Saving Your Accountant Time, Saves You Money

This is just common sense, but something that many business owners overlook when preparing their books to send to their accountant for the preparation of year-end financial statements and tax filings. The more accurate and complete your accounting records are, the less time your accountant needs to spend on reconciling and correcting the details before beginning on the reports and taxes. The less time they spend on your books, the less it is going to cost you. Here are some tips to help make sure that your books are as easy to work with as possible. Read More »

Tags: Account Balances, Accountant, Accounting Records, Accuracy, Asset Purchases, Assets, Bank Accounts, Business Owners, Common Sense, Detailed Records, Financial Statements, Loan Accounts, Payroll Tax, Quarterly Tax Reports, Receipts, Reconciliation, Spreadsheet, Tax Filings, Tax Liabilities, Year End

Your Virtual CFO

Every business owner would like to have a trusted Chief Financial Officer as part of their staff to watch over their financial position. Someone who had the expertise and experience to oversee the accounting practices in the company, review the financial statements and provide them with sound counsel on financial decisions throughout the course of doing business. Someone who is intimately acquainted with the details of their business and their business goals. Read More »

Tags: Accounting Firm, Accounting Practices, Benefit Package, Business Cards, Business Goals, Business Owner, Business Sites, Chief Financial Officer, Close Relationships, Doing Business, Financial Decisions, Financial Position, Financial Statements, New Business, Objective Viewpoint, Office Space, Payroll, Role Of The Cfo, Sound Counsel, Virtual Cfo

Why Every Business Should Have a Line of Credit

Many businesses don’t see the need to have an open line of credit with their bank until they find themselves in a situation where their cash flow has slowed to a dribble, and their creditors are harassing them for payment. The problem with this approach is that once you are in this type of situation, it can be very difficult to convince your banker to provide the credit you need to get you through this difficult period. Meanwhile, you are being assessed finance charges on your unpaid accounts, making the situation even worse. Read More »

Tags: Business Credit, Cash Flow, Credit Help, Creditors, Difficult Period, Dribble, Finance Charges, Financial Cushion, Financial Position, Financial Situation, Financial Stability, Financial Statements, Problem With This Approach, Tap, Unpaid Accounts, Win Win

3 Business Decisions That Should Involve an Accountant

Business owners make decisions about their business every day, some big and some small. The majority of these decisions would not warrant consulting with their accountant over. However, there are certain decisions in which involving your accountant would be the most prudent thing to do. Here are three of them:
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Tags: Accounting Procedures, Acquisition, Beneficial Manner, Business Acquisitions, Business Decisions, Business Entity, Business Owner, Business Owners, Business Partnerships, Circumstance, Entanglement, Expansions, Financial Consequences, Financial Position, Financial Statements, Financial Strategy, Objective View, Professional Accountant, Pros And Cons, Purchase Consulting

Audited-Reviewed-Compilation – What’s the Difference?

When CPA firms contract with a client to produce their financial statements, the agreement with the client will include the nature of the reporting level, or assurance level, that the CPA is to provide with those financial statements.

There are three different reporting levels that are generally offered by a CPA firm: Compilation, reviewed and audited. The type of reporting level desired is determined by the client, though publicly held companies are required by regulation to provide audited financial statements to their holders.
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Tags: Accounting Procedures, Aicpa Professional Standards, Assurance Level, Compilation, Cpa Firm, Cpa Firms, Creditors, Financial Confidence, Financial Statement, Financial Statements, Inquiries, Integrity, Internal Accounting, Lenders, Measures, Nature, Private Companies, Satisfaction, Scrutiny