Our Expertise

The Firm has a diversified practice, both as to the kind of services rendered and types and sizes of businesses serviced.  Our clientele encompasses a broad spectrum of industries: manufacturers, wholesalers, distributors, retailers, professionals, catering, construction, service businesses, not-for-profit organizations, etc.  Our services include the following:

Audits
Audits are performed throughout the year resulting in the expression of an opinion on the financial statements.

Compilation and Review
Most of our clients receive compiled quarterly and annual financial statements. Many annual review financial statements are issued by the Firm.  In all cases, these statements are discussed with the client and suggestions and guidelines are offered to enable the client to conduct its business in a more profitable and efficient manner.

Accounting Services and Tax Services
A portion of the Firm's work consists of monthly or quarterly accounting services in which payroll and other tax reports are prepared.  The Firm monitors the bookkeeping and computer accounting systems of our clients.  The Firm also prepares year-end income tax returns for all of our clients.  Corporate, Personal and Estate Tax Planning are emphasized.

Write-Ups
The Firm does write-up work, such as preparation of books of original entry and posting of general ledgers.

Individual Income Taxes
The Firm prepares a number of individual income tax returns for "once-a-year" clients, as well as, for the principals of our corporate clients.

Tax Audits and Representation before Tax Authorities
Representation of clients during Federal, State, Department of Labor and other regulatory agencies during audit examinations.  All levels of appeals and administrative proceedings can be evoked on the client's behalf, if a satisfactory result cannot be achieved at the initial audit level.  Tax assessment mitigation, structured settlements, offers in compromise, etc., are additional services where we represent taxpayers.

Bankruptcy
Preparation of monthly bankruptcy reports, strategic planning and formation of plans or reorganization, business projections, forecasts and budgeting, with bankruptcy counsel we aid the client to get through the bankruptcy process.  Post bankruptcy financing is often key to the client successfully coming out of the Bankruptcy Court's protection.  Preference payment searches.

Operations Audits
This area includes examinations of the operations of a business or segment, to review the operation and compliance with company internal control policies and guidelines, compliance with generally accepted accounting principles, or with a view to increasing profitability.

Litigation Support Services
Assisting attorneys with support of claims, establishment of positions, identifying litigation and defense strategies, business valuations, damage assessments, marital disputes, and providing expert witness testimony.  Advising and calculating damage and loss calculations for clients, insurance adjusters and attorneys are additional important aspects of litigation support work. Forensic auditing and investigatory examinations are often pursued to help establish positions in the litigation process.

Personal Financial Planning
Assisting the client to develop and monitor an individualized personal financial plan, including retirement and education funding.  No specific investment advice is ever given.

Estate and Trust Work
Advice relative to estate planning, the setting up of trusts, income and estate tax return preparation and review, etc., Trust administration, Trustee annual accounting, Surrogate’s court reporting, etc.

Not-for-Profit Work
GSP works closely with not-for-profit organizations and their board of trustees to assist them with the fulfillment of their mission and financial wellbeing. GSP assists with the general development and future of the organization by planning and implementing financial goals, constructing fiscal forecasts, reviewing and creating budgets. This includes meeting the organization's financial reporting needs and requirements - audit, review or compilation, assistance with government compliance and taxation issues. Servicing the non-profit arena from private foundations, schools, healthcare, Common Interest Realty Associations, religious, charitable organizations, museums, etc.    

Internal Control Audits
Internal control audits are designed to ascertain that there are adequate internal controls in place to safeguard corporate assets from misappropriation, defalcation or error, proper recording of all corporate transactions, and provide management with the proper financial reporting and controls to effectively manage the business.  Internal controls must be evaluated in the constraints of the corporate organization and the costs and rewards of increased controls.  Testing of the system to ascertain compliance with the internal control system in place results in a report to management.  The report identifies weaknesses in the current system, areas of failed compliance and suggestions as to alternative or additional internal control procedures that should be in place.  Periodic follow up reviews are often recommended.

Computer System Reviews and Implementations
Computer system reviews are conducted to evaluate the company's computer requirements, the adequacy of the current computer-operating environment from a software and hardware perspective. Thereafter, we aid clients with computer system selections, networking advantages, hardware and software upgrades, and implementation advice.

Legal Contract Negotiations and Contract Review
Every legal contract or agreement has tremendous financial implications on the company and its financial future.  Therefore, we assist our clients with contract negotiations in a number of ways.  We analyze the financial and tax implications of the transaction as the negotiation process develops.  We can effectively advocate a client's position and work hand-in-hand with the company's attorney during the negotiation and contract drafting process.

The Firm assists clients with lease, license, distribution, employment, collective bargaining, business acquisition and shareholder negotiations and agreements.

Strategic Business Planning and Budgeting
Strategic business planning and annual and five-year budgeting is stressed to all clients.

Estate Planning and Business Succession Planning
Estate planning and business succession planning are stressed to all of our clients.  Estate planning involves the planning of the disposition of assets and ascertaining that the estate is settled with the least Federal and State Estate Tax implications.  Business succession planning involves ascertaining that the stewardship of a business is continued in the event of a disability or death of a major principal.

Forensic and Investigatory Auditing
Where a client is seeking to acquire an interest in an ongoing business, the Firm will conduct an investigatory audit of the target's operations and representations made during the negotiation process.  This area also covers suspicions of employee or co-shareholder embezzlements, misappropriations, search for hidden martial assets, etc.

Bill Pay and Account Reconciliation Services for Individuals
We offer bill paying and account reconciliation services for individuals.  One of the trusted advisors at the firm will pay your bills, maintain your check book balance and reconcile your accounts to bank balances.  Account reconciliations ensure that banks have recorded all transactions properly.  Busy professionals, athletes and entertainers who are frequently away from home, and anyone preferring not to be encumbered with monitoring due dates for numerous recurring bills and obligations find this service valuable.  Schedules can also be prepared on a regular basis detailing all of a client’s assets and liabilities so that the client can see where they stand in their over all life plan on an ongoing basis.

Management Advisory Services
The Firm assists clients with corporate acquisitions, preparation of forecasts, projections, cash flow projections, tax planning, formation of strategic business plans, and assistance in obtaining credit lines and investment capital. The Firm also performs internal control and computer system reviews and aids clients with computer system selections, upgrades and advice. The Firm assists clients with lease, license and shareholder negotiations and agreements. Strategic business planning, budgeting, and succession planning are stressed.

Mergers and Acquisitions

• Due Diligence Investigations
  During the Merger and Acquisition process the Firm assists clients by performing due diligence investigations, which include a detailed investigatory audit, which includes ascertaining the reliability of a material representation made by the management of the target; review of all significant contracts, leases, mortgages, notes and other contractual obligations of the target; and, assessing the impact on the consolidated entity; review of historic financial statements and tax return filings to ascertain the reliability of the historic financial statements and ascertain what, if any, savings or eliminations of duplicative overhead issues can be achieved in the combination of the businesses.
  
  
• Forecasts and Projections
  The acquisition process often leads to the preparation or review of various forecasts, income and expense projections, and cash flow projections.  These projections will provide the basis for formation of strategic business plans for the combined entities, provide the basis for the investment capital provider to see a return on investment, provide a basis for a debt structure, and prove that the purchase price being paid for the target is reasonable.


• Tax Planning and Structure
  The structure of the business acquisition is often dictated by an analysis of a number of tax considerations, which must be carefully considered and analyzed.
  
  
• Business Valuation
  The valuation of the target business is a critical function of the merger and acquisition process.  The valuation of the business must make sense for the deal to culminate in a success.  Whether the transaction is financed with internal funds, new or additional capital infusions, new debt or a combination thereof, the business valuation must make sense in regards to return on investment and alternative investment options, with risk/reward considerations factored in.
  
  
• Financing
  The transaction, whether it be a merger or an acquisition will typically require financing in the form of capital infusions or new debt instruments.  The structure of the transaction and assistance in obtaining credit lines, long-term notes and investment capital is another essential part of the process.