Accounting – Page 9 – Pacific Crest Group

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 No Comments

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 No Comments

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 No Comments

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 No Comments

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 No Comments

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 No Comments

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 No Comments

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 No Comments

The Three Basic Steps to Building Your Business

All too often we see people over plan and make no progress, as opposed to measure how their plan is working and make the necessary changes to the plan as conditions change

November 14, 2011 No Comments

Cash Flow is King! Plan Accordingly

In the last blog post we talked about creating an operating budget. This is a blueprint of your operations to help you chart the growth

November 11, 2011 No Comments

Strategies for Budgeting Success

Start by reviewing the numbers that show your actuals (from your P&L report), your forecast (based on where you think you can make adjustments), and the difference or variance for each line item. Now you have a working budget!

November 8, 2011 No Comments

Embrace The Joys of Budgeting!

It might make it easier (and more palatable) to think of budgeting as profit planning. If you have a profit plan in place, then you can truly track your income and expenses in a fashion that gives you a clear plan as to how to increase your revenues and where to cut your overhead.

November 4, 2011 No Comments

Category: Accounting