Having served the food service industry for over 25 years, Walker Ostrowski Williams has earned the reputation of an accounting firm that understands the intricacies and nuances of Restaurant and bar tax matters.  As members of the National Restaurant Association and the Florida Restaurant Association, we have a working knowledge of the industry in addition to in-depth accounting expertise to provide incomparable accounting and tax services to bars and restaurants throughout the United States. We also represent several of South Florida’s leading restaurateurs. Some of the many services we offer to restaurants, bars and food service firms include:

• Restaurant and bar accounting system consultation to increase the reliability and timeliness of internal data generation.

• Financial statement and report preparation to include monthly statements, comparative statements and budgets, bank reconciliation and cash register and sales reports, review of sales and tax returns, analysis of revenue and costs.

• Tax return preparation for federal and state income taxes, annual tip report and tip tax credit report, sales tax, payroll tax, tangible tax and non-employee compensation.

• Start-Up and expansion consulting.

• Representation during Sales Tax and IRS Audits.

• Fraud detection and controls: we have forensic experts on staff who can help you implement controls and uncover fraud.

We are one of the few firms that works regularly with condominium and homeowner associations to manage accounting and taxation. Compliance is critical to the viability of condominium associations, and the financial reporting requirements are rigorous. Walker Ostrowski Williams’s professionals know the State of Florida Statutes 718, 719, 720, and 721, as well as the many intricacies of working within these guidelines. In addition, we recognize when a condominium association is liable for reports in excess of the statutes – a situation of which the condominium associations themselves are frequently unaware.

This is where the value of a CPA firm with experience in this area comes into play. We have the expertise to point out these requirements to help ensure that your association is in compliance on all levels.

We also assist condominium and homeowner associations with taxation issues and tax planning, accounting services from monthly bookkeeping and payroll assistance to setting up a computerized accounting system, as well as annual budget preparation and calculations of reserves and deferred maintenance as required by Florida Statutes.

Walker Ostrowski Williams is well versed in the even more stringent regulations that govern timeshare associations and has extensive experience in working with homeowner associations. We have the expertise to address all financial issues that face condominium and homeowner associations, particularly in South Florida. Some of our specific areas of expertise include:

• Condominium and Homeowner Association Audit, Review & Complied Financial Statement Preparation.

• Condominium and Homeowner Association Budgetary, Replacement Reserve and Reporting Assistance.

• Assessment of accounting procedures and controls.

• Tax Advisory and Preparation Services for Condominium and Homeowner Associations.

• Computerized Accounting System Implementation and Support for Associations.

The Firm’s managing partner in this area, Scott Williams, has served as a director on the Broward Chapter of the Community Associations Institute (CAI). CAI is a national organization made up of Association activists and related professionals that promote the interests of community living. Additionally, Scott has served as Treasurer of the Florida Legislative Alliance for several years. The Alliance is a group of Association activists throughout the State of Florida who meet on a regular basis to introduce, review and influence legislation that affects community living and its often complicated rules and regulations. Scott has had articles published in Condo Management and Executive Management magazines and has also served for many years and positions on his own condominium board of directors in Hillsboro Beach. This assures that you are not only dealing with a firm that knows professional standards, but someone who is familiar with intricacies of day to day activities of Associations.

From the seasonal rental of your vacation home to your investments in a storage facilities, we have been there and done that! Walker Ostrowski Williams’ experience in the many facets of real estate go way beyond accounting principles; many of our professional team members have extensive first hand personal experience and knowledge of exploring options and advising what works best for our clients. Whether the choice is entity setup (LLC, partnership, trust, etc.), depreciation methods, buy sell contract negotiations, or specialized tax elections, this is an area of expertise where experience and planning really pay off. In addition to our accounting and tax advisory services we can also be there to assist you with the other related issues such as sales tax, QuickBooks setup to other more sophisticated software such as Timberline and other job costing systems. Every client and situation has different needs and opportunities which is another reason to add us to your team of trusted advisors.

As a small business owner you have more important things to do than to keep your own books. We offer QuickBooks consulting services to help you take care of your books and understand the information so you can get back to the job of running your business, making educated fact based decisions, and generating profits! Each month or quarter we can assist and educate you with the following:

• Reconcile your bank account

• Generate an income statement

• Generate a balance sheet

• Clean up your general ledger

• Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Not-for-Profit organizations provide vital services to our communities. Part of our mission is to assist these organizations to maintain financial accountability. We at Walker Ostrowski Williams are proud of our commitment to the communities in which we live and work. Our associates donate their time, talents, and treasure to many not-for-profit organizations outside of the workplace because they individually recognize the value such organizations bring to our lives. That belief in supporting our communities carries over into our workplace.

As accounting professionals, we provide services that volunteers cannot. We pride ourselves on staying up to date with developments in accounting and reporting for Not-for-Profit entities as part of our professional development. Our approach to working with Not-for-Profit entities is built on concern for the well-being of the organization and assisting entities in accomplishing their organizational goals; whether that is compliance with grants and contracts, assisting the Board of Directors with oversight, or helping to ensure that the organization has adequate internal controls over financial reporting. We also support many local not-for-profit organizations through in-kind donations and reduced fees. Please contact us for additional support that we can offer your organization.

The services we provide to our not-for-profit clients include the following:

• Audit, review or compilation of financial statements

• Procedures to comply with Government Accounting and Auditing Standards, the US Single Audit Act, the Florida Single Audit Act, and the Rules of the Auditor General of Florida (as applicable).

• Tax Advisory and preparation services

• Suggestions for improvement in accounting controls and compliance with donations, contracts and grants (in conjunction with auditing the financial statements)

• Response to questions throughout the year on accounting matters

Whether you maintain your financial records with your own staff or use an outside service, we work with you to ensure minimum disruption of your daily operation.  Please use the links below to access our Audit and Assurance section or return to the Industries section of our website.

Employee Benefit Plans include defined benefit and defined contribution plans. Both are heavily regulated by the Department of Labor and the ERISA regulations. Generally speaking, if your Plan has 120 or more eligible participants, the Plan must be audited in connection with the filing of the annual Form 5500. Plans with 100-119 participants at the beginning of a plan year may also be required to be audited, depending upon the circumstances. The government has mandated use of the electronic EFast system to file these returns.  We work with your custodian or record keeper to ensure the filings are made timely and include all required financial attachments.

If your plan is required to be audited, we can assist you in deciding whether to have a full-scope audit, or a DOL limited scope audit. The latter is available only when there is a qualified trustee or custodian who affirms that the investment activity of the Plan is complete and accurate. This limitation on the scope of our procedures only extends to investment activity; the audit still requires considerable procedures to be performed on all other activities of the Plan, including participant data and transactions.

Because of the complex accounting and reporting issues associated with audits of employee benefit plans, many CPA firms do not perform these audits. Consequently, you may decide to use a firm other than your Company’s CPA for your benefit plan audit. We are happy to coordinate our procedures with your existing CPA firm.

If you have further questions regarding regulatory financial compliance for your Company’s benefit plan, please give us a call.