DIY accounting may seem like a money-saver, but hidden costs can hurt your business. Discover the risks of DIY bookkeeping and why outsourcing can save you time, money, and stress.
As a boutique consulting firm, Pacific Crest Group is more than just an outsourcing partner. We specialize in helping Bay Area businesses in fields such as nonprofit, healthcare, and construction achieve sustainable growth by providing personalized, hands-on consulting in finance and HR. We embed ourselves into your team, bringing tailored expertise that supports your immediate and long-term goals.
The purpose of using small business accounting software is to prepare your books for your CPA, or to just make your accounting all-around easier. Maybe
Last week’s article extolled the virtues of budgeting…and the vital reasons why your business – and EVERY small business – should create and operate with
While we are not CPAs and do not offer tax preparation services, we work closely with a number of CPAs and assist our clients by gathering the information and reports they need for their taxes.
The purpose of closing the books is to make sure that all the financial information about your business is accurate and entered properly.
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.
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.
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:
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