Ultimate guides: You get value for your money. We save time. Win. Win.
Audits, reviews, and other CPA services are generally high-ticket items (or in plain English, they are NOT CHEAP!). Worse, if you choose the wrong provider or service, you are going to be one unhappy person, dealing with endless questions!
At Jedidiah, acting with integrity means we help you to make a decision - even if you don't choose us.
We believe you should get as much information as possible.
BUT - this also works in our favor. A client who knows what to expect can be better prepared, which makes the process a lot more efficient, so you pay less, and we take less time; that's wisdom, right?
This page acts as your map or ultimate guide to know which information to look for, so you can prepare better.
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Depending on your needs, we have categorized our wisdom or guides into different categories. The guides support the 4 pillars of our services.
Regulated attest work - think audits, reviews, compilations
These are often the most intense engagements (and most costly). They are also governed by strict professional standards so there are minimum procedures we MUST perform. For this reason they take time. You therefore want to be extra prepared for these as otherwise you can incur significant costs. That said, you don't want to incur an unnecessary cost. You might not need an audit - a review may do instead. This section therefore gives you insight to what is needed.
Questions? Book a call.
3rd Party verification letters aka "CPA verification letters"
This work is not regulated work in the strict sense (like an audit or review), but it is regulated CPA communication that confirms factual information that a 3rd party can rely on.
The 3rd partis (e.g. grantors, SBA, contractor licensing boards, franchisors) want confidence that an independent party (in this case a CPA) has looked at the information you supply - typically of a financial nature and so this allows them to undertake further work.
These 3rd party verification services take on various forms of work. Depending on your specific requirement, we have provided the guidance so you can ensure you prepare appropriately. The items below are the most common types. We often tailor for the specific requirement.
These engagements are often higher risk for CPAs, especially if they have no ongoing relationship with you as often, they need to be able to very quickly make sense of financial information, whose accuracy they can't often confirm and while no "assurance" is given, the 3rd party is placing reliance on certain checks being done.
For this reason, some CPA firms will not even accept to give you this letter, unless you are an existing client.
Transaction ready advisory
When you’re raising capital, buying or selling a business, bringing in investors, or preparing for a major strategic decision, “good enough” numbers are not good enough.
You need financials that can withstand tough questions, detailed review, and real scrutiny.
Any work involving transaction advisory is often HIGH PRESSURE - there is often time pressure (it's not unusual for M&A professionals to work all night) and the amount of money involved is often significant.
Additionally, these kinds of transactions are often a once in a lifetime type of deal - the culmination of all the years of hard work.
You therefore want to ensure that you are extremely well prepared, but that's not all. The terms or language used by brokers, investment bankers, VC, PE et al can be intimidating. What's Run Rate EBITDA? What multiple should you choose? When do you get a QoE report? And a data room do you need one? The guides below help you to demystify the process and help you get your ducks in a row, because if not - you are going to lose the deal of a lifetime!
CAS or Client Accounting Services (CAS)
This service has many names today - some call it "fractional CFO work", "outsourced accounting", "virtual CFO services", "Managed Accounting Services" and similar names. Historically when you thought of this service, you probably thought of remote accountants in India! This industry has matured beyond that and there are many outsourced centers that exist today - for example, the Philippines, Tunisia, Mauritius, South Africa, Kenya, even Uganda. The options are limitless. Wherever there is a good internet connection, you can find an outsourced accountant.
The biggest risk for you is that with the ubiquity of this service, it means it's extremely difficult to assess who is genuinely good at what they do vs for example a bookkeeper masquerading as a fractional CFO and thus end up frustrating you for lack of the right experience and skill set.
The guides below help you deal with all your everyday accounting matters - AR/AP, Payroll, bank reconciliation et al. When will a bookkeeper do and when do you actually need a CPA? What about a CFO? What is the difference between that and a controller?
Tax services (oh gosh)
Most clients we know hate tax (but of course they LOOOVE the IRS!). These guides reflect the fact that if you can get thoughtful tax support, it can make the difference between surviving and thriving. We do not want you operating in the dark—or constantly reacting to surprises or worse still, getting a nasty tax bill and penalty because your tax CPA did not know when the filing deadline was.
We provide the guides below so that instead of thinking about tax as necessary burdens, you can treat them as part of your financial clarity engine - and that's what smart savvy entrepreneurs do. Now that's wisdom right?
CPA Support for Multi-State Tax Compliance
When You Need Strategic Tax Planning as a Business Owner
When You Need a Reasonable Compensation Analysis for S Corps
When IRS Notices Require Professional CPA Representation