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