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The Importance of Estate Planning

Posted on October 8th, 2019

An estate plan protects your assets after death, leaving all that you owned to loved one and beneficiaries of your choice. Even after you’re no longer capable of managing your assets, your estate plan dictates how your funds are distributed.

An estate plan is an essential aspect of preserving your legacy and allowing your cash and property to benefit your family and loved ones. Keep reading to learn why you should start planning for your succession at your earliest convenience.

Estate Planning Ensures Your Asset Requests are Met

With a detailed estate plan, you may request that your child only use his or her inheritance for education, or that the inheritance only be accessible after certain stipulations are met. With a legally sound will, you can restrict your children’s access to your estate to encourage loved ones to reach specific goals before having access to your legacy.

Without a proper estate plan, disputes can arise when beneficiaries feel entitled to more than what’s been given to them. An estate plan eliminates any discrepancy between beneficiaries and ensures your money is distributed fairly according to you.

Maintain Control by Preventing Probate and Conservatorship

With an estate plan, you can choose who makes medical decisions for you if you’re incapacitated. If no one is specified, the judge will appoint someone to do so. This legal concept is called conservatorship and can happen if you are incapacitated by illness or old age.

Don’t leave important decisions like that up to strangers—instead, choose a loved one you can trust to respect your wishes.

Don’t leave it up to the state to distribute your funds. If you leave no distribution instructions, your estate will go into probate court to decide how to pay off your debts and allocate your remaining funds and assets.

Avoid Excessive Taxation

Estates of all sizes will incur taxes, and some might be more than you expect. Make sure your family gets the maximum amount possible.

Professional estate planning works to reduce and eliminate the tax burden.

Estate Planning Services

With estate planning, it’s possible to maintain control after your passing. The team of accountants at Goldcrest Consulting Services can help you ensure the legality of your will and minimize estate taxation.

Call us today to schedule a consultation. We look forward to working with you!

5 Good Reasons to Hire a CFO

Posted on June 1st, 2019

A chief financial officer is a necessary addition to any business management team. As someone who monitors and manages your business’s finances, a CFO dedicates himself to the monetary success of your business, as their efforts contribute to a healthier business overall.

Here are five good reasons to hire a CFO.

1: CFO is More than a Utility Position

You may think a CFO only records and compiles financial data; while a big part of their job, a CFO’s value goes beyond only reporting numbers. Insight is an invaluable addition to your team in many aspects. Their ability to assess potential risks, understand taxation, and optimize profit margins all contribute to a successful business.

With a good CFO, your business can reach optimal financial performance.

2: CFO’s Help You Understand Your Money

Your dedicated CFO analyzes, arranges, and presents financial information so that it is digestible by all stakeholders in the company. From employees and other members of the management team to creditors, analysts, and shareholders, your CFO will make sure everyone is on the same page regarding the financial status of your company.

3: A CFO Offers Strategy and Forecasting

Planning ahead and making educated predictions are elements essential to the profitability of your business. Without proper strategy, your business can suffer from unexpected events and miss opportunities to grow. Forecasting improves your viability for profit and expansion.

4: Treasury Duties are Best Handled by a CFO

A CFO has more in-depth involvement when administering finances. An accountant or bookkeeper can perform similar duties, but they lack the complete responsibility of a full-time CFO required to completely optimize your business’s financial development.

5: CFO’s Pay for Themselves

With all the essential money-saving and profit-maximizing duties a CFO performs, they frequently pay their salaries within the first year. If you doubt your ability to pay another full-time team member, consider that a good CFO is inherently cost-effective. Further, you even have the option of outsourcing to a part-time CFO to spend a fraction while still receiving many of the benefits.

Goldcrest Consulting Services, LLC Has the CFOs You Seek

If your business is in need of a CFO, call the experienced team at Goldcrest Consulting Services. Our accountants are experienced in performing CFO duties and helps you improve your business’s financial operations.

Call us today to schedule a consultation. We look forward to working with you.

What is Forensic Accounting?

Posted on February 6th, 2019

Forensic accounting produces economic analysis suitable for a court of law. Be it your business or personal finances, a forensic accountant can identify and analyze financial discrepancies to determine if foul play is involved.

Financial accountancy involves specific key steps that collect financial information and determine legality. The accountant then translates this information into viable, digestible court evidence that can be used during their expert testimony.

What Does Forensic Accounting Involve?

First and foremost, forensic accounting is a process of thoroughly investigating and analyzing data. The accountant pores over financial documentation and bank records, even evaluating transfer records, to create a detailed picture of the business’s financial operations.

Using their training and expertise, the accountant then interprets these findings in relation to the discrepancies in question. Using reports, charts, and diagrams, they translate financial data into usable court evidence and present it when necessary.

What are Forensic Accounting Services?

Financial accountants provide an array of essential services, including:

Litigation Support – With their testimony, they serve as expert financial witnesses, using charts and visual aids to support a trial. A financial accountant must be familiar with legal concepts and court proceedings to be effective in encouraging a fair verdict.

Financial Research – Financial accountants perform targeted financial investigation to get to the bottom of suspicious numbers. This type of in-depth evaluation takes an inquisitive mindset, a keen eye, and patience to uncover a complete picture of a business’s financial history.

Goldcrest Consulting Services LLC for Financial Accounting

Our team of experienced accountants conduct thorough research and deliver expert financial testimony when necessary. If you need financial accounting services, call us today for a consultation.

Financial & Operations Principal Licensing: Why the Numbers Matter

Posted on April 29th, 2015

If you’ve been looking to hire a Financial and Operations Principal for your broker dealer firm, you might have seen the numbers 27 and 28 mentioned frequently; these numbers refer to the license the FinOP has received and that qualifies him or her to provide financial services for your business. Both the series 27 and series 28 licenses allow individuals to act as a FinOP, but that’s where the similarities stop.

When you’re looking for a FinOP, consider the following differences between the licensure levels:

Series 28 license holders are only permitted to work with introducing broker dealers, while a series 27 can work with all sorts of broker dealers, including non-carrying and introducing dealers.

FinOPs in possession of a series 27 can also help broker dealers who are working with a larger amount of net capital, up to $100,000, while a series 28 FinOP can only work with dealers whose net capital is $50,000 or less.

Even the exam to earn your certification is different. To earn a series 27, an applicant is required to know more in-depth information about financial law, reporting, minimum net capital, and record keeping processes. The series 28 exam does not require test takers to have extensive knowledge on similar topics.

In short: A FinOp holding a series 28 license is more limited in their ability to help broker dealers. While not every broker dealer may need comprehensive services, a FinOP in possession of a series 27 is often better equipped to help a larger variety of broker dealer clients.

Jon’s series 27 license allows him to act as a FinOp for more broker dealer firms, and certifies his comprehensive knowledge regarding financial law that affects broker dealers. If you’re looking for FinOP services for your broker dealer firm, our series 27 FinOp can help. Contact Ives, Sultan, & Nixon for more information on accounting and financial services for Broker Dealers in Woodbury, NY and surrounding areas.

Why It’s Important for your FinOP to Have a Background in Accounting

Posted on April 10th, 2015

If you’re a broker dealer that handles financings, mergers and acquisitions, your business model requires that you register with FINRA and the SEC — which also means you need a Financial and Operations Principal for your company. But finding the right person for the job can be tricky – not all FinOPs are created equally.

It’s crucial that your company’s FinOP have a professional background in accounting, and here’s why:

It’s not just about the license – Obtaining licensure does not necessarily reflect someone’s ability to perform financial duties for your firm. Furthermore, there are different levels of licensure for FinOps and a lower-level license would mean that some people are limited in their ability to help you. Getting the license is actually the easy part, but developing the right skill set to aid broker dealers is what’s important. Enlisting a professional with both a high level of licensure and accounting experience provides a greater level of assurance for your broker dealer’s needs.

Your FinOP is expected to follow GAAP – As a part of the regulations set by the SEC and FINRA, you’ll need to present financial statements that adhere to Generally Accepted Accounting Principles. Someone without an accounting background is unlikely to know how to create these reports. In the end, accuracy counts and your reports have to be up to standards.

You’ll be audited at the end of each year – Every broker dealer must complete an audit with an outside auditing accountant who’ll be checking for the accuracy of your full financial statements. If you’ve worked with a FinOP without an accounting background, you’ve left the door open for errors in your reports. Your FinOP should speak the same accounting language as your outside auditor in order to provide the most accurate reporting.

As a broker dealer, your company has to have internal personnel who know how to create financial statements under GAAP. Hiring someone with only a license, and not much else, to as act your FinOP doesn’t provide you with the level of expertise you need to adhere to regulations. At Ives, Sultan, & Nixon, Jon Nixon holds series 27 license that allows him to be your FinOP and is set apart by his 30 years of experience as a CPA. For more information on getting help from our Woodbury broker dealer accountant, call our office to set up your consultation.




Why an Auditor Shouldn’t be Handling Your Financials

Posted on March 30th, 2015

As a part of a broker dealer company, you may know that regulations dictate that your company have an accounting auditing firm look over your tax return.

However, outside auditing companies have increasingly been given more tasks by broker dealers, including being asked to prepare financial statements. If your broker dealer firm doesn’t employ an accountant to handle back-office processes, it can be tempting to ask auditing firms to take care of that work for you, if they’re going to handle your taxes anyway.

But you may want to re-think this strategy for two primary reasons:

1.) Auditing Accountants Have to Remain Independent – The main reason why an outside accounting auditor is needed for tax review is specifically because they’re supposed to be independent 3rd parties, who have no involvement in your company’s financials beyond tax review. By asking an auditing accountant to prepare your financial statements, you’re taking away the very quality that made them perfect for the job in the first place.

2.) You Could be Facing a Fine – The Public Company Accounting Oversight Board is an organization that has been set up by the SEC to improve the system and try to strengthen the market, so broker dealer’s financials are done the way they’re supposed to. Companies who lean on their auditing accounting firm for extra work have been hit with fines by the PCAOD for not remaining independent.

With the increase in regulations and penalties, it’s more important than ever that your broker dealer firm have qualified personnel to provide back office support and financial statements for your company. As a CPA with Series 27 licensure, our firm is specially qualified to be your broker dealer’s FinOp and accountant. You don’t have to break the rules and end up penalized for it – contact our office for more information on how we can help your firm’s back office accounting processes.

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