Audit – With our experience at the top worldwide CPA firms, we offer financial statement audit with the most effective approach comparable to those of the Big-4 firms.
Tax – With our tax expertise and experience, our full service includes federal, state and local, expatriates, and private client.
Consulting – Our full service consulting includes financial, risk, and transaction advisory as well as outsourcing and management consulting.
Wealth Management – We are a full service financial management firm. Please contact us to learn about the wide range of services we offer.
Niche Segments – The current portfolio of niche segments attest and accounting services Lam and Associates CPAs include:
- Manufacturing and machine shops
- Professional services
- Construction and building
- Real estate rental
- Doctors and Dentists
- Health care organizations including home health and hospice providers
Restaurant and entertainmentAll restaurant owners are well aware the inherent difficulty faced in determining the true profitability of the restaurant’s operations. This is due to many reasons, but primarily — high volume of low dollar transactions and inability of the accountant to understand the true nature of restaurant’s needs and the accountant’s attempt to prepare financials based on recording each and every sale separately.
We have developed a specific accounting process specifically targeting restaurants, particularly those utilizing a POS system. As part of this process we are able to provide you with a fully outsourced accounting service for your restaurant.
1. Weekly cost summaries — within 2 days of your week end.
2. Monthly financial statements — Balance sheet, profit & loss and cash flow statements
3. Weekly disbursements of accounts payable (check and electronic)
4. Facing-off directly with vendors
5. Invoicing customers and monthly statements for intra-company (owners owning more than one restaurant)
6. Preparation of tax returns
We have a specialized restaurant accounting team that is experienced in issues that are faced only by restaurants, such as:
1. Paid-ins and paid-outs
2. Gift certificates and gift cards
3. Marketing expenses
4. Cash over/short
Legal medical marijuana dispensaryLooking at the current US state by state geographical map, most of us are surprised at the fact that 28 states allow use of medical marijuana and this number is on the rise, rapidly. In fact, for some states, use of recreational marijuana is also on the ballot, this coming November.
From a tax and accounting point of view, the accounting treatment for medical dispensaries is very confusing and extremely limited and mostly incorrect information is available. Most accountants do not understand which accounting treatments are to be applied and at what time.
The confusion regarding accounting and tax rules arise from the fact that although the individual states allow legal sale of cannabis, IRS and by default the federal government continue to treat it as an offense. Therefore, due to litigation, a hybrid method has been developed where the medical dispensary is considered to have 2 distinct businesses and each have a separate set of rules which allow you to claim certain expenses and revenues.