Our services

William J. Hofto, CPA, PC provides a wide range of services to individuals and small businesses in a variety of industries. We strive to meet each client’s specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:

Tax Management and IRS Representation

We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize their tax liability, maximize their cash flow, and keep them on track toward their financial goals. Our expertise, experience, analysis and thorough research allow us to optimize tax-saving opportunities found in existing as well as recently adopted tax laws. Professional representation can be vital during a tax audit, and our experience with tax authorities enables us to guide clients in their dealings with Federal and State agencies. If you have been selected for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.

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Litigation Support and Forensic Investigation

Our litigation support and forensic accounting services can be employed in a wide range of situations, including commercial litigation, financial investigations, business and marital dissolutions, and bankruptcies. These services can involve quantification of economic loss or damages, analysis of financial records, and fraud and theft investigation. Financial and personal records are often vast and confusing to sort through. With our professional training, we can make sense of these records and transactions and prepare a professional report that will communicate effectively.

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Bankruptcy and Foreclosure Advising

If you are facing bankruptcy or foreclosure of your personal residence or investment properties, we can guide you through the tax consequences of lost capital and debt forgiveness.  We can show you just what a fresh start looks like going forward.

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QuickBooks Accounting Assistance

We are experts with using and teaching QuickBooks accounting software. QuickBooks will provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install and use it properly. We know all of the tricks and will help you use QuickBooks efficiently and effectively.

We offer the following solutions to help meet your QuickBooks needs:

Personal Training- We will train you personally! Either one-on-one or several individuals within your organization at your company’s location.

Installation- We will install QuickBooks on your stand alone computer or in a network environment, in either single or multi-user mode.

Setup- We will assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.

Support- Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide expert accounting and payroll assistance using QuickBooks.

Review- Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review their transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.

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Accounting and Bookkeeping Services

Accurate financial record-keeping and reporting is essential to a successful business, yet can also be complicated and time consuming. We can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business. We can summarize your financial transactions in QuickBooks, reconcile your bank accounts, and adjust your general ledger so that your financial statements are accurate and meaningful.

A well designed system of bookkeeping will also make your tax return preparation more efficient and less costly. We can streamline your accounting needs and save your valuable time. The financial reports we set up are important tools that can guide your business in making financial decisions, planning, and evaluating performance.

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Management Advisory Services

We focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business.

These services include but are not limited to:
– Entity selection and restructuring
– Accounting software selection, implementation, and support
– Financial projections and forecasts
– Debt and finances advising
– Mergers and acquisitions
– Transaction structuring and negotiations
– Business succession

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Compilation and Review of Financial Statements

Our financial statement services comprise two levels of assurance depending on your company’s needs.

Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. They do not offer assurance but may involve some adjustment to accounting records.  Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data. A review is considerably more involved than a compilation.

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Cash Flow and Budgeting Analysis

Good cash management can improve a company’s liquidity, reduce costs, and increase profitability. We can help you maintain optimal cash flow levels by tracking sources and uses, forecasting and budgeting accordingly. Cash flow is something that can make or break one’s ability to survive in tough times. We can help you analyze your spending, rebalance your budget and/or debts for an optimal cash flow to support your business and personal success. This plan should be revisited if and when there are any major changes in your business structure or personal circumstances to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.

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Debt and Finance Advising

Whether your needs are corporate or personal, we can assist you in sorting out the different options available for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments.

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Entity Selection and Restructuring

Your choice of business entity has a large impact on your taxes and other liabilities. From your company’s inception through its growth and development, we can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.

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Financial and Retirement Planning

Our goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans, insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, we can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. The road to retirement is a long one and we can help you to take the proper steps to reach your goals.

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Financial Projections and Forecasts

No one can predict the future perfectly, but we can all benefit from planning for it. We combine expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company’s success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.

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Mergers, Acquisitions, and Sales

Business transactions and transitions are complicated affairs, and whether you’re buying, selling, or considering a potential merger, we can provide professional know-how to help you successfully structure and negotiate the deal. Our professionals employ careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.

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