FAQs

SVA was established in 1974 in Madison, Wisconsin as Suby Von Haden & Associates, S.C. Since that time we have added a variety of additional services and entity companies. Our firm timeline provides a complete background.

Yes, not all accountants have their Certified Public Accountant (CPA) certification. A CPA is an accountant who has been certified and passed an intense exam. Prior to being eligible to take the CPA exam, candidates must graduate from an accredited program with a focus in accounting or finance as well as meet certain work experience requirements in public accounting. Once they are certified, active CPA's must meet continuing education requirements every three years in order to maintain an active CPA certificate.

Typically your balance sheet, income statement and statement of cash flows are examined. The balance sheet contains assets, liabilities and retained earnings of the owners. The income statement report details information on company sales, expenses, and net profit or loss. The statement of cash flows details the movements of cash during a specific timeframe.

The importance of this question will depend on the type of services you are looking for. The following designations are held by professionals at SVA and our affiliated companies.

• ABV – Accredited Business Valuation
• CDFA – Certified Divorce Financial Advisor
• CFA – Chartered Financial Analyst
• CFE – Certified Fraud Examiner
• CFP – Certified Financial Planner
• CHBC – Certified Healthcare Business Consultant
• CPA – Certified Public Accountant
• CVA – Certified Valuation Analyst
• EA – Enrolled Agent
• JD – Juris Doctor
• MBA – Masters in Business Administration
• MST – Master of Science - Taxation
• PFS – Personal Financial Specialist

*This is a partial list and does not reflect every certification our professionals hold.

Most businesses traditionally use the calendar year, however, that may not be the ideal choice for your business. For a seasonally-focused business, a different beginning and ending date other than the traditional calendar year may be more appropriate. Companies will also select a non-calendarized fiscal year for tax purposes as well. Your accountant can help you determine the ideal approach for your unique business.

There are two types of methods to consider – cash or accrual method. The basic difference between the two methods is the timing of when transactions are credited and debited to your accounts, this includes sales and purchases. In most cases, you can choose which method to use however; there are circumstances when the choice is already determined. You are able to chose either method if you are classified as a small business (with sales of less than $5 million per year). You must use the accrual method if your business has sales of more than $5 million per year or your business has an inventory of items that you intend to sell and your gross receipts are over $1 million per year.

Audits offer the highest level of assurance to outside sources and third-parties. They include an in-depth examination and confirmation of account balances, inventories and a sample of transactions. Reviews offer limited assurance to outside sources. They involve analytical reviews of financial statements to identify any items requiring further review. Reviews are conducted to ensure integrity of data. And compilations offer no assurance to outside sources. They are usually requested internally and do not offer assurance but may involve some adjustment to accounting records. Learn more about SVA’s Assurance services.

Making decisions on retaining files is not always a simple task. To assist you, the professionals at SVA provide recommended guidelines for retaining both paper and electronic records. It’s recommended to keep canceled checks on daily payments for 7 years and canceled checks for major payments indefinitely. Invoices both from vendors and to customers are also 7 years. Download the complete SVA Record Retention Guide for more information.

Choosing a business structure will depend on the goals and objectives of the owners. There are numerous factors to consider as a part of the evaluation process including tax consequences, limitations on liability, estate planning and business transition issues, costs of formation, complexity of the business and the other goals of the owners. In some situations the structure may be dictated by investors or lenders financing the business. For a comparison of types of entities and more information download the Entity Selection Grid.