 Business Consulting Services and SolutionsConsulting services provided by public accounting firms have evolved from advice on accounting-related matters, to a wide range of services involving diverse technical disciplines, industry knowledge and consulting skills. Our specialty areas include:
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Extractive Industries—Oil and GasOur oil and gas practice assists producers, operators, drillers and explorers involved in all phases of the extractive process from exploration, to drilling and production. Gordon, Hughes & Banks works with peripheral companies who help in exploration: such as air compressor companies, roustabout companies, pumping companies, engineering, logging, wireline and construction companies. We assist with determining cost and percentage depletion. Our oil and gas team advises clients on how to hold their oil and gas interests, whether it be a working interest, a royalty interest, overriding royalty interest or partnership interest, to minimize income and estate tax issues. By teaming with viable, existing oil and gas producer clients, we help investor clients with diversification into oil and gas investments.
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Franchise OperationsThinking of owning a franchise? Our franchise team assists approximately 30 franchisees—all of whom were referred. Once an interested entity has passed the parent office's approval process, they come to tax partners James Lyons or Robert Drury, who take the franchisee through all the steps from formation to start of business. What is involved?
Then, our Accounting Services department swings into action—we provide payroll services, financial statement preparation, reconciliations, even write checks. The franchisee is now ready to open the door for business, under the continuing care of James Lyons, or Robert Drury, and the franchise team. For more information about franchising, please contact James in the DTC office, or Bob in the Grand Junction office.
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Real Estate developmentMany of our GHB professionals have cut their teeth in the industry itself, as real estate developers, property managers, controllers, and information systems managers - and they bring that hands-on transaction knowledge to our clients' business and financial strategies. Our specialists can assist with transaction structuring, regulatory compliance and tax credit analysis, financial reporting and record keeping, consulting for financing and financial projections, investment analysis for income property and syndications, dispositions, condemnation, and debt structure analysis for bankruptcy or financing requirements. Some issues that affect our clients include:
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Construction industryWe assist our construction clients with software solutions to streamline transactions; advise on cash flow budgets (to avoid retainage issues); and look for fiscally responsible, yet creative solutions to controlling actual equipment costs, including purchase, operation and maintenance costs. We also assist with:
Some of our software solutions include the use of Job Cost and Job Ops modules of MAS 90 and MAS 200.
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Resort and hospitality operationsAs one of the most competitive industry segments, the restaurant business is challenged by labor shortages, net margins averaging below 5 percent, and an overabundance of supply, as well as credit card fraud and a lag in payment transactions. Little room is left for inventory control, staffing retention programs, gross margins or service errors. The lodging industry is similarly challenged by oversupply, which creates losses and limited access to capital. We help our restaurant and hospitality clients stay apprised of economic factors and key opportunities that make the difference between success and failure.
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Closely held family businessesNinety percent of family business owners believe their business will remain in the family, yet statistics show that:
Many owners have no succession plan in place, either for family members or managers because the owner feels the issue is just too complex and too emotional. We work with family business consultants to help accelerate the development and maturation of key family members or managers; and to teach skills that facilitate effective communication strategies and create a business culture that is proactively goal oriented rather than reactively control oriented. In addition to succession issues, our CPAs advise on employee stock ownership plans (ESOPs), estate planning, valuations and wealth transfer tools to preserve and extend the family owned business.
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Wholesalers and retailersThe average retailer has one store with less than $1 million in annual revenue and high gross margins, close to 40% in many cases. With the growth of the Internet and catalog sales, the expansion of large chains and "superstores," and the increasing encroachment of international markets, inventory management, maintaining adequate cash flow and controlling high employee turnover (as much as 30%) among retailers and wholesalers, are key challenges and opportunities.
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Manufacturing and DistributionGHB helps to ensure that you manage to keep inventory levels in line with demand; advise on alliances or partnerships with other companies such as vendors, suppliers or competitors in order to improve company operations; and consult with IT and software professionals to streamline production automation and increase productivity. Key industry challenges and opportunities include: managing inventory levels, ergonomic safety hazards, high labor costs and low import prices, environmental waste and pollution regulations.
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Nonprofit organizationsA key industry challenge for GHB is to help our clients find ways to appeal to individual donors, while pursuing corporate donations and creating a bedrock of fiscal stability and responsibility to ensure our clients' growth and continued success. Our nonprofit professionals, Kim Higgins, Peggy Jennings, Susann Hartwig and Bryan Mogg all combine the specialized practices of for-profit and nonprofit. Their experience in the business world gives them added insight into the problems faced by the nonprofit industry. Our team members' involvement in philanthropic organizations, both at the board and at the volunteer level, gives an additional, broader perspective. Through our alliance with BDO Seidman, LLP, GHB is able to access the resources and strategies of the BDO Seidman Institute for Nonprofit Excellence. Based in Bethesda, Maryland, and directed by Wayne Berson, the Institute serves as a resource for our clients when complex issues call for a "second pair of eyes."
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Sarbanes-Oxley Legislation: The New Reality for Nonprofit OrganizationsWhen the Sarbanes-Oxley Act of 2002 (SOX) was passed in response to numerous corporate scandals, the mandates were primarily aimed at public companies to improve standards. While not subject to SEC oversight, nonprofits do have constituents to whom they must routinely answer: accrediting agencies, their own governing boards, donors, members, customers, volunteers and employees. Nonprofits must also answer to sources of authority, such as their State Attorney General, who has the power to dissolve a nonprofit if the nonprofit exceeds or abuses its authority; or such as federal and state granting agencies, who can remove a nonprofit from their granting lists if the organization receives federal or state monies. Several states have announced proposed State laws that parallel the SOX Act and are applicable to nonprofits. While Colorado is still observing this proposed legislation, there is no doubt that SOX will affect Colorado nonprofits, requiring them to adopt many of the steps mandated to demonstrate compliance with the "best practices" elements of the Act if they engage in, for example, fundraising, and/or perform under government grants or contracts. Proactively implementing certain relevant provisions of this proposed legislation may serve to anticipate public or donor expectations and help you maintain goodwill with your donors and the public to accomplish your mission. We can help you to evaluate your response to these legislative initiatives, and consider effecting changes; some of which might include:
In light of the current environment, it makes sense for nonprofit directors to evaluate their oversight responsibilities regarding these legislative initiatives, and to consider implementing some elements of SOX that are now only required of public companies.
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Employee Benefit Plan ServicesWe have significant experience in providing professional services to established 401 (k), pension and health and welfare organizations. In addition to 401 (k) plans, our experience includes defined benefit health and welfare plans, defined contribution pension plans and indigent health and welfare services. We work extensively with clients affected by compliance with the Employee Retirement Income Security Act of 1974 ("ERISA"), Department of Labor regulations, collectively bargained agreements, Taft-Hartley matters, and multi-employer benefit plan rules. GHB's experience with a wide variety of custodians and third party administrators ("TPAs") helps us to efficiently and effectively resolve issues relating to custodian and TPA matters.
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Low Income/Affordable Housing ServicesWe assist developers, investors and investment syndications with LIHTC compliance, with planning projects upfront; through IRS audits at the back, through termination and disposition of properties at the end of the compliance period. How we can help:
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