Welcome to Townsley & Associates, PC


Tax Preparation Services - Business & Personal Tax

At Townsley & Associates, P.C., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and through research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.


Accounting Services


From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Townsley & Associates, P.C.'s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.


These services include but are not limited to:

  • General ledger and financial statement preparation
  • Bookkeeping (Monthly, quarterly, or annual)
  • Accounting system setup and support
  • Cash flow budgeting and forecasting
  • Personal financial statements
  • Corporate tax planning and return preparation


Assurance and Advisory Services

At Townsley & Associates, P.C., we focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad of challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business.

These services include but are not limited to:

  • Audits, reviews, and compilations
  • Entity selection and restructuring
  • Accounting software selection, implementation, and support
  • Business valuations
  • Financial projections and forecasts
  • Debt and finances advising
  • Mergers and acquisitions
  • Transaction structuring and negotiations
  • Business succession


Audits, Reviews, and Compilation

Townsley & Associates, P.C.'s financial statement services comprise all three levels of assurance depending on your company's needs.


Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.


Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.


Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.


Construction Audits & Reviews for Construction Surety Bonds

A Surety Bond is a three-party agreement; where the Surety is providing a guarantee to the project owner that the contract will complete the contracts as stipulated in the contract terms.

Three Basic Types of Contract Surety Bonds

Bid Bond - assures that the Bid is submitted in good faith.

Performance bond - protects the project owner from financial loss if the contractor fails to perform.

Payment Bond - assures that the contractor will pay their subcontractors, suppliers, and laborers associated with the project.

How can we help?
Complete and accurate accounting records are important to the surety companies. The sureties recommend that the financial statements be presented per "The American Institute of Certified Public Accountants' (AICPA) Audit Guide for Construction Contractors on the percentage-of completion accounting method.

The percentage-of-completion method represents a contractor's financial condition and most accurately measures results of work performed for the accounting period. The percentage of contract values recognized as revenue typically is done on a cost-of-completion method.

The surety knows that the Financial Statements are only as good as the accountant preparing them. That is why it is important to select a CPA who is well versed in cost accounting. Sureties prefer, and at certain levels require, audited financial statements, but may accept a review or compilation statements. (see the audit, review and compilation section for a description of the services).


Indirect Cost Rate Audit

What is an indirect costs rate?

Indirect costs consist of administrative activities necessary for the general operation of the agency, such as accounting, budgeting, payroll preparation, personnel services, purchasing, and centralized data processing.

Direct costs are costs that provide measurable, direct benefits to particular programs. These can include costs that relate directly to instructional programs and also support costs that relate to the peripheral services necessary to maintain the instructional programs.

In general terms, an indirect cost rate is the percentage of an organizations indirect costs to its direct costs and is a standardized method of charging individual programs for their share of indirect costs.

Why use an indirect cost rate? How does it benefit an organization?

General management costs are necessary for any program to exist. For instance, all programs will use the business office at one time or another for services such as contracts, purchasing, payroll checks, and personnel management. Without the benefit of an indirect cost rate, there would be no standard way for each program to contribute its share of the general management costs without spending a lot of staff time having to each activity. An indirect cost rate is an efficient way to recover a share of general management costs from individual programs.

We can assist you in the calculation of your indirect cost rate or by auditing your indirect cost rate in accordance with the American Association of State Highway and Transportation Official AASHTO Uniform Audit Guide.


QuickBooks Accounting  Assistance

QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.

Townsley & Associates, PC  offers the following solutions to help meet your QuickBooks needs:

Personal Training

We train you personally! Either one-on-one or several individuals within your organization at your company's location.


We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.


We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.


Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.


Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.