Identifying Best Accounting Practice
Starting out with a common set of protocols makes the accounting process efficient and manageable for all concerned.
October 3, 2012
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Category: Accounting
Writing Effective Business Procedures
In developing the procedures that make policies a reality, remember that procedures, like systems, need to be well-documented in order to be transferrable, and adaptable.
August 17, 2012
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Setting SMART Objectives for Employees
When it comes time to do that annual or quarterly performance review, you need to apply a set of achievable metrics that truly gauge employee performance.
July 19, 2012
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KPIs Are the Key to Improve Operations
To use even more advanced accounting KPIs, assess relationship numbers or those variables that are interdependent on other operations within the organization. Relationship numbers include number of sales in the pipeline, billable efficiency, gross margin, and net margin.
July 13, 2012
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Mastering the Chart of Accounts – Part 2: Balance Sheet Accounts: Assets, Liabilities, and Equity
The balance sheet is typically used to calculate the net worth of the business, and includes liabilities, cash, and equipment. A basic tenet of double-entry bookkeeping is that the total assets (what the company owns) should equal the liabilities plus equity, i.e. the books should balance. Subtracting the liabilities form the assets reveals the net worth of the business.
March 13, 2012
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Mastering the Chart of Accounts – Part 1: Income and Expense
Understanding the types and hierarchy of the line items in your chart of accounts will make it easier to maintain clean books, and use your accounting software properly. The chart of accounts categories fall under a few basic groups: income and expense, assets, liabilities and equity accounts.
March 8, 2012
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Finding the Right CPA to Meet Your Needs
CPAs come with different specialties and can provide expert advice on a wide range of topics. There are different ways to identify a CPA who is right for your organization:
February 23, 2012
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Prepare Your Books For Your CPA and Save Money!
Starting with clean books and financial statements will not only streamline tax filing but also lower tax preparation costs, and give senior management a clearer understanding of the company’s tax position
February 13, 2012
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Staying Abreast of Tax Law Changes Aids Better Bookkeeping
Smart business owners need to be sure their accounting departments are sufficiently familiar with changes in tax law, or they need to seek help from accounting services that are paid to keep up with regulatory changes.
January 30, 2012
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Tax Laws Change: Be Sure to Know Your Options for 2011
Many small businesses are structured as S corporations of LLCs, which means the owner’s personal taxes are intimately tied to their businesses. The flow-through income from the business has to be reported on the owner’s tax returns.
December 21, 2011
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Time for your End of Year Wrap-up: 6 Things to Consider Before 2012
In addition to checking the data accuracy and closing the books, you should think about and plan for the up-coming year. Be sure your tax objective is aligned with your business goals.
December 14, 2011
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The Time of Reckoning – Closing the Books for 2011
Closing the books means you are ending your official accounting period so you can start the next period with a clean slate. It means that once the books are “closed” there will be no more changes to the financial documents for the closed period. So accuracy is critical. The closed books are the “gospel” of what has happened in the financials for your company.
December 5, 2011
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