{"id":133526,"date":"2024-10-14t11:56:46","date_gmt":"2024-10-14t15:56:46","guid":{"rendered":"\/\/www.g005e.com\/?p=133526"},"modified":"2024-10-27t08:18:16","modified_gmt":"2024-10-27t12:18:16","slug":"want-to-merge-here-are-23-things-to-request","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/10\/14\/want-to-merge-here-are-23-things-to-request\/","title":{"rendered":"want to merge? here are 23 things to request"},"content":{"rendered":"

\"\"<\/strong><\/p>\n

this is your starting point.<\/strong><\/p>\n

by ed mendlowitz<\/i>
\n202 questions and answers: managing an accounting practice<\/i><\/a><\/p>\n

question:<\/strong> what do you ask for when considering a merger?<\/p>\n

more: <\/b><\/strong>i\u2019m just starting out; why join an association?<\/a> | don\u2019t blame the client for your location<\/a> | who to hire when it\u2019s time to grow<\/a> | the top tip for reviewing tax returns<\/a> | you can\u2019t win with lowballing<\/a> | yes, you have to share work papers<\/a> | should you merge? here\u2019s how to chart your path<\/a> | hold staff accountable if you want them to listen to you<\/a> | higher fees to start: ten ways to make your tax season better<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n

 <\/p>\n

response:<\/strong> this is a \u201cyou show me yours and i\u2019ll show you mine.\u201d you should have this information fairly well organized.<\/p>\n

also, look at it critically and try to imagine what a prospective partner would say, and how you would react if this were someone else\u2019s information that were being presented to you.
\n
\nhere’s a 23-item list:<\/p>\n

1. current partnership agreement
\n2. copies of cpa licenses of partners
\n3. a sample gaap financial statement
\n4. a sample ocboa financial statement
\n5. copy of peer review report, any letter of comments and response
\n6. copy of malpractice insurance policy
\n7. details of any lawsuits during the last five years \u2013 either as a plaintiff or defendant
\n8. list of 10 largest clients for each of the last two years and the fees billed and collected from them; it is not necessary to show client names
\n9. percent of practice relating to specific industries if more than 25 percent of practice is from a single industry
\n10. if time records are maintained, number of chargeable hours last year for each partner
\n11. if time records are not maintained, explain why, and tell how time of partners and staff is controlled
\n12. who signs the financial statements
\n13. who signs the tax returns
\n14. the percentage of corporate extensions filed to total corporate returns prepared
\n15. ditto for individual returns.
\n16. an inventory listing of special or extra work that hasn\u2019t been started yet, or isn\u2019t at least 25 percent complete
\n17. dates the five largest financial statements were delivered to clients with fiscal year end of client
\n18. turnaround time of financial statements from the review department
\n19. ditto for tax returns from tax department reviewers
\n20. whether any appreciable number (more than 10%) of the tax returns and financial statements bypass the review department
\n21. a copy of your staff handbook, or policies regarding overtime and sick pay, and the 401(k) plan
\n22. a copy or summary of medical insurance plan and what it costs the firm
\n23. request to look at a representative sample of work papers used for financial statements they reported on<\/p>\n

the above is a listing of things to see. this doesn\u2019t replace negotiations, visiting the office, \u201ckicking the tires,\u201d getting a feel for the prospective partners and sound judgment.<\/p>\n