Our Services
At Asaf Siddique CPA LLC, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs. We provide a full range of tax and accounting services for our clients and offer consulting services for special needs.
Tax Services
At Asaf Siddique CPA LLC, we assist our tax clients through efficient compliance and effective planning to help them realize substantial savings. We focus on timely communication to provide our clients with excellent service.
We offer the following tax services:
Federal and State Business Tax Services
Tax Return Compliance
Preparation of federal and state tax returns is the core of our tax services. High levels of technical and industry-specific expertise allow our tax professionals to ensure our client's tax returns are prepared efficiently and timely.
Audit & Appeal Representation
We possess the expertise and experience to represent taxpayers before tax authorities. Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.
Sales and Use Tax Determination
We can assist you in understanding the sales and use tax consequences of specific transactions and ensure you meet any filing requirement.
Tax Planning Services
Federal Income Tax Planning
We aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows.
Tax Updates
We keep our clients up-to-date on the latest federal, state, and international tax issues through webinars, newsletters, website postings, and face-face meetings. By staying ahead of tax issues, we can communicate how they will impact your operations quickly and address them in a timely manner.
Individual Tax Services
When it comes to individual taxes, change provides opportunity. We keep on top of these changes to provide you with the best advice and strategies, especially planning opportunities. You can depend on us for objective guidance and personal attention. We believe in focusing on your long-term financial goals and steering your current needs in a direction to meet them.
Accounting And Auditing Services
Accounting
We can manage all your accounting and bookkeeping needs, from data entry to financial reporting. Our accounting services accurately track your revenue and expenses, providing up-to-date accounting information giving you valuable insight into your business’s financial health.
Our accounting services can include everything from data entry to bank account & credit card reconciliation – we can even manage your bill pay & payroll. You can rely on timely and accurate accounting information and always know where your business stands.
Here is a listing of accounting services we can provide:
- Bank Account Reconciliation
- Tracking fixed asset acquisitions and disposals, including keeping depreciation up-to-date
- Accounts Receivable recording and report management
- Accounts Payable recording and report management
- Payroll processing, including periodic payroll processing as well as federal and state tax reporting
- Month End close general journal entries
We can also provide financial reporting packages, which can include some or all of the following depending on your needs:
- General Ledger report
- Income Statement
- Balance Sheet
- Cash Flows Statements
- Aging reports for both Account Receivables and Payables
- Reconciliation Reports
- Custom reports – specific to your needs
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child’s college tuition, and your mortgage or credit card calculations.
Audits
Asaf Siddique CPA LLC only audits privately held companies. Concentrating on privately held companies means we are free from public company regulations reporting deadlines, disclosure complexities, and risk management issues. As a result, we can focus on what matters to you and your business.
Audits are usually performed because an outside third party requires an auditor's opinion on the financial statements. Audits are performed for the purpose of expressing an opinion about whether the financial statements are fairly presented and that they conform with generally accepted accounting principles or another financial reporting framework.
Audits are the most comprehensive of all the attest services. Auditing procedures include testing accounting records and examining evidence supporting the amounts and disclosures in the financial statements. Evidence is obtained through inquiries, analytical procedures, physical inspection, observation, and independent confirmation. Additionally, audits require an understanding of the entity and its internal controls.
There are certain assurances that audits are not designed to provide. An audit does not provide assurance on or aim to identify deficiencies in internal control. The work performed as part of an audit does give us an understanding of how your company and financial reporting function. This means we may be able to identify issues related to internal controls, processes, inefficiencies, and cash flows problems, as well as company and industry trends. As a result, the work performed during an audit may allow us to provide general business advice based on the insights gained during the engagement.
Reviews
Reviews are usually performed to satisfy third parties who want to ensure that the financial statements are not materially misstated. They provide a lesser degree of assurance to financial statement users than an audit. Also, unlike an audit, there is no expression of an opinion on the financial statements, testing of controls, or financial data. Reviews essentially consist of inquiries of company personnel and analytical procedures applied to financial data.
Compilations
Compilations provide the lowest level of assurance of the financial statements services. They are often required by outside third parties and internally by companies.
In a compilation, we assist management in presenting their financial information as financial statements in the proper form. Compilations also require us to acquire an understanding of the client's industry and to obtain specific knowledge about the client. Additionally, we read the financial statements and ensure they are free from obvious material errors. They provide no expression of an opinion on the financial statements.
Agreed Upon Procedures
Agreed-upon procedures are performed when the parties involved concur that they want the accountant to perform a specific procedure or set of procedures. They can be useful when you or a third party wants some comfort about a specific area such as inventory or cash but do not need the assurance and related time and expense of a full audit or review. Agreed-upon procedures can deal with a diverse variety of subject matter, such as the quality of collateral or due diligence related to a business acquisition. In all cases, agreed-upon procedures are solely the responsibility of the parties who specify them, and they never provide an opinion on the subject matter or financial statements.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child's college tuition, and your mortgage or credit card calculations.
Bookkeeping Services
The good financial information provided in a timely and accurate manner is essential to good management. Let us perform your bookkeeping and save yourself time, money, and distractions. This will allow you to focus on what you do best – running your business. Our firm provides a full range of bookkeeping services, including the following:
- General ledger & financial statement preparation
- Adjusting journal entries
- Bookkeeping on a Monthly, Quarterly, or Annual basis
- Accounting system setup for new businesses
Consulting Services
At Asaf Siddique CPA LLC, our business is to know and understand your financial situation. We offer services beyond compliance and combine our experience, expertise, and knowledge to add value as a trusted advisor to your financial situation.
We offer the following consulting services:
Financial Processes
Every organization can benefit from being introspective, skeptical, and analytical regarding its finances. We work with organizations to develop the predictive capabilities necessary to adapt to rapid changes and outperform their peers. Specifically, we can help you with:
- Driving growth from new markets and opportunities.
- Enhance cash management through working capital optimization and better capital allocation.
- Improve finance operations by focusing on operational effectiveness, financial analytics, and budgeting and forecasting.
- Enable efficient regulatory compliance.
- Effectively manage risk by identifying sources and improvements to mitigate high-risk areas.
