Services 2017-09-20T14:01:05+00:00

Services

Accounting and Financial Reporting

As a full-service accounting firm, LTSP, Inc. provides a complete range of accounting services which include the following:

Compilation / Preparation of Financial Statements
While a business frequently may need financial results presented in a proper format (for creditors, bankers, and owners, for example), often there is no need for audited or reviewed financial statements. A compilation or preparation of financial statements engagement can serve the needs of the business in an economical manner by using management’s financial results to prepare financial statements for the business that fit within a generally accepted format.

Trust Accounting Services
Fiduciaries must often make periodic reports of their stewardship to beneficiaries of the trust or estate and, in some cases, to the courts as well. At LTSP, Inc. we will design financial statements to meet the needs of the particular trust or estate in a format that meets the desires of the beneficiaries and other users that control the level of details disclosed, and the format for these financial statements. Therefore the format of the Trust reporting may vary from client to client. However, two aspects of financial information will generally be presented: 1) the assets, liabilities, principal and income balances of the trust or estate at a point in time, and 2) the activity of the trust or estate during a period of time. Current reliable information helps Trustees in making decisions as well as discharging their fiduciary reporting responsibilities.

Assistance in Closing Your Books
The advent of reasonably priced personal computers and user friendly software has forever changed our industry by making it cost effective to generate financial statements internally. This does not mean, however, that the business owner understands whether the financial statements generated from their internal accounting software are accurate or reliable. At LTSP, Inc. we have professionals familiar with a variety of accounting software programs to assist you in closing your monthly books. We take the time to understand your business. As experienced business advisors, we offer consultation to evaluate your business’s results and suggestions to improve problem areas.

Controllers for Hire
If you’re a business that finds yourself in-between controllers, give us a call. Not only can we provide high level accounting professionals to fill the gap, we can also assist you in finding a qualified permanent replacement.

Audits & Reviews (Attestation Services)

LTSP, Inc. has a dedicated audit and review department of experienced professionals. These professionals reflect our business approach and client service philosophy. First, we gain an understanding of your business and then assign experienced professionals to your engagement.

We provide audit and review services which include, but are not limited to, the following industries:

  • Technology
  • Professional service organizations
  • Entrepreneurial services
  • Real estate
  • Construction
  • Manufacturing
  • Wholesale and distribution
  • Healthcare
  • Non-profit organizations
  • Employee benefit plans
  • HUD

Our auditors are experienced and specialize in specific industry sectors.   This allows LTSP, Inc. to design our audits uniquely to each client, as well as to provide value-added insight. LTSP’s business approach begins by talking to you and your personnel to understand your business from your perspective. We want to know why you are successful, what is your vision, and what obstacles hinder your future success. After we understand your unique business, we develop an engagement plan tailored to your needs. Further, as a result of our gaining an understanding of your business, we can recommend improvements to enhance your accounting and administrative controls.

LTSP’s business approach and client service philosophy produce an efficient and effective engagement which saves you both time and money.

Employee Benefit Plans/ERISA Compliance

LTSP, Inc. has over thirty years of experience with Employee Benefits Plans and their related Employee Retirement Income Security Act (ERISA) compliance requirements. This experience includes full-scope and its limited-scope audits, Form 5500 and related schedules filings, Internal Revenue Service audits and U.S. Department of Labor audits.

We have an ongoing commitment to serve our clients’ employee benefits plans. Accordingly, we bring to the engagement a professional, constructive and independent approach coupled with knowledge gained from serving our other clients’ plans. Each engagement is staffed with our experienced employment benefit plan professionals, and your company can be assured of receiving timely, responsive and professional services from our staff throughout our tenure as Plan advisors. Our list of employee benefit plan clients is extensive and includes both publicly traded and privately held companies located throughout the United States. We believe you will find that our experience will demonstrate our understanding of the engagement, our qualifications and commitment to successfully complete the engagement and our desire to serve as advisors for the Plan.

LTSP’s audit professionals understand the unique compliance matters associated with the audits of employee benefits plans and are active in numerous organizations committed to the education of professionals in the employee benefit plan industry.   We keep apprised of the increasingly complex regulation and compliance matters surrounding benefit plans.

We are a member firm of the AICPA Employee Benefit Plan Audit Quality Center.

We stress compliance and approach each engagement on an individual basis to ensure our clients are meeting the most recent developments and requirements issued by the U.S. Department of Labor, ERISA and the Internal Revenue Service.

Tax Planning and Compliance

As a full-service accounting firm, LTSP, Inc. provides a complete range of tax services which include the following:

  • Preparation of federal, multi-state and local income tax returns
  • Individual and corporate tax planning
  • Representation during examination of returns by the Internal Revenue Service and other taxing agencies
  • Estate and retirement planning advice
  • Tax compliance advice
  • Structuring of entities for future tax benefits and succession planning
  • Property tax administration and representation
  • Sales tax administration and representation

The firm has expanded its tax practice in the following areas of expertise:

  • International taxation for Orange County businesses doing business abroad through wholly-owned subsidiaries
  • Estate tax planning and compliance services
  • Review and analysis of ASC740, deferred taxes and uncertain tax positions

Our tax department has the knowledge and expertise to meet your tax needs. As tax professionals, we are fully versed in recent changes in the tax law and are prepared to put our expertise to work for you. Along with the services outlined above, we can assist you in reviewing your current tax situation and help you find ways to minimize your tax burden.

Management Advisory Planning And Support

LTSP, Inc. provides a proactive approach through our Management Advisory Services. Based on our experience, we are able to offer a wide range of consulting services including, but not limited to:

  • Internal control and operational systems analysis to achieve:
    • Safeguarding of assets
    • Cost reductions
    • Increased revenues
  • Cash flow projections and analysis
  • Operational forecasts and projections
  • Budgeting
  • Development of business plans
  • General financial analysis
  • Due diligence for acquisitions
  • Planning for sale of business
  • Strategic planning
  • Performance appraisals and measurement
  • Personal financial statements

Our Management Advisory Services seek to maximize profits and increase market share while enhancing operational efficiencies. We also focus on emergency issues which are critical in today’s evolving business and social environment.

Litigation Support Services
LTSP, Inc. can provide valuable services as litigation support consultants in all facets of litigation and non-litigation matters. Providing well supported, evidence-based information is critical for building credible lawsuits or providing evidence to refute a claim. Our professionals combine highly specialized accounting and forensic expertise that look beyond the numbers to explain the realities of economic and business matters. The professional staff at LTSP, Inc. can be of assistance in various ways including:

  • Review of relevant documentation to form an initial assessment of the case and identify areas of loss
  • Assistance with Examination and Discovery including the requests for documentation and/or formulation of questions to be asked regarding financial evidence
  • Assistance in obtaining and reviewing documentation necessary to support or refute a claim
  • Case analysis and calculation of damages
  • Review of opposing expert’s damages report and reporting on both the strengths and weaknesses of the positions taken
  • Assistance with settlement discussions and negotiations including preparation of exhibits or other demonstratives
  • Attendance at trial to hear the testimony of opposing experts and to provide assistance with cross-examination 

Fraud
If you or your organization is the victim of fraud, you may lose significant amounts of money, and in some cases, your good name. A fraud investigation can be the first step in bringing the perpetrator to justice, preventing a future occurrence and obtaining restitution. Fraud and embezzlement claims arise out of a great variety of circumstances. Examples of some of the cases LTSP, Inc. has dealt with have involved fraudulent investments, theft by employees, forged checks, unauthorized transfers of funds and unauthorized use of credit cards and/or cash.

Our team can investigate suspected fraud, abnormalities and irregularities as well as provide expert witness testimony. These investigative and preventive fraud services include the following:

  • Assessing the risk of fraud and illegal acts
  • Evaluating the adequacy of internal control systems
  • Substantive testing of transactions during an attest or a general consulting engagement
  • Designing and implementing internal control procedures
  • Proactive fraud auditing when fraud is not suspected

LTSP, Inc. would be pleased to discuss your concerns with you to establish your best course of action, as far as financial matters are concerned.

Peer Review

LTSP performs System Reviews and Engagement Reviews under the AICPA Peer Review Program.   We believe that the Peer Review Program is a valuable compliance tool for all CPA firms.   We communicate results and findings in a timely and professional manner that is designed to add value to your firm.

We have the expertise and knowledge to ensure your firm’s compliance with all applicable professional standards.

Cyndi LeBerthon, Partner, currently serves on the Peer Review Committee of the California Society of Public Accountants. Her knowledge gained on this committee is an asset to each firm that she works with.

Accounting Systems and Consulting

At LTSP, Inc. we coordinate our services with various hardware and software vendors on network solutions and systems implementation to provide a complete accounting solution. Our strength comes from combining our collective accounting and technology knowledge and experience to present solutions to our clients that address both areas.

We work with our clients to evaluate their total technological needs – from specific accounting packages to the network systems on which they will run – by understanding their business needs for today and the future.

We provide training and assistance in closing the books for the following account packages:

  • QuickBooks Desktop and QuickBooks Online
  • Peachtree
  • Quicken

In addition to the above, LTSP, Inc. has worked with numerous other packages.

LTSP, Inc. can provide project management services from start to finish. We can help you define your needs, investigate possible solutions and then coordinate the various software and hardware to bring it all together successfully.