Management Accounting Services Agreement

We will provide Management Accounting Services for your company which shall include the following scope of services:

I. Scheduled Appointments:

• 12-Appointments per year, beginning on  January 1st of each year. NOTE: Appointments do not rollover, and automatically reset on January 1st.

II. Financial Statements Preparation:

• Prepare Financial Statement on an Income Tax Basis of Accounting for the purpose of management to prepare its annual tax filing requirements.
• Prepare company’s Income Statement, Balance Sheet, Cash Flow Statement, and Statement of Retained Earning.

III.  Accounting Services:

• Transaction Entry- We will record accounting transactions from bank statements, credit card statements, and any additional accounting source documents provided by the client.
• Transaction Reconciliations- We will reconcile accounting transactions recorded into the accounting books of records with the source documents provided by the client, and any third-party reporting entity to include bank statements, credit card statements, payroll register, and/or lending institutions liability statements.
• Transaction Analysis- We will code accounting transactions and/or reclassify accounting transactions in the client’s books of records in accordance with IRS Revenue Procedures and General Accepted Accounting Principles (GAAP).
• Collation of Banking and Accounting System Records-  We will download bank, credit card statements, checks, exported banking transactions, lending institutions liability statements, merchant account statements, and payroll records from the client’s banking and accounting systems.
• Collation of Documents from Client- We will gather accounting and tax records from clients to include the bank statements, credit card statements, invoices, receipts, billing statements, payroll registers, contracts, and other documents required for recording accounting transactions.
• Close the Accounting Period: At the end of the reporting period, we will close and post your final transactions and account balance to the general ledger. Once an accounting period is closed a business can not reopen it.

III. Monthly Subscription Fee: 

Services will be billed on a subscription basis to the credit card on file in the amount of $450 per month. 

IV. Limitations of Services:

We are not required to, and will not, verify the accuracy or completeness of the information you provide to us for the engagement or otherwise gather evidence for the purpose of expressing an opinion or a conclusion. We are non-CPA/non-Attorney consulting and accounting firm. Our licensed accountants specialized is tax accounting with the Enrolled Agent (EA) credentials. Accordingly, we will not express an opinion or a conclusion nor provide any assurance on the financial statements. Our provided financial statement are for management use only and can be used for the  preparation of your business tax returns.

Our services cannot be relied upon to identify or disclose any financial statement misstatements, including those caused by fraud or error, or to identify or disclose any wrongdoing within the entity or noncompliance with laws and regulations. However, we will inform the appropriate level of management of any material errors and any evidence or information that comes to our attention during the performance of our procedures that fraud may have occurred. In addition, we will inform you of any evidence or information that comes to our attention during the performance of our compilation procedures regarding any wrongdoing within the entity or noncompliance with laws and regulations that may have occurred, unless they are clearly inconsequential.

We have no responsibility to identify and communicate deficiencies or material weaknesses in your internal control as part of this engagement. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.

We will not provide any reports or statements of verification to the financial statements we prepare. Any financial statements prepared by our firm must be signed and approved for tax filing by the business owners prior to our firm accepting an engagement for tax returns preparation.

Client may wish to grant us “read-only” access to their online accounts in order to perform management accounting services. Such access does not grant our firm authority to make transactions on behalf of the client, it simply provides us “read-only” access in order to review and provide management accounting services. Granting access to such accounts is granted at the sole risk of the business owner in which the business owner shall hold harmless Shalom Consulting Group, its employees, contractor, and partners related to any past or future liabilities connected to the accessed granted accounts.

The business may request or required additional services that fall outside the scope of the Management Accounting Services subscription. Additional services requested may be performed under a separated agreement and fee arrangement. Management Accounting Services are limited to the scope of services listed Management  Services and Limitation of Services.

Scheduled appointments and office walk-in appointments are billed at $125 per appointment. An appointment credit will be applied to your appointment invoice. Once appointment credits are used, a $125 appointment fee will be required to schedule an appointment.  Appointment credits are subject to the firm’s CANCELLATION POLICY: If you need to cancel or reschedule your appointment you must reschedule or cancel at least 24 hours prior to the beginning of your appointment or you will lose you appointment credit and will be applied as a cancellation fee.

V. Your Responsibilities

The engagement to be performed is conducted on the basis that you acknowledge and understand that our role is to record, code, and reconciled company accounting transactions; and prepare Tax Basis financial statements in accordance with the Cash/Tax Basis of Accounting.

You have the following overall responsibilities that are fundamental to the services to be provided:

1)The selection of a method of accounting as to the financial reporting framework to be applied in the preparation of the financial statements.

2)The preparation and fair presentation of financial statements and the inclusion of all informative disclosures that are appropriate to present accurate records of accounting.

3)The design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements.

4)The prevention and detection of fraud.

5)To ensure that the entity complies with the laws and regulations applicable to its activities.

6)The accuracy and completeness of the records, documents, explanations, and other information, including significant judgments, you provide to us for the engagement.

7)To provide us with access to all information of which you are aware is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters.

8) To provide additional information that we may request from you for the purpose of completing the engagement.

9) To provide unrestricted access to persons within the Company of whom we determine it necessary to make inquiries.

VI. Cancellation/Termination of Services: Either party can cancel by given written notice of cancellation or termination of services.

VII. Agreement:   The authorized signer, acknowledges and agrees to the Management Accounting Services and General Services Agreement terms.