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Services | Guallini, Torres & Asociados
Tel. (787) 993.5323

Services

Attest Services

Slide background ACCOUNTING & CONSULTING Attest Services

Traditionally, stockholders, creditors, and private investors often need assurance that financial statements accurately represent the true financial position of a company. However, in today’s highly competitive market an audit represents much more. An audit gives us and our client the opportunity to explore and improve upon the level of performance while saving or reallocating resources as needed.

However, companies may have assurance needs that do not require an audit of financial statements. For these purposes we offer three different attest services in addition to audits.

Audits

Our auditing services are tailored to each client’s specific need in order to provide the highest level of assurance.
An audit is a methodical objective examination of your financial statements. It includes, but is not limited to, the verification of specific information as determined by the auditor or as established by the general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements and in conformity with U.S. Generally Accepted Accounting Principles (GAAP).

In Puerto Rico, all companies with gross revenues exceeding $3 Million are required by law to present Audited Financial Statements with their tax returns. In addition, there are some cases in which entities that do not exceed the threshold could benefit from an audit as well. An Audit allows you to satisfy stakeholders such as government agencies, banks, employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.

Reviews

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with GAAP. Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and cost of an audit.

Compilations

In compiling financial statements for a client, we present information that is the “representation of management” and we express no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent CPA as part of their lending covenants.

Agreed Upon Procedures

Sometimes, a company has assurance needs that do not require an audit, review or compilation of financial, but do require procedures to be applied to their financial reporting processes and controls. We can provide agreed-upon procedures to cover these assurance needs.

In Puerto Rico, the government is requesting agreed-upon procedures reports for several procedures or requests. These agreed-upon procedures reports are required to be issued by a CPA authorized to do business in Puerto Rico and who is part of a peer review program. In Guallini, Torres & Asociados, we are part of the peer review program of the Puerto Rico Society of CPAs and, therefore, we can provide these services.

Tax Services

Slide background ACCOUNTING & CONSULTING Tax Services

Tax Planning, Compliance and Other Tax Services

Tax Planning

Peace of mind comes with careful planning, planning that goes beyond the necessary and into the strategic. By providing our clients with comprehensive proposals, we are able to minimize the expenses and maximize the income.

At Guallini, Torres & Asociados we believe our service is only as good as our capabilities, which is why we are always looking to expand our horizons investing in education, technology and innovation. This commitment allows us to strategically plan you finances, not just during tax season, but throughout the year.

We offer the following services:

  • PR and US Income Taxes
  • Sales and Use Tax
  • Municipal License Tax
  • Real and Personal Property Tax
  • Payroll Taxes

Tax Compliance

There is no substitute for the assistance of an experienced tax professional.
Today’s tax laws are complicated, and one can easily overlook credits and deductions one might be entitled to. Credits and deductions that even tax software might overlook. We review all tax returns for accuracy, making sure individuals and their families comply with both their personal and business tax obligations.
If you are the owner a small business, we can help you. We’ll prepare your bookkeeping for the year, as well as your personal income tax return and other tax returns that may apply. We can also help you set up a system that will allow you to keep your books up to date, making tax season easier for you and your business.

Other Tax Services

Our vast experience in all areas concerning local government authorities allows us to guide you and help you put your affairs in order. If you have unresolved matters with the Puerto Rico Treasury Department, the IRS, the Municipal Revenue Collection Center, and the municipalities or any other government agency, we are here to help. We pride ourselves on our efficiency, affordability, and our discretion.

Penalties and interest rates are a serious matter, please call us to discuss how best to approach the issues at hand.

We offer the following services:

  • Closing Agreements
  • Ruling Requests
  • Tax Incentive Grants
  • Preparation of Tax Provisions
  • Analysis of Accounting for Uncertainty in Income Taxes (Previously FIN 48 Analysis)
  • Internal Review of sales and use tax compliance to assess any exposure the company may have in its filings and/or documentation

Other Services

Slide background ACCOUNTING & CONSULTING Other Services

We also offer other important services like: Strategic Business Planning, Small & Medium Business Accounting, New Business Formation/Registration and Internal Controls Audit and Consulting.

Strategic Business Planning

Strategic business planning is a necessity in today’s competitive market. More than a required document, a business plan is a tool that helps clarify and prioritize your ideas. Though careful and strategic planning you can ensure you company obtains the financing you need, while maintaining your company and staff focused the tasks at hand.

Internal Controls

At times your business may benefit from the help of a professional to evaluate your company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself and your bottom line.

We assess your internal control environment to determine the efficiency and effectiveness of your operating procedures. Based on our observations, we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

New Business Formation/Registration

Opening your own business is exciting and thrilling. It can also be overwhelming. With the forms, requirements and procedures, it’s easy to lose your focus. None the less, a methodical and specific business plan is as crucial to your business’ success and the concept itself.
Success lies in the careful planning and execution of your ideas to avoid common pitfalls of starting a new venture.

We offer the following services:

  • Prepare an initial business plan to clarify your marketing, management, and financial plans.
  • Determine your start-up capital needs.
  • Identify sources of start-up capital and backup sources if needed.
  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  • Prepare and file all required state and local licenses and permits.
  • Prepare and file your application for your Federal Employer Identification Number.
  • Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
  • Establish billing and collection procedures to maximize your cash flow.
  • Establish procedures to monitor and control costs.
  • Setup a home office so you can maximize your tax deductions.
  • Provide payroll and payroll tax filing when you bring on your first employee.
  • Comply with employment laws so you don’t get hit with fines and unhappy employees.

Let us help you succeed by getting your new business off to a good start.

Small & Medium Business Accounting

As a business owner, you face a challenging task. Managing your business along with the aspects and requirements of day to day operations can be a demanding task. Because we know how challenging it is, we take care of your books for you, so you can focus on the reason why you opened your business in the first place.

We offer the following services:

  • Bank accounts reconciliation
  • Generate an Income Statement
  • Generate a Balance Sheet
  • Clean the General Ledger
  • Provide consultation

These tasks are the foundation for an efficient accounting system. Allow us to customize a package that suites your every need by adding the necessary services.