Solutions for Your Financial Success
Auditing & Accounting
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 . . .read more
Whether you are contemplating acquisition, merger, sale, new shareholders, shareholder equity, estate planning or marital dissolution, an objective valuation can make the difference . . .read more
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become . . .read more
Estate & Trust
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 . . .read more
For Individuals & Corporations | Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a . . .read more
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. FRSCPA has experienced . . .read more
From Our Newsletter
Other Services We Offer
Accounting For Franchises
FRS provides timely and accurate p & l’s to its operators for a competitive monthly per store fee. Our monthly services include recording of financial transactions and accruals into General Ledger, bank reconciliations and electronic transmission of your p & l’s to McDonald’s Corporation. For more information please contact our home office at 800-457-1120.
FRS provides the NFS ratios to our monthly clients upon request for a nominal fee. FRS knows the importance of these ratios and what they can mean relative to your cash flow and debt positions. Our staff will assist in helping you reach your goals by analyzing your company’s position and make the appropriate recommendations. Please contact your Team Captain at FRS for additional information.
Maybe you want to sell a store or want to gift stock to your son or daughter. Perhaps you need estate planning, or are in the midst of buy/sell negotiations. In order to determine the value of your stores, your CPA will provide you with a valuation of your restaurant(s). Our experienced partners can assist you with these necessary tools that can help determine the worth of your business. For more information, please contact our home office for assistance.
Cash Flow Projections
Often times, operators are presented with the option of new stores or rebuilds opportunities. As such, pro formas are needed. FRS has experienced staff members who can provide you with assistance. We will go over the pro formas with you and guide you in your decision making process.
FRS places a high emphasis on tax planning for your benefit. Our goal is to minimize your taxes by taking a proactive approach. Each year, your Team Captain and their team work on tax projections for you to determine where you will stand by year-end and to make sure you are penalty proofed. We will determine if you need to pay additional tax to Federal and State taxing authorities prior to 12/31 in an effort to minimize your April 15th tax bill. Our close, personal attention to your business and tax situation is something we take very seriously.
Store Comparison Reports
As part of our affiliation with NFCA (National Franchise Consultants & Accountants), a group of nine nationally recognized independent accounting firms who specialize with McDonald’s, we are able to provide you with a unique tool that allows you to access a restaurant database. The database is compiled of SFS data from all nine member firms, thus allowing you to access and retrieve reports similar to norm reports against restaurants in your region, state, even across the U.S. The site requires a user id and password for entry. For more information on store comparisons reports or if you would like to gain access, please contact Melissa Smith at 800-457-1120.
Employee Benefit Plan Audits
Employee benefit plans are categorized by the Department of Labor as small or large. The number of eligible participants as of the first day of the plan year is the determining factor as to whether a plan is considered to be a large plan. This factor is reassessed every year as of the beginning of the plan year.
A special ERISA rule exists that referred to as the 80-120 Rule. Stated simply, plans with up to 120 eligible participants as of the beginning of the plan year that were classified as a small plan in the prior year may continue to file as a small plan. Once the plan exceeds 120 eligible participants as of the beginning of the plan year, the plan classified as a large plan and an audit is required. In addition, in the plan’s year of formation, the 80-120 rule cannot be applied and an audit is required if the number of eligible participants at the origination of the plan exceeds 100, then an audit is required.
Employee Benefit Plan Audits
- Limited scope
- Full scope
- Defined contribution
- Defined benefit
Audits Of The Following Types Of Plans:
- Profit sharing / 401k
- Stock bonus
- Employee Stock Option Plans (ESOP)
- Money purchase
Our Services Also Include:
- VCP / VFCP submissions (correct operational errors)
- SAS 70 reports and report reviews
Forensic Accounting, Litigation Support & Expert Witness Services
Our experts are highly trained and experienced in providing an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. FRSCPA has experienced partners and staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.
Pending or existing litigation can result in the need for a qualified professional to present his/her opinion to support or oppose evidence submitted to the court. Our level of competence allows us the opportunity to function as expert witnesses in such cases.