Assurance Services
Business Consulting
Business Valuation
Construction Accounting and Related Services
Estate Planning Services
Internal Controls Assessment
New Business Start-Up
Outsourced Accounting Services
Retirement Plan Services
Succession Planning
Tax Services
Virtual CFO Services

Assurance Services


Our firm provides objective, independent support that combines superior service and competitive rates.  Our engagements are designed to be efficient, impactful, and cost-effective.  We are tech savvy and help many of our clients address more than compliance needs.  

Audits-Highest Level of Assurance

An audit provides the highest level of assurance.  An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties.  Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

An audit allows you to...

Satisfy stakeholders such as employees, customers, suppliers, and pressure groups, as well as the investing community, as to the credibility of published information.  

Stay in compliance with governmental agencies (if applicable).

Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.

Comply with banking covenants.

Help deter and detect material fraud and error.

Facilitate the purchase and sale of businesses. 

Review-Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements and various inquiries we make of your company's management team.  If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets.  Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP).  Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement?  It can be a good middle ground providing the advantages of a CPA's technical expertise without the work and expense of an audit.  A review may satisfy your bank's lending covenants.

Compilation-Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements.  Compilations don't require inquiries of management or analytical procedures.  Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often accept compilations from an independent CPA as part of their lending covenants. 

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.  Feel free to contact us if you are unsure of the report you need. 

Business Consulting

Our business consulting services help pinpoint and correct the small problems that businesses are confronted with that can add up to big dollars lost.  We accomplish this by identifying and designing strategies that will yield significant improvements in terms of growth, operating efficiencies, and profitability.

Our services help answer the tough questions.  Examples of some of these questions include:

  • How do we get the financing for startup or expansion?
  • How much does this product or service cost?
  • Should we consider providing retirement benefits for our employees and, if so, what type of plan is best for our company?
  • Can budgets be helpful in our operation and, if so, how?
  • How can we find out if we are losing money on a particular product line?
  • Would it be more cost effective for us to replace a particular piece of equipment?
  • Can profit be increased with existing productivity levels?
  • Should we add staff, raise salaries, offer bonuses, increase quotas or leave well-enough alone?

We'll use our knowledge of our client's businesses, along with the experience of our professionals, to help answer these questions and more, now and in the years to come.  By answering these questions, our clients and their managers won't have to guess at the impact their decisions will have.

Our management advisory services include:

  • Systems development (accounting and information technology)
  • Buying, selling or merging of companies
  • Profit improvement studies
  • Feasibility studies and related services
  • Restructuring and reorganization services for troubled companies and their bank lenders, creditors, committees, and other interested parties
  • Valuation services associated with planned purchases or sales, insurance, business disputes, divorce, and estate planning
  • Litigation support services to attorneys, including expert consulting and witness services
  • Compensation and incentives
  • Financial services to determine if borrowings are structured in the most tax-efficient manner
  • Cash management services
  • Cost studies
  • Business plan development and financial projections

Business Valuation

Business valuation is not an exact science.  It's based on judgment, experience, and relevant information.  You need professionals who are well qualified with significant experience in evaluating all types of organizations.  Valuing your business is one of the specialties of LTS CPA Group, LLC.

Our approach is to intimately know your business in order to understand what constitutes its value.  We work closely with you to analyze your operations and historical financial data.  Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.

We provide a full range of business valuation services for the following needs:
  • Purchase or sale of closely held business or business interests
  • Management buyouts
  • Leveraged buyout transactions
  • Bank financing
  • Financial restructuring and recapitalization 
  • Employee stock ownership plans (ESOPs)
  • Analysis and advice concerning pending offers to purchase
  • Valuation of subsidiaries, divisions, and joint ventures for spin-off to shareholders and/or sale
  • Court appointed valuations in disputes
  • Minority shareholder disputes and litigation
  • Divorce (equitable distribution)
  • Business damage assessment and determination 
  • Bankruptcy
  • Solvency analysis and fraudulent conveyance
  • Reasonable officer compensation determination in disputes with the Internal Revenue Service
  • Mediation
  • Binding arbitration
  • Litigation consulting services provided to trial counsel in preparing to depose and cross-examine valuation experts

If you'd like to know how much your business is worth, please contact us.

Construction Accounting and Related Services

To meet the specific needs of contractors, home builders, and related trades within the construction industry, contractors turn to us when they need a CPA firm that concentrates in the construction industry.  Because we truly understand construction accounting and financial management, contractors of all sizes and different trades rely upon our experience.

At LTS CPA Group, LLC, we work with everyone from small contractors to home builders and electricians.  Our construction clients range from residential to commercial to sub-contractors and related trades within the construction industry.

As a result, we tailor our accounting, tax, and consulting services to fit your specific needs. 

  • All tax services--business, individual, and multi-state tax consulting
  • Surety bond services
  • Job costing and set-up
  • Equipment costing analysis
  • Debt restructuring
  • Overhead rate analysis
  • Cash flow analysis
  • Job "post mortems"
  • Succession planning

Construction software support services-QuickBooks Accounting

We have worked with firms in the following practice areas:

  • Residential and commercial construction
  • Plumbing, heating, and air-conditioning contractors
  • Electricians
  • Masonry and stonework
  • Plastering, painting, and drywall contractors
  • Carpenters, cabinet makers, and farmers
  • Roofing and siding
  • Wrecking, demolition, and excavation contractors
  • Concrete work
  • Water well drilling contractors
  • Special trade contractors

To learn more about how we can assist your business, contact us at 260/387-7700.

Estate Planning Services

How you distribute what has taken a lifetime to achieve is a task that requires knowledge, expertise, and thoughtful consideration.  At LTS CPA Group, LLC, our tax professionals are qualified to help you achieve all of your estate planning goals, whether your goal is to minimize estate and gift taxes, address the important succession planning issues that face family business owners, or to maximize the income and estate tax advantages of charitable giving.

We understand that estate planning can be a difficult subject to address.  We also understand the devastating results that can occur when families don't have an adequate plan in place.  LTS CPA Group, LLC, can design a comprehensive, personalized plan that will preserve your hard earned assets as well as enhance and protect your family's future for generations to come.  We take the time to walk you through the planning process, offering you the knowledge and expertise that it takes to help you make educated and informed decisions regarding the future of your estate.

Our Estate Planning Services Include:

  • Structuring your estate to minimize estate and gift taxes
  • Determining the proper use of trusts
  • Developing individual plans for funding college education or retirement
  • Valuing of your business for estate tax purposes
  • Planning for the ownership succession for your business
  • Creating and administering Family Limited Partnerships
  • Preparing cash flow projections
  • Transferring wealth among family members
  • Structuring tax advantaged charitable giving

In order to ensure every detail is handled correctly, we work closely with a team of experts including attorneys, insurance specialists, investment advisors, and financial planners.  They examine a range of strategies so you have the plan that works the best for you.  Whatever your goals, they will find a way to achieve them.

Internal Controls Assessment

At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures.  Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

What we do for you...

Implement segregation of duties so that duties are divided or segregated among different people to reduce risk of error or inappropriate actions.  No one person has control over all aspects of any financial transaction.

Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.

Ensure records are routinely reviewed and reconciled, by someone other than the preparer to determine that transactions have been properly processed.

Make certain that equipment, inventories, cash, and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.

Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.

Document policies and procedures and make them accessible to employees.  The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.

Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.

If you'd like more information about our internal control services, please contact us.

New Business Start-Up

Thinking of owning your own business?

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business.  Success lies in the approach you choose to take.  We can help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We can help you...

  • Prepare an initial business plan to clarify your marketing, management, and financial plans.
  • Determine your start-up capital needs.
  • Identify sources of start-up capital and backup sources, if needed.
  • Evaluate and quantify your borrowing power so you know how much money you can get your hands on, if needed.
  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability should you need to relocate.
  • Select the right accounting software by evaluating your budget, needs, and hardware.
  • Prepare a cash flow budget so you know exactly how much money you need to keep the business alive each month for the first few years.  Unplanned cash requirements are always emotionally painful.
  • Establish billing and collection procedures to maximize your cash flow.
  • Establish procedures to monitor and control costs.
  • Setup a home office so you can maximize your tax deductions.
  • Prepare and file all required state and local licenses and permits.
  • Prepare and file your application for your Federal Employer Identification Number.
  • Provide payroll and payroll tax filing when you bring on your first employee.
  • Comply with employment laws so you don't get hit with fines and unhappy employees.
  • Identify your business insurance needs.
  • Develop a solid partnership agreement.  This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Let us help you succeed by getting your new business off to a good strong start.

Outsourced Accounting Services

Providing a wide range of accounting outsourcing services, LTS helps clients meet the challenges of an ever-changing business environment, freeing them from the complexities of accounting, tax, and financial management issues.  LTS partners with our clients to provide customized services that meet their needs.

Our Outsourced Accounting Services Include:

  • Operations
  • Financial Consulting
  • Monthly, Quarterly, and Annual Financial Statements
  • Cash Management
  • Budgeting Assistance
  • Trends and Key Performance Indicators
  • Payroll
  • Interim Accounting and Financial Reporting
  • Interim Controller and CFO
  • Accounting Transaction Consulting
  • Accounting Policies & Procedures Manuals
  • Accounting System Design
  • Software Selection and Implementation

Retirement Plan Services

In recent years, retirement plans like the 401(k) and 403(b) have transformed retirement planning.  As defined benefit plans give way to defined contribution plans, employees become responsible for determining what their future retirement needs will be and to take the necessary steps to ensure those needs are met.  The corollary effect is that employers who sponsor retirement plans are under more scrutiny to fulfill their fiduciary responsibilities and operate the plan in the best interest of participants and beneficiaries.

Plan sponsors must comply with a number of fiduciary requirements outlined in the Employee Retirement Income Security Act of 1974 (ERISA), Department of Labor (DOL) and IRS guidelines to operate the plan.  Compliance with the regulations while managing a retirement plan can be overwhelming.

At LTS, we employ a customized, open architecture plan design and services approach.  We help you engage employees in planning for their retirement, meet your fiduciary responsibilities as the plan sponsor, and comply with all applicable laws and regulations.  The result is a retirement plan that meets your goals and those of your employees.

Succession Planning

As a successful owner, you probably have many daily business obstacles to overcome-or at least work around.  But what are your long-term goals?  What do you envision doing in five or seven years?  LTS CPA Group, LLC is here to help you work on your business, not just in your business.  Most owners begin to express interest in the creation of a road map to help them maximize the amount of money they will capture from the sale or transfer of their business, while minimizing taxes, when they start thinking about these recurring questions:
  • Do you find yourself thinking about getting out of your business?
  • Are you wondering how to groom a successor?
  • Is passing your company on to your children becoming increasingly unlikely?
  • Are you getting tired of fighting the alligators and want a different challenge?
  • Does the whole succession idea seem overwhelming?

If you can answer yes to any of these questions, it is time for you to begin succession planning.  If you have an interest in exiting your business in style, the next step is to contact us to start preparing an exit plan based on your objectives.

Tax Services

Smart business owners know that every financial move they make may have tax consequences that can affect their company as well as their personal financial objectives.  At LTS CPA Group, LLC, we provide strategic tax planning that integrates both personal and business objectives.  At LTS CPA Group, LLC, tax services are provided with an eye towards the entrepreneurial approach.  Our goal is to formulate effective strategies for minimizing taxes, implementing innovative tax planning, and effectively maintaining compliance.

Federal Taxation Services

LTS understands that federal taxes constitute the biggest part of their burden for most taxpayers.  That makes it essential to take full advantage of tax deductions, credits, and planning strategies so you can reduce the drag of these taxes on your profits and net worth.

We offer a comprehensive range of tax advisory services designed to help you.  Our experienced team of tax professionals works with you to identify strategies for maximizing tax savings over both the short and long term.

Our Federal Taxation Services Include:

  • Passive Activities and Real Estate
  • Retirement Plans
  • Tax Planning
  • Cost Segregation Studies
  • IRC 1031 Exchanges
  • Domestic Production Activities Deduction
  • Research and Development Credit Studies
  • Tax Credits

State & Local Taxation Services

State and local taxes can pose a number of challenges.  Our professionals have the technical expertise and experience to manage the issues in these specialized areas.  We are constantly monitoring judicial, legislative, and regulatory activity so that we are aware of the most recent changes that may affect our clients.

Our State & Local Taxation Services Include:

  • Sales and Use Taxes
  • Multistate Tax Planning
  • Voluntary Disclosure
  • Nexus Studies

Income Tax Consulting Service

At LTS, we are always looking for ways to maximize your financial growth by minimizing your tax burden.  Our tax professionals keep a watchful eye on Congress, the Internal Revenue Service, and the courts to identify any recent developments which might affect your business or individual tax liability.  Our skills and years of experience in strategic tax planning are also enhanced by the latest technologies and research tools available.  In a tax climate that is constantly changing, we can serve all of your tax needs from developing and implementing all of your tax planning strategies to tax return preparation and representation in controversies with taxing authorities.  Paying taxes may be a certainty in life, but with thorough planning throughout the year, we make sure that paying the absolute least amount possible is a certainty as well.  

Whether you are starting a new business, running a company's day-to-day operations, or managing your own personal finances, virtually everything you do has tax consequences.  At LTS, we work closely with you to identify tax consequences and provide you with recommendations based on our knowledge of current tax law changes and our years of experience as tax consultants.

Virtual CFO Services

Growing businesses often reach a point where they need professional financial advice, but can't afford a full-time Chief Financial Officer or Controller.

If you're fortunate enough to be in this position then we have the perfect solution for you.  Our Virtual CFO service gives you a professional financial manager who works with you to help guide your business to success.

The cost of hiring a full-time CFO can range from $60,000 to over $100,000 per year plus bonuses and benefits.  Our Virtual CFO service provides you with experienced support at a small fraction of that cost.

Here's what you get with our Virtual CFO services:

  • More time to focus on new services, new customers, and other core business issues.
  • Better understanding of the financial side of your business, so you have fewer surprises and more control over the money.
  • Improved decision-making capabilities from clearly seeing the hard and true numbers of your business.
  • A readily available sounding board to help you with those tough business decisions and help you clarify your business plans.
  • The comfort from knowing that a professional is overseeing, protecting, and constantly improving the financial side of your business.
  • A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.
  • Training and managing your accounting staff.
  • Improved quality and timeliness of financial information.
  • Budget preparation and monitoring.
  • Profitability analysis by service or product line.
  • Tax saving strategies.
  • Trend analysis.
  • Assistance in defining long-range plans and the quantification of goals.
  • Cash management.
  • Liaison with bankers, attorneys, vendors, insurance agents, etc.
  • Assistance in obtaining financing from banks, including assistance with negotiations.
  • Review/negotiation of insurance policies.
  • Development of company accounting procedure manuals.
  • Analysis of equipment purchases, expansions, etc.
  • Mergers and acquisitions assistance.
  • Custom designed collection policies and procedures.

If you'd like to learn more about our Virtual CFO Services, please contact us.


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