Management Advisory Services
Our management advisory team has the experience and special skills needed to help you tackle challenges your business may have now and in the future. This includes the following practice areas:
Preparation/Analysis of Financial Statements
We can assist you in the preparation of your financial statements or advise you on how to optimize your own efforts in preparing them yourself. Timely prepared financial statements are one of the most common tools used by owners and managers in making decisions about company performance. For small businesses these decisions can be made from cash-basis financial statements. As companies become larger and more sophisticated the need for financial statements in accordance with generally accepted accounting principles increases.
We can assist you at any level in this process or offer our opinion or assurance on your reports. In the end, our emphasis is on providing timely information for decisions that optimize your profitability and efficiency.
Business Entity Selection
Choosing the form of entity of your business (e.g. “S” corporation, sole proprietor, limited liability company) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each business entity type to help you determine the most advantageous form of business for your company.
Buying and Selling a Business – Properly structuring the purchase or sale of a business is a critical step. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.
Mergers and Acquisitions – Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest!
Financial Forecasts and Projections – Financial forecasts and projections regarding future performance are essential to the establishment of realistic expectations for money players such as owners and lenders, and also for the leaders who set the company’s direction and course, and for the managers charged with obtaining the desired results. While valuable at any stage in the company’s growth curve, these services are most often retained at the decision points when investors and/or lenders consider injecting new capital into the company, such as at times of start-up, expansion and refinancing.
Financial Planning – A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Management Advisory Services – We have enjoyed wide success in providing management advisory services in the form of controllership services and interim service as chief financial officer for organizations undergoing transition and change.
Forensics – Litigation Support
Expert Witness Services – Pending or existing litigation can result in the need for a qualified accounting 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.
Litigation Support – Our team of partners offers significant experience in evaluating commercial litigation matters and providing expert reports, deposition testimony and trial testimony regarding damages and lost profits. MHK participates frequently in disputes involving mergers, acquisitions, business failures, insurance claims and contested ownership. We also have extensive experience with the financial aspects of family law and divorce matters. Two of our partners earned law degrees from the University of Kansas.
Accounting Software and Information Technology
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 increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.
In addition, choosing and implementing the most appropriate computer accounting system is essential in providing your management team with timely and accurate financial reports. Our senior information technology officer can assist in the proper determination of your needs, design and implement the appropriate accounting software solution, and provide technical support on an on-going basis.
Profit and Pension Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEP’s) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.