I value the conversations with my CPA. I look at the P&L and restaurant performance matrix to coach my team. But I have never really had cash flow conversations with any prior CPA until now. The most direction and honest feedback I have ever had in 19 years has been from you and your firm!
“FRSCPA handles my monthly accounting, taxes and planning as well as any consulting advice I need. I would highly recommend this firm to any owner/operator looking to build a long-term relationship with their accountant.”
“I am fortunate that my family chose FRSCPA as their accountants in 2002. Their unwavering support and reliability with accounting and tax matters has allowed me to focus on operations and to become a successful Next Gen. It is important to rely on your team and FRSCPA is a team to have in your corner.”
“We have the utmost confidence and trust in our advisors at FRSCPA. We rest easy knowing they are taking care of us, and that is great peace of mind at the end of the day. If you are looking for the best, look no further than FRSCPA.”
“I consider your firm to be a top notch analytical organization with heart. You have been great to work with since 1998, and I will always be grateful.”
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.
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
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.