Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description.
As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
*General ledger & financial statement preparation
*Accounting system setup for new businesses
*Computerized payroll services
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
MUSIC AUDIT CAPABILITIES
London & Co., LLP offers a full range of audit capabilities, to audit recording and publishing agreements and other contractual arrangements that affect a performer's income.
London & Co., LLP will perform "desk audits." During a desk audit we routinely verify allocations, compliance with the overall contract, billbacks (recoupable expenses), "sync" license payment receipts, etc., on each statement as received on behalf of the artist. This service is performed under our 5% arrangement.
Auditing the underlying statement's gross revenues and recoupable expenses is done at the record/publishing company level on the gross number which make up the starting point for the royalty/mechanical reports. This work is performed on an hourly basis.
Audits, Reviews and Compilations
FINANCIAL ENGAGEMENT CAPABILITIES
At London & Co., LLP, we can perform various types of financial engagements including compilations, reviews, and audits. We can also perform additional types of engagements on an as-needed basis (e.g., fraud investigations, internal control analysis).
London & Co., LLP regards an effective and value-added review or audit of financial statements as an ongoing process, not just a once-a-year event. Our review and audit approach is designed to enhance our understanding of our client's operations and to ensure that there are "no surprises" as a result of the annual review or audit.
Our approach is to divide the review into five stages:
Preliminary Planning - In this phase we develop a solid understanding of the client's operations, business and industry. This phase also includes documenting the accounting system, both EDP and manual, reviewing interim period internal financial statements, and holding discussions with Management.
Assess Risk - The knowledge we gain in the preliminary planning phase assists us in assessing the client's financial risk. This is based on such factors as the accounting and administrative controls, areas of concern identified by Management, the business and political/legislative environment in which the client operates, and the needs of the users of the financial statements.
Develop a Review/Audit Plan - During this phase we develop the specific review/audit procedures to conduct a thorough and effective review of the client's financial statements, and make judgments about materiality levels for review/audit purposes. The review and audit are tailored to the client's needs, based on such issues as timing, the format of schedules we will need, interacting effectively with the client's staff, and integrating our EDP review/audit procedures.
Perform the Review/Audit Plan - We conduct the specific planned review/audit procedures necessary to support our report on the client's financial statements, modifying these as appropriate to a client's specific circumstances. We normally hold periodic meetings with the client Management to report on the status of the review/audit and to present draft financial statements.
Conclude and Report - Once we have substantially completed our review/audit plan, including our examination of draft financial statements, we examine all significant events occurring subsequent to the end of the fiscal year, obtain recommendations from the client's Management and counsel as necessary, and issue our report on the financial statements.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.
Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
The key objectives of an effective personal and corporate tax strategy can be summarized as comprehensive planning and expert compliance. We will represent you on a worldwide basis by:
Ensuring that all tax considerations are properly evaluated when business decisions are made.
Minimizing global tax payments.
Monitoring the numerous issues related to foreign income, U.S. state income, sales, payroll and other taxes.
Other specialized tax issues which may affect the client, such as the Alternative Minimum Tax or profit recognition.
London & Co. professionals routinely provide all of these services to our clients, as required.
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Type of entity selection
*Buying/selling a business
*Financial & retirement decisions
*Estate, trust & gift planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
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.
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) 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.
As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
Debt & Financing Services
Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
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 entity type to help you determine the most advantageous form of business for your company.