FOR IMMEDIATE RELEASE

April 13, 2020

BIRMINGHAM, Ala. — On March 27, 2020, the CARES Act was signed into law to help individuals and businesses get through these difficult economic times brought on by the coronavirus pandemic. This act is no doubt raising lots of accounting and tax questions for business owners, and Banks, Finley, White & Co. is here to help you navigate these strange waters. We have years of experience in the field of accounting, and we’re keeping up with all the news that could affect you. We’re ready to help you and your business with whatever the future brings. 

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, is the largest economic relief bill in United States history. This bill was introduced in the U.S. Senate by Majority Leader Mitch McConnell. The original bill included $500 billion in checks for American individuals, $208 billion in loans for major industries, and $300 billion for small businesses. The version of the bill that was unanimously passed and signed into law by the president on March 27 includes $2 trillion. 

The legislation is providing economic assistance to small businesses in the following ways:

• The Paycheck Protection Program
• The expanded U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program
• Updated business tax provisions

There is also a provision to send recovery checks of up to $1,200 to many taxpayers, in the hopes that they’ll spend it to help with the economic fallout from this pandemic. 

The CARES Act is considered the third phase of Congress’ coronavirus response. Phase one was an $8.3 billion bill stimulating coronavirus vaccine research and development. The second phase was an approximately $104 billion package, focused mainly on paid sick leave and unemployment benefits. 

Banks, Finley, White & Co. Certified Public Accountants is working remotely during this time, but is fully operational.

Choosing the right accountant for your business is like choosing a new business partner. This person will be there to handle one of the most important assets of your business: your finances. Most small businesses invest in an accountant—either hiring a “numbers person” on staff, or hiring accounting services when their financial challenges grow too large to handle without expert help. 

Are you having trouble switching from cash to accrual accounting? Are your financial statements inaccurate or missing something? These are all good reasons to start looking for a Certified Public Accountant (CPA). Here’s how to choose the right accountant for your business.

Choosing an Accountant: Hiring a Firm Versus an Inside Accountant

Most new businesses owners start out wearing many hats in their role as entrepreneur––including an accountant’s hat. Quickbooks, Quicken, and Microsoft Office Small Business Account bookkeeping softwares make it easy and convenient for businesses owners to access their finances and monitor important components such as cash flow. However, as quick and easy as these softwares make handling finances, there comes a time where it makes sense to hire an expert to take over your taxes, accounting, and the rest of the financial functions of your business. 

When Is It Time to Hire an Accountant?

Many small businesses don’t have the volume of financial transactions that require a full-time bookkeeper or accountant. Still, hiring an outside accountant or accounting firm is a good first step for any growing business––they can help you navigate business decisions such as purchasing additional office space or hiring new employees. They’ll pay attention to every little detail such as payroll, tax management and preparation, and property tax––to name a few. 

Even with the latest accounting software, it still may be easier to hand over your tax forms, invoices, and receipts to a CPA firm that can manage your books online securely rather than in-house. So, should you hire someone in-house, or reach out to a CPA firm? 

Hiring a CPA Firm

An accounting firm typically handles the following accounting functions: 

• Financial statements, including the income statement, statement of cash, and the balance sheet
• Tax return management and preparation
• Analysis and problem-solving advice

Keep in mind, an accounting firm will offer an hourly rate schedule depending on the level of complexity they’ll be dealing with, and the expertise of the person who is performing the tasks. A good tax expert should save your company money over their own fees.

Hiring an Inside Accountant

The responsibilities and duties of an inside accountant typically include: 

• Responsibility of daily transactions
• Treasury and cash management 
• Financial statement preparation and analysis
• Payroll and fixed asset accounting

When your business grows and transactions become more complicated to file, it’s important to consider bringing a full or part-time accountant onto your staff. Hiring an accountant in-house can save you money––as fees with an accounting firm will grow as your business grows. 

Key Qualifications for Accountants: Skills to Look for

After you figure out whether you’ll hire an inside or outside accountant, you need to figure out what skills you want your accountant to possess before you begin your search. A non-certified accountant may be just what your business needs to handle financial statements, analysis, and bookkeeping. However, when it comes to tax preparation, business owners usually look for someone with certification and licensure. Here are a few key skills to look out for when choosing an accountant.

Certifications. A CPA has an undergraduate degree and has met and exceeded exam requirements for state certification. In order to remain certified and licensed, a CPA must take continuing education courses. A Certified Management Accountant (CMA) is trained to meet the demands of today’s accounting requirements in addition to participating on a business’ management team. As with a CPA, a CMA must pass an exam, have business expertise, and take continuing education courses. 

Size. Choosing an accounting firm can be daunting––there are a lot to choose from. Some businesses feel more at ease choosing a large, name-brand firm. While larger firms seem more attractive, sometimes a smaller firm is a better fit. Working one-on-one with a smaller firm can be less intimidating and more personal than linking arms with a large firm. Keep in mind that large firms will sometimes contract work out to smaller firms––so make sure you know who is handling your business’ account.

Expertise. Some firms specialize in specific industries such as auto dealers, construction contractors, and nonprofits. If possible, try to choose an accounting firm that meets your industry’s specific needs. 

Finding a Referral

Before you choose an accounting partner––ask around. Find out who and/or which firms your friends and colleagues are using. Word of mouth is a great way to identify trustworthy candidates for your business. Oftentimes, accounting partners are more than just business partners––they’re family counselors, priests, and friends, involved in many aspects of business owners’ lives. 

Check References

An accounting partner will have access to your company’s books, records, and other proprietary information––make sure you avoid making a serious hiring mistake. It’s important that you take the time to check references of your individual candidates. Check if they have experience in your industry, your size of establishment, and software expertise. 

Choosing an accountant is an important step for your business because it means business growth, and the need for improved management reporting. Many companies wait too long to make this crucial business decision––resulting in sloppy and inaccurate financial reports. 

Your speciality is running your business––leave the financial details to our financial experts. Contact Banks, Finley, White & Co. for more financial advice.

FOR IMMEDIATE RELEASE
December 11, 2019

DENVER, Colo. – Lucius A. Ashby, Jr., CPA has joined Birmingham, Alabama based certified public accounting firm, Banks, Finley, White & Co., to provide accounting and financial consulting services to the Rocky Mountain region of the United States. Mr. Ashby has become a Partner in the Firm and will be in charge of the Denver office of Banks, Finley, White & Co.

This professional combination will bring the collective resources and experience of Mr. Ashby and Banks, Finley, White & Co.’s 40 employee operation to Colorado. They will support Mr. Ashby’s current client base as Banks, Finley, White & Co., expands the firm’s collective client services in the Rocky Mountains.

Mr. Ashby has practiced as a CPA in the Rocky Mountain Region since graduating from the University of Colorado in 1969. He makes this transition after operating under the name of Jackson, Ashby, Goldstine, PC since 2003. Earlier this year both of Mr. Ashby’s partners James Goldstine and Elmer Jackson passed away, which created both the need and the opportunity for this new venture.

Banks, Finley, White & Co. has offered years of accounting services to diverse communities in their areas of operation. The firm was founded in 1973 and is one of the leading, nationally recognized, and regionally located CPA firms in the nation with offices in Atlanta, Birmingham and Memphis. Banks, Finley, White & Co. recognizes that the first step to providing quality services to its clients is to develop a leadership philosophy from the top of the organization that sets a tone for character, commitment and competence. The team’s senior leaders, with decades of experience, oversee a highly qualified staff that make up the balance of the engagement teams. Each regional office is headed by a Resident Partner. Mr. Ashby is the Resident Partner in Denver and he has the responsibility for all engagements accepted by that office. Each engagement is assigned a client service team that is comprised of an experienced partner and manager within the scope of the client’s portfolio of services. All engagements are administered in accordance with professional standards and are closely monitored for compliance with the Banks, Finley, White & Co. quality control policies and procedures.

Under the new umbrella of Banks, Finley, White and Co., Mr. Ashby will be in charge of a Colorado office that offers expanded services in:

• Audit and Assurance
  • Governmental entity audits
    • General purpose financial statements
    • Uniform Guidance single audits
    • HUD audits
    • SOC 1 Reporting (Service Organization Control Reporting)
  • Employee benefits plan audits
    • Limited scope audits of qualified plans
    • Full scope audits of qualified plans
    • Required 11-K filings on plans of public companies with SEC
• Accounting
  • Accounting system consultation
  • Accounting system design and implementation
  • Design and implementation of subsystems- accounts payable, accounts receivable,
    payroll and inventory
  • Depreciation and Amortization schedules
  • Design of financial statements and budgetary reports
  • Tax planning for income, sales and property
• Advisory
  • Forensic Accounting and Litigation Support Services
  • General management and organizational planning
  • Computerized accounting systems
  • Management training
  • Development of accounting procedures and policies manuals
  • Financial planning and control systems
  • Compensation studies and incentive plans
  • Organizational reviews and analyses
  • Economic feasibility of projects and ventures
  • New business start-up advice and assistance
  • Mergers, acquisitions, reorganizations and liquidations
  • Consideration of rules and regulations applicability for various organizations
• Tax
  • Tax return preparation and compliance- timely and accurately
  • Audit representation- appealing positions of taxing authorities, resolving tax notices and
    analyzing tax audits
  • Advance rulings- prepare documents to request and negotiate with IRS to facilitate
    decisions prior to financial transactions.
  • Tax consultation on business transactions including mergers, reorganizations and
    acquisitions
  • Exempt organization services, including applications for exempt status advance rulings
  • Estate and Trust planning
  • State and local tax consulting

Mr. Ashby has been a resident of Colorado since 1964. He has been involved in numerous community boards, events and activities during his professional career. He is currently the Treasurer and chair of the Colorado Golf Association’s Finance Committee and a member of the board of the Denver Rotary (31). Mr. Ashby has served as a board member with Denver Kids and Denver Chamber of Commerce and served as the treasurer for the Denver Rotary Foundation. He also participated in the Leadership Denver Program, and is actively involved in his house of worship, Colorado Community Church. Lucius and his wife Victoria have been married for 35 years. He is thrilled to begin this next chapter as proud member of the Denver community.

Lucius Ashby, CPA
Partner
Banks, Finley, White & Co.
Certified Public Accountants
925 South Niagara, Suite 240
Denver, Colorado 80224

303-825-4072
lashby@bfwcpa.com

Media contact:
Jeff Howard
Gomez Howard Group
303.513.1628
jeff@gomezhowardgroup.com

Birmingham, Alabama

November 5, 2015

BANKS, FINLEY, WHITE & CO., CPAs announced today that it has successfully completed an independent review of its accounting and auditing practice. The reviewers concluded that the firm complies with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA), the national organization of CPAs, and awarded it the highest possible grade, an unmodified opinion. Peer reviews are required every three years for membership in the Center for Audit Quality (CAQ) of the AICPA. BANKS, FINLEY, WHITE & CO., is a Registered Accounting Firm with the Public Company Accounting Oversight Board (PCAOB), as well as a member of the Governmental Audit Quality Center (GAQC), the Employee Benefit Plan Audit Quality Center (EBPAQC) and the Private Companies Practice Section (PCPS), according to James C. White, Sr., BANKS, FINLEY, WHITE & CO.’S Managing Partner.

BANKS, FINLEY, WHITE & CO., who will celebrate 43 years of practice on May 26, is a regional CPA firm with offices in Birmingham, Alabama (home office); Atlanta, Georgia; Jackson, Mississippi; and Memphis, Tennessee. It was founded in 1973 and has more than 60 employees on its staff.

The peer review was conducted by Fowler, Holley, Rambo & Stalvey, P.C. The reviewers made an independent assessment of the firm’s quality control policies and procedures and inspected the working papers and reports on a representative sample of accounting and auditing engagements. The reviewer’s report was accepted by the National Peer Review Committee and placed in the public files maintained at the AICPA.

White said, “Each of our peer reviews has resulted in the highest possible grade. This is further testimony to our continuing commitment to quality work and our forward-looking efforts in maintaining a sound quality control system.”

The City of Houston’s Office of Business Opportunity Advisory Board selected Banks, Finley, White & Co. to be the recipient of the Professional Services Contractor of the Year Award. The award, which was presented to the firm at the Champions of Diversity Awards Ceremony on December 8, 2016, was accepted by Atlanta Office Partner Gregory C. Ellison, Sr., CPA. The Awards Ceremony honored Minority, Women, Small Business contractors who have been true champions in exemplifying commitment and excellence for professional services provided in the City of Houston and its surrounding communities. In accepting the award, Mr. Ellison acknowledged “the Firm’s commitment to excellence over the years has allowed us to provide quality service to local governments throughout the southeastern United States and now in Houston.”

On July 28, 2016, BANKS, FINLEY, WHITE & CO., CPAs, received a Report of Inspection from the Public Company Accounting Oversight Board, (PCAOB) to convey the results of their recent inspection of the firm, announced James C. White, Jr., BANKS, FINLEY, WHITE & CO.’S Managing Partner.

“We are extremely pleased that the PCAOB, and its inspection team, did not identify any performance issues connected with the audits we conducted on issuers, nor any quality control defects in our quality control system,” White said. “To receive this type of report, without any comments, is a milestone achievement for a public accounting firm. It is a testimony to the commitment and dedication of our partners and staff to fulfilling the expectations of the public of our firm to produce quality audits,” he said.

The PCAOB was established as the result of the Sarbanes-Oxley Act of 2002. The Act authorized the PCAOB to establish auditing and related attestation, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation and issuance of audit reports for entities subject to the Act or the rules of the Securities and Exchange Commission (SEC).

BANKS, FINLEY, WHITE & CO., was founded in 1973 and is a regional firm with offices in Birmingham, Alabama (home office); Atlanta, Georgia; Jackson, Mississippi; and Memphis, Tennessee. It is one of the largest minority-owned CPA firms in the country and among the top 25% of all CPA firms in America. White said, “We, here at BANKS, FINLEY, WHITE & CO., are extremely proud of our record of performing quality services to our clients and the public. We have received the highest possible grade on all reviews of our practice operations, which include peer reviews and this PCAOB, Reports of Inspection.”