certified Valuation Analysts) on staff. |
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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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| 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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| 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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| Construction |
| Today's construction industry faces many unique concerns in an ever-changing environment. Along with intense competition and regulatory approvals come narrow profit margins and project constraints. Because of the characteristics of the industry, contractors must be able to rely on a trusted business advisor for guidance. Riney, Hancock & Co.'s expertise in bonding, financing, financial management and tax planning has assisted our contractor clients with sound, useful business advice over the last three decades and will continue to do so into the new millennium.
The nature of Riney, Hancock & Co.'s construction industry services goes well beyond the traditional audit and tax services. Our services also include the following:
Growth Management
* Mergers and acquisitions * Strategic planning * Business valuations * Succession planning * Forecasts and projections * Lending and bonding services
Tax Management
* Financial and tax planning * Representation and resolution services with taxing authorities * Tax issue analysis (percentage of completion, alternative minimum tax, passive losses, etc.) * Asset management services
Operations Management
* Overhead analysis * Internal control analysis * Lease/purchase analysis * Pre-certification reports * Retirement plan analysis and administration * Budget development and review * Budget and cash flow analysis * Fraud examinations by Certified Fraud Examiner * Computer system design and implementation * Software selection and implementation * Information systems review and consulting * Bookkeeping and payroll services * Human resources consulting
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| Consulting Services |
| 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. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Type of entity selection
*Business valuations
*Buying/selling a business
*Computer systems
*Financial & retirement decisions
*Estate, trust & gift planning |
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| Cost Segregation Studies |
| Our professionals are up-to-date on the ever changing provisions of the IRS in regard to depreciating personal property on an accelerated basis as opposed to grouping with your building which is depreciated over 39 years. The cost of a building includes many assets which qualify for much shorter tax lives than the building taken as a whole.
A cost segregation study can identify these shorter lived assets so that depreciation deductions can be claimed sooner to reduce taxes and increase cash flow. |
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| Employee Benefit Plans |
| The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan. |
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| Estate Planning/Estate & Trust Tax Preparation |
| 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 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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| Financial Institution Services |
| Financial institutions are continually facing rapid and complex changes. At Riney, Hancock & Co., our focus is to assist in providing and implementing solutions to the challenges facing community banks, thrifts and credit unions.
Expertise
Riney, Hancock & Co. has been effectively helping community financial institutions, since our inception. We understand the financial institution industry and our philosophy is to provide quality professional services to our clients with personal attention.
Scope of Services
The nature of Riney, Hancock & Co.'s financial institution services goes well beyond the traditional audit and tax services. Some of our services include:
* Audits of financial statements * Director's examinations * Supervisory committee examinations * Internal audit outsourcing * Mergers and acquisitions * Information systems reviews and consulting * Mutual holding company formation * Regulatory compliance testing * Tax planning and preparation * Call report preparation and electronic filing * Loan review analysis * Trust department agreed-upon procedures * Loan officer training for review of financial statement analysis * Fraud examinations by Certified Fraud Examiner
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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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| Fraud Prevention & Detection/Forensic Accounting |
| We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices. We have a CFE (Certified Fraud Examiner designation conferred by the National Association of Certified Fraud Examiners)on staff. |
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| HUD |
| HOUSING AND URBAN DEVELOPMENT (HUD)
As CPAs with broad experience in HUD project financing, we understand the subtleties and complexities of the financial and regulatory issues involved. Riney, Hancock & Co., PSC stands ready to provide you with the benefit of our expertise at all phases of your project.
Auditing and Financial Reporting
HUD imposes an annual audit requirement for those projects exceeding specific federal financial assistance thresholds. Such audits are performed in accordance with generally accepted governmental auditing standards. As such, the audit is not only a financial one, but also an audit of the owner's compliance with federal laws and regulations, and a critique of the internal controls applied in administering the federal funds. Riney, Hancock & Co., PSC performs compilations for projects not requiring audits, as well as electronic filing of financial statements in accordance with HUD guidelines.
Consulting
A byproduct of the audit is an in-depth review of the project's various cash and investment accounts. Since HUD requires the creation of many segregated reserve accounts, we monitor them not only for compliance, but also to ensure that investment yields are maximized without sacrificing cash flow to the project.
Contract Evaluation
HUD's 1998 Appropriation Bill provided for restructuring of contracts for certain FHA-insured multifamily projects. This restructuring can include conversion from "unit-based" assistance to "tenant based" assistance under the Certificate and Voucher programs as original housing assistance contracts expire. As these contracts near expiration, Riney, Hancock & Co., PSC can perform market studies that enable the project owners to weigh the advantages and disadvantages of continuing in the HUD assistance program.
Construction and Final Endorsement
During construction, Riney, Hancock & Co., PSC works closely with the project consultant, contractor and attorney to resolve open issues affecting the project's cost certification. Our goal in performing the Cost Certification required by HUD is not only to audit construction costs, but also to protect the maximum HUD mortgage.
Many months will elapse from the filing of the Cost Certification to HUD's final endorsement of the mortgage. During this time, we are in continuous contact with the HUD Mortgage Credit Analyst to minimize reductions in the approved costs. We also update the status of construction costs payable in coordination with the project consultant. When required, we will perform a Supplemental Cost Certification for submission to HUD.
As CPAs with broad experience in HUD project financing, we understand the subtleties and complexities of the financial and regulatory issues involved. Riney, Hancock & Co., PSC stands ready to provide you with the benefit of our expertise at all phases of your project.
Auditing and Financial Reporting
HUD imposes an annual audit requirement for those projects exceeding specific federal financial assistance thresholds. Such audits are performed in accordance with generally accepted governmental auditing standards. As such, the audit is not only a financial one, but also an audit of the owner's compliance with federal laws and regulations, and a critique of the internal controls applied in administering the federal funds. Riney, Hancock & Co., PSC performs compilations for projects not requiring audits, as well as electronic filing of financial statements in accordance with HUD guidelines.
Consulting
A byproduct of the audit is an in-depth review of the project's various cash and investment accounts. Since HUD requires the creation of many segregated reserve accounts, we monitor them not only for compliance, but also to ensure that investment yields are maximized without sacrificing cash flow to the project.
Contract Evaluation
HUD's 1998 Appropriation Bill provided for restructuring of contracts for certain FHA-insured multifamily projects. This restructuring can include conversion from "unit-based" assistance to "tenant based" assistance under the Certificate and Voucher programs as original housing assistance contracts expire. As these contracts near expiration, Riney, Hancock & Co., PSC can perform market studies that enable the project owners to weigh the advantages and disadvantages of continuing in the HUD assistance program.
Construction and Final Endorsement
During construction, Riney, Hancock & Co., PSC works closely with the project consultant, contractor and attorney to resolve open issues affecting the project's cost certification. Our goal in performing the Cost Certification required by HUD is not only to audit construction costs, but also to protect the maximum HUD mortgage.
Many months will elapse from the filing of the Cost Certification to HUD's final endorsement of the mortgage. During this time, we are in continuous contact with the HUD Mortgage Credit Analyst to minimize reductions in the approved costs. We also update the status of construction costs payable in coordination with the project consultant. When required, we will perform a Supplemental Cost Certification for submission to HUD.
Our Services Can Work For You
Riney, Hancock & Co., PSC has assisted dozens of clients in the management of HUD-assisted projects. Our CPA specialists are always alert to the regulatory and financial intricacies involved in obtaining and maintaining Federal financing and support. We can assist at all stages of project planning as well as in ongoing management, with consulting, auditing and accounting services to assure compliance and financial strength.
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| Health Care Facilities |
| The ever-changing dynamics of the health care industry can be frustrating for both providers and patients. Dealing with increasing costs, compounded by complicated regulations and ongoing operations management, can leave a health care facility with little time and energy for its primary goal: serving the needs of its patients. Riney, Hancock & Co., PSC understands the complexities that today's healthcare providers face, and has been effectively helping businesses in the health care industry since its inception. When it comes to operations, growth and tax management, consulting, and more, we can be your most trusted business advisor.
Experience
Riney, Hancock & Co., PSC developed the Healthcare Services consulting manuals for PKF North American Network. We have also served as PKF North American Network's Healthcare consulting firm since the inception of its Healthcare Services program. Our staff receives specialized training, and participates in an extensive continuing education program, in addition to monitoring current industry-specific publications.
Scope of Services
We offer the following specialized services designed for health care practices:
* Forecasting and budgeting; * Asset management services; * Strategic planning; * Payroll services; * Mergers and acquisitions; * Retirement planning; * Valuations; * Employee benefits consultation and administration/cafeteria plans; * Income tax planning and preparation; * Office automation; * Corporate compliance; * IRS representation; * Medicare/Medicaid cost reporting and consulting; * Employment contracts; * Managed care contract consulting; * Practice assessments; * Department of mental health uniform cost reporting; * Income distribution formulas; * Internal control reviews; * Management consulting; * Operational review; * Self-funded health plans; * Billing and collection strategies; * Coding and billing consulting.
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| Investment Services |
| Using a highly tax efficient approach to investments, we can tailor an investment program to your unique needs. We will manage your assets with the objective of maximizing your return while developing a level of risk you are comfortable with. We have a CFP (Certified Financial Planner designation conferred by the Certified Financial Planner Board of Standards, Inc.), and a PFS (Personal Financial Specialist designation conferred by the American Institute of Certified Public Accountants) on staff.
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| Litigation Support |
| Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages. |
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| Manufacturing |
| The multitude of issues affecting the manufacturing industry in the 21st Century is almost as numerous as the different manufactured goods produced. This is why having a trusted business advisor to help make sense of it all can be one of your greatest assets.
Experience
Riney, Hancock & Co., PSC has been helping manufacturers reach their financial goals since its inception by analyzing the processes used in a manufacturing business, then developing ways to make that business more efficient, and thereby, more profitable.
Scope of Services
The nature of Riney, Hancock & Co., PSC's manufacturing services goes well beyond the traditional audit and tax services. We offer the following services to help guide your business in the new century:
* Cost accounting design, analysis, interpretation; * Production & inventory control techniques; * Bank financing and loan proposals; * NC business credit for qualifying new businesses; * Rate of return and capital expenditure analysis; * Projections, forecasting, business valuations; * Sales tax issues and assistance with audits; * ISO 9000 compliance audits; * Management and human resource issues; * Product line profitability studies; * LIFO inventory for both book and tax purposes; * Analyzing various debt arrangements (lease/buy decisions); * Development and evaluation of long-range plans; * Assistance with current industry tax issues and IRS examinations; * Computer controls reviews; * Operational reviews; * Development of acquisition strategies and buy-sell agreements; * Financial, succession, and estate planning; * Company transition plans; * Internal audit services; * Tax planning and preparation; * Employee benefit plans and administration; * Contract negotiation assistance; * Technology assessments; * Information systems reviews.
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| Medical Dental Group |
| We at Riney, Hancock & Co. recognize the special needs and issues facing today's healthcare professionals with respect to practice management, third party reimbursement, regulatory compliance and other areas unique to physicians, dentists and health professionals. The Medical/Dental Group strives to anticipate and meet the ever-changing needs of healthcare professionals. Our understanding of the regional healthcare environment, combined with our specialized knowledge of the healthcare industry, enables us to provide high quality services on a cost-effective basis.
Staffing
Our MD Group staff receives specialized training related to healthcare and the challenges facing healthcare professionals and their practices. We attend numerous national conferences annually to keep abreast of changes and anticipate your challenges and needs. In addition to continuing education, our staff monitors current legislative, reimbursement, economic and industry publications specific to the healthcare industry. Our staff is also involved in a variety of community organizations focusing on medical practices and the healthcare environment.
Experience
Riney, Hancock & Co. developed the national Healthcare Services consulting manuals for PKF North American Network. We have also served as PKF North American Network's Healthcare consulting firm since the inception of its Healthcare Services program. Our affiliation with PKF North American Network includes continuing education and access to a network of information and contacts across the United States.
Services
We offer the following specialized services designed for healthcare practices:
* Corporate Compliance Planning * Managed Care Contract Analysis * Income Distribution Formulas * Incentive Compensation Programs * Employment Contract Design * Buy/Sell Contract Design * Practice Operations Review * Practice Valuation * Collection System Review * Insurance Coding Review * Fee Schedule/Capitation Rate Analysis * Benchmarking/Statistical Analysis * Revenue Optimization Analysis * Procedure Cost Analysis * Accounting Manuals * Collection Manuals * Personnel Manuals * Practice Startup Assistance
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| Not-For-Profit |
| Not-for-profit organizations are very unique and complex entities. Some rely on private/community support, some on service fees and others rely on federal or state funding. Many have a combination of all of the above. With today's ever changing funding and regulatory environments, not-for-profit organizations must operate and think more like for-profit businesses in order to fulfill their missions.
Experience
Riney, Hancock & Co. has been effectively helping not-for-profit organizations since the early 70's and understands the complexities that exist for all types of different not-for-profit entities.
Scope of Services
The nature of Riney, Hancock & Co.'s not-for-profit services goes well beyond the traditional audit and tax services. We strive to be our clients most trusted and valued business advisor. A few of the various services that we provide are as follows:
* Financial audits, reviews and compilations * Compliance audits under OMB A-133 (Single Audit) * Fraud audits by Certified Fraud Examiner * Grant compliance and application * Operational reviews * Bookkeeping and payroll services * Corporate compliance programs * Budget development and review * Budget and cash flow analysis * Financing studies * Projections and forecasts * Strategic planning retreat facilitation * Compensation consulting * Retirement plan analysis and administration * Computer system design and implementation * Software selection and implementation * Cost containment studies * Internal control analysis * Taxation services * Unrelated business income planning and analysis * Tax planning and preparation for organization officers and directors * Human resources consulting
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| Other Services |
| Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
*Mergers & acquisitions
*Asset protection
*Investment review
*Bankruptcies
*Litigation support
*Cash flow forecasting
*Employee benefit plans
*Expert witness services
*Internet commerce
Other industries in which we are involved include:
Advertising,Agribusiness, Architecture and Interior Design, Automobile Dealerships, Coal, Colleges, Distilling, Electrical, Engineering, Farming, Food Service, Funeral Service, Holding Companies, Insurance, Leasing, Lumber, Mining, Motels, Oil and Gas, Printing, Real Estate, Restaurants, Retailing, Veterinarians, Voluntary Health and Welfare, Warehousing and Wholesaling
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| Payroll Services |
| As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system, process payroll and prepare all necessary payroll tax returns in a timely manner. |
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs, SIMPLEs) 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. We have a CRC (Certified Retirement Counselor designation conferred by the International Foundation for Retirement Education) on staff. |
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| Sales Tax Services |
| Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner. |
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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 Services |
| We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business |
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| Transportation & Public Utilities |
| Companies and government entities that deal in transportation and public utilities often must make business decisions intrinsically unique to these industries.
How do I prepare for competition in a deregulated marketplace? Should I use owner-operator, leased or company-owned equipment? In what states should I be filing tax returns?
There is no right answer that will suit all transportation or public utility companies. Therefore, Riney, Hancock & Co., PSC is dedicated to working closely with individual clients in order to develop a strategic plan for business efficiency and profitability. Our highly-trained staff closely monitors industry-specific issues, such as utility rate studies, federal and state record-keeping compliance, and multiple state apportionment and tax matters, in order to provide our clients with solid business advice for a strong financial future.
Scope of Services
The nature of Riney, Hancock & Co., PSC's transportation and public utilities services goes well beyond the traditional audit and tax services. A few of the various services that we provide are as follows:
* Self-insurance/risk management; * Forecasts & projections; * Payroll tax issues; * Computer recommendations and installations; * Business valuations; * Succession and retirement planning; * Review of data processing methods & systems; * Estate planning with ownership transition; * Assistance with current industry tax issues and IRS examinations; * IPOS &SEC registrations & filings; * Personal financial planning for executives; * Audits (OMB A-128, OMB A-133, Single Audit Act), review & compilations; * Valuing closely held stocks; * Business planning services; * Cost allocation plans for grant programs; * ICC & DOT reporting requirements; * Education load programs; * Insurance evaluations for coverage & rates; * Arbitrage calculations; * Requests for proposals; * Strategic planning for deregulation; * Comfort letters; * Benchmarking analysis; * Employee benefits; * Activity-based costing & management; * Consultation/Administration; * Due diligence procedures for mergers & acquisitions; * Information systems reviews; * Technology assessments; * Entity planning; * Budgeting; * Tax depreciation studies; * Cash-flow analysis; * Internal controls monthly accounting services; * Rate & cost studies.
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