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Under the Big Top at Whittlesey & Hadley, P.C.

Under the Big Top at Whittlesey & Hadley, P.C. An accounting firm … and a whole lot more!. What goes on Under the Big Top?. Review major functions of each entity, niche Better acquaint you with services and service providers To help you present the “big picture” Case studies.

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Under the Big Top at Whittlesey & Hadley, P.C.

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  1. Under the Big Top at Whittlesey & Hadley, P.C. An accounting firm … and a whole lot more!

  2. What goes on Under the Big Top? • Review major functions of each entity, niche • Better acquaint you with services and service providers • To help you present the “big picture” • Case studies

  3. In Ring Number One: • Accounting and Auditing Services • Financial statement preparation, analysis • Audits, reviews, compilations • Agreed-upon procedures • Forecasts/ projections • Tax planning and preparation

  4. In Ring Number Two: • Tax Planning • Action plans • Tax assistance with complex transactions • Real estate transactions • Estate and retirement planning • Investment, life insurance analysis • Federal, state return preparation

  5. In Ring Number Three: • Advisory Services • Merger and acquisition strategies • Succession planning • Financial planning • Litigation support • Business valuations

  6. An accounting firm and a whole lot more! • The Technology Group, LLC • Charter Oak Resources, LLC • Niches • Health Care • Nonprofit • Manufacturing • Affordable Housing • Construction • Credit Unions

  7. The Technology Group, LLC • Established 1998 with staff of one; in 2002, staff of seven • Consulting Services • Information Technology Services

  8. The Technology Group, LLC • Consulting Services • Information Technology security audits • Not-for-Profit business consulting • Data management evaluations • Start-up assistance • Accounting system implementation, support • Training

  9. The Technology Group, LLC • Consulting Qualifications • MIP Certified Consultant, Reseller • Intuit Professional Advisor (QuickBooks) • PeachTree AccountCare Members

  10. The Technology Group, LLC • Information Technology Services • Information systems • LAN and WAN solutions • IT security audits • Website development • Internet/ intranet/ email solutions • Service and maintenance (outsourced IT)

  11. The Technology Group, LLC • Information Technology Qualifications • Microsoft Certified Partner • Microsoft and Cisco Certified Engineers • Dell Licensed Resellers

  12. The Technology Group, LLC:What sets us apart • Technology Advisor vs. “fix-it shop” • Big picture point of view • Outsourced IT • Compliance consulting (NCUA, HIPAA, et.al).

  13. The Technology Group, LLC • Case History: New York HMO ($650m) • Polaris affiliation • Annual IT security, control review as part of audit • Consulting on IT audit program development • Guidance on financial and IT initiatives

  14. The Technology Group, LLC • Case History: Southend Community Services (audit client) • Requirements analysis on software • Implementation of MIP • Consulting, support on not-for-profit processes • Report writing • Training • Outsourced IT

  15. Permanent, temporary, and temp-to-perm placement services Executive search Contingency search Art Poly Sharyn Blicht Peter Swartz Human resources consulting Human resources administration? Charter Oak Resources, LLC

  16. Charter Oak Resources, LLC • Opened for business Jan. 15, 2001 • Profitable in Year One • Year One sales achieved as of September, 2002 • Growth largely from non-firm clients • PepsiCo, Barnes Engineering, Myers Brothers, Blum Shapiro, Centerprise, UTC, Altus, Hartford Steam, Gerber Scientific, Mass Mutual, Stanley Works, and more

  17. Charter Oak Resources, LLC • Case History: Middlesex Credit Union • Existing audit client • Contingency search • Placement of CFO

  18. HR Audits Compliance Reviews (ADA, FMLA) Personnel policies/ employee handbooks Hiring/ firing Sexual harassment workshops Affirmative action plans Training/ Team-building Reference Checking Genetic Discrimination Charter Oak Resources, LLC: The Value of HR Consulting

  19. Niches: Health Care • You do what you do best: Practice Medicine. • Let us do what we do best: Practice Management.

  20. Niches: Health Care • 80 to 100 clients; all MDs • Solo practices to large groups • Accounting services to consulting

  21. Niches: Health Care • Practice Management • Reimbursement Management • Tax and Accounting Services • Corporate Management • Buy/sell • Compensation • Joint ventures • Financial Management

  22. Niches: Health Care • Johnson Memorial Hospital: Physician Recruitment (8-10 solo practitioners) • Forecasting revenue and expense • Managed care credentialing • Billing system selection • QuickBooks and AP set-up, training • Equipment, supply vendors

  23. Niches: Health Care • Connecticut Valley Radiology • Tax and Accounting Services • Reimbursement Management • Generated additional revenue from HMO

  24. Niches: Nonprofit • 25 year of service • Part of the firm’s past, present and future • About 150 clients • Traditional + Nontraditional services • Audit, tax • Advisory services • Technology • Special projects

  25. Niches: Nonprofit • Case study: Community Partners in Action (10+ years) • Audit • Tax • Consulting • Technology • Placement through Charter Oak

  26. Niches: Nonprofit, Specialized Services • Financial management review, Project MORE • Special reviews, Catholic Family Services • Creation of for-profit entities, Community Partners in Action • Internet work, CT Trial Lawyers • Secured, unsecured website • Full e-commerce site

  27. Niches: Manufacturing • Audit, tax • Operational reviews • Acquisitions/ sales • Buy/sell agreements • Organizational consulting: succession planning, estate planning

  28. Niches: Manufacturing • Case Study: Cooper acquisition of Athens Technical • Due diligence work on-site in Florida • Acquisition negotiations • Tax strategies • Accounting issues • Transition issues

  29. Niches: Manufacturing • Case Study: Dwight Foote, Inc. operational review • Accounting support • Business consulting • Family matters (second generation)

  30. Niches: Affordable Housing • More than 50 clients • Budget development • Audits, reviews • Tax returns • Tax compliance • Application process through CHFA

  31. Niches: Affordable Housing • Case Study: Northeast Hartford Affordable Housing • Limited partner selection • Development budget assistance • Cost certifications

  32. Niches: Construction • 20 – 30 clients, $1m - $50m in revenue • Financial Statement Services • Tax Services • Consulting Services • Hardware, software selection • Business plan development • Cash flow planning, management • Job cost systems • Operation audits • Human resource issues

  33. Niches: Construction • All-Phase Enterprises, Inc. • Calculation of indirect overhead allocation to jobs • Change in software • Resulted in better job reports • More accurate picture of profit/loss on job

  34. Brayman Hollow Assisted with shareholder buy-in of minority partner Patriot Mechanical Buy-sell agreements: owner termination 754 election of assets Niches: Construction

  35. Niches: Credit Unions • 10 years of service; 35 clients • Audit, internal reviews • Internal control reviews/ special projects • Agreed-upon procedures • Technology consulting • Governmental regulations

  36. Niches: Credit Unions • Case Study: First Bristol Federal Credit Union ($65m) • Audits • Internal control review • Due diligence on merger

  37. A member of the community • Founded in Hartford, 1961 • Partnership active in community organizations • United Way Pacesetter • Whittlesey & Hadley Fund, Hartford Foundation

  38. A member of the community Do good, and good will follow.

  39. A member of the community • Drew Andrews, Community Health Charities, CAAS, Science Center of Connecticut • Bud Buckner, Rotary Club of Hartford • Steve Erickson, Stowe Center, Greater Hartford Metropolitan Commission • Ed Jason, Roman Catholic Archdiocese, United Way, St. Francis Hospital • Marty Noreika, VNA Health Care, American Lung Association (CT)

  40. A member of the community • Susan Sheppard, Gifts of Love, Epilepsy Foundation of CT • Ed Sullivan, United Way, Mercy Housing and Shelter • Dave Zubrow, ECHN, Welles Country Retirement Village • Bob Balchunas, New England Jazz Ensemble, Metro Hartford Millennium Project • Mark Barzottini, ECHN, Manchester UNICO, New Hope Manor

  41. AICPA Private Companies Practice Section Six unmodified peer reviews (A+) CSCPA President-elect: Newton Buckner, III Committee involvement, leadership: Drew Andrews, Mark Torello A member of the profession

  42. A member of the profession • Polaris • Task force memberships • Continuing education • Resources (technical, marketing)

  43. Benefits to clients • Partner involvement • Technically superior work • Reasonable fees • Year-round communication • Stable engagement teams • Industry expertise • Superior work ethic

  44. Whittlesey & Hadley, P.C. Building your business is our business.

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