Your Own Accounting System
Filed Under Accounting
You want an accounting system that gives you peace of mind and more profits with less work. We’re guessing that you also want to reduce taxes, improve cash flow, and manage your business more profitably.
That’s what we do best! Work with us and choose which of the following systems you would prefer:
1. Receive training to use a system exclusively designed for your business, OR
2. Have us completely manage the custom-designed system at an affordable cost
What Can We Do for Your Business
Wholesale / Retail / Service
Have complete control systems for Accounts Receivable, Accounts Payable, and Inventory.
TV / Automotive / Furniture
Properly account for Contracts in Transit, Bank Reserve Accounts, and Flooring of products for resale (inventory financing). Maintain control of income and expenses.
Manufacturing
Control Raw Materials, Direct Labor, Work in Progress, and Finished Goods. Keep expenses categorized into Manufacturing and General Overhead areas.
Construction
Easily track profits or losses on each job in progress. Control cash flow based on percentages of completion. Minimize losses from under-billings created through change orders.
Professional
Control expenses and income for year-end savings. Take advantage of conversion from cash-to-accrual accounting. Manage Accounts Receivable and improve Collections.
Food / Cafe / Beauty
Utilize a combination of Cash and Accrual statements. Have a low-cost, low-maintenance accounting system.
Enjoy an accounting system designed specifically for your business that shows where you stand at all times. Simplify the books that maintain it all:
- Cash Receipts
- Deposits
- Charge Accounts
- Credit Purchases
- Cash Purchases
- Bank Reconciliation
- Depreciation
- Adjusting Entries
- Inventory Control
- Reconciliations
- Income Statements
- Balance Sheets
- Individual Accounts Receivable Records
- Individual Accounts Payable Records
- Payroll Journal
- Individual Payroll Records
- Property, Plant and Equipment Records
Incredible Benefits You Will Enjoy
Your accounting system will be tailored to your business. You can do it, I can do it, or we can do it together.
Your bookkeeping/accounting costs will be substantially reduced.
Your personnel will be free to produce more profits for you.
We can help you acquire funding for your business through financing, investors, and other means.
You will receive properly-designed financial statements that will allow you to manage your business efficiently and help you to better plan for the future.
Choose from hand-posted or computerized programs specifically tailored to meet your accounting needs.
Streamline the accounting task, and free up your valuable time. [Consider this: the average small business owner spends over 10 hours personally, each month, accounting for the business. If your average billing rate is $50 per hour, you may be spending more than $500 per month of your time.]
How Would You Describe Your Business?
- Steady and stable
- Growing fast
- Hanging in there
- Brand new
If your business is steady and stable, or growing fast, then congratulations! But IT IS POSSIBLE for your business to improve, and generate more profits!
If you’re just hanging in there, you can turn things around . . . FAST!
If your business is brand new, don’t make the expensive mistakes that can be the difference between success and failure!
No matter which of these groups describes your business, you can benefit from these small business services that can save you both time and money!
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Tax Planning & Preparation
Filed Under Blogroll
There’s one distinguishing difference between tax planning, and tax preparation. It’s December 31st. In order to beneficial, any planning has to occur before the end of the year; preparation can only take place after the beginning of the year. Although we can’t promise to eliminate taxes, we can help you with both the planning and the preparation in order to minimize them.
Tax planning is an important step in reducing taxes. Together, throughout the year, we will discuss various tax strategies that could potentially save you thousands of dollars. This will enable you to make any needed adjustments before the end of the year so that you have some control over how much you pay in taxes.
Then, at the end of the year, with your help, we will see that your taxes are professionally prepared in a timely fashion to avoid any late fees. In order to offer you such service we have on staff certified Professional Tax Preparers that will assess your tax liability.
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Profit and Growth Expert
Filed Under Blogroll
We trust that if you were forming a foursome for an upcoming golf tournament, you would want to have a golf expert like Tiger Woods on your team.
Although we may not be the golfer Tiger Woods is, we do take our job to be your Profit and Growth Expert just as seriously. Our goal has nothing to do with helping minimize the number of golf swings, but instead to maximize your profit dollars. This entails monthly analysis of your financial results, consultation in areas of profit improvement, and directions of how to take advantage of lower tax strategies.
Together, we will examine past experiences, map out where you want to go with your business, and discuss how that can happen. That’s our role as your Profit and Growth Expert.
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Auditing
Filed Under Blogroll
Only about 1 out of 30 businesses are required to have an audit completed by a Certified Public Accountant, CPA. Some businesses have them performed because the bank from which they seek financing requires it. Other businesses seek audits because they will be publicly traded. Regardless of the reason, an audit can be costly.
An audit must be performed by an independent CPA — one that is not presently involved in the business in any way. Although, as your Profit and Growth Expert, we can’t perform the audit, if you find your business in one of these relatively rare situations, we can assist you in locating an auditor who will provide this service in a professional and cost effective way.
On staff we have qualified individuals with various levels of experience and credentials ranging from Certified Professional Bookkeepers to Professional Tax Preparers to QuickBooks Specialists, all of which can provide you with the peace of mind you deserve.
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Bookkeeping
Filed Under Accounting
Too often business owners are so preoccupied with select parts of the accounting process that they don’t realize just how valuable all that financial information can be. Some business owners focus on preparing the yearly tax statement. Others may worry about that and their cash flow. And others still may just balance their check books. If you choose to have us do your accounting, we can do all that and more. And most importantly, we can help you become more profitable.
It really is quite simple. First you need a reputable accountant, what we like to call a Profit and Growth Expert, to determine your business goals. These goals may include, but are not limited to, growth expectations, marketing plans, profit margins, and overall labor expenses. We ask important questions, like what do you want? And why do you want it?
Here is a technical way of looking at bookkeeping:
Bookkeeping: The practice involved in the systematic recording of transactions affecting a company beginning with the data-entry process and ending with the preparation of financial statements. The art, practice, or labor involved in the systematic recording of the transactions affecting a business.
http://www.know-accounting.com/glossary/index.php?terml=b&termid=29
In layman’s terms, bookkeeping is the practice of determining which numbers are important to you and your business. Once that’s decided, we can set up a customized system that will organize the information you want and need. This is how we will come up with Your Accounting System.
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Custom-Designed Small Business Accounting System
Filed Under Business, Accounting
In today’s competitive environment, information is power!
You’ll uncover a goldmine of profit-building information as you determine your financial standing, and when used properly, this information can help you better plan for the success of your business.
Call today for a free consultation. There is absolutely no obligation of any kind.
It will be well worth your time!
Do you have a customized accounting or bookkeeping system? Take This Quiz:
Can you answer these 10 questions about your business?
- Were my total sales up or down last month? And where they designated by category?
- What was my total gross profit last month? And was it designated by sales category?
- What is my gross profit per item?
- What were my expenses by category last month?
- Who owes me money and how much?
- Who’s behind in paying me and by how much?
- How much inventory do I have: in total and by item?
- To whom do I owe money and how much?
- What was my profit last month?
- How much do I OWN, and how much do I OWE?
Were my total sales up or down last month? And were they designated by sales category?
You need to know: If your sales are up, you’ll need extra cash to buy replacement inventory. If your sales are down, you’ll want to pull back on inventory purchases. Sales increases in a category can mean a new growth opportunity. Sales decreases need to be investigated to determine the reason for the loss.
What was my total gross profit last month? And was it designated by sales category?
You need to know: Gross profit shows the profit remaining from sales after subtracting the cost of the products or services you sold. Changes in gross profit show whether or not your pricing strategies are working. Cutting prices to increase sales can hurt you if it reduces your gross profit.
What is my gross profit per item?
You need to know: Pricing should be based on profit goals rather than simple conjecture. By raising the prices on some items and selling others near or below cost, you can change your inventory mix and increase gross profits. An increase of just 1% may add thousands of dollars to net profits. You can give sales incentives that will cause employees to sell the most profitable items instead of the easiest ones.
What were my expenses by category last month?
You need to know: Are payroll costs too high? What about other costs, such as insurance and utilities? In order to cut back on expenses, you must first know which costs are excessive. Also, recording your expenses each month ensures that you get the maximum tax deductions.
Who owes me money and how much?
You need to know: You can’t expect to get paid in full unless you tell customers exactly what they owe. An itemized, neatly printed, and up-to-date monthly statement tells customers that you expect to be paid on time and according to your payment terms.
Who’s behind in paying me and by how much?
You need to know: Customers who fall behind need to be contacted immediately and continuously so that it doesn’t become a habit. Also, before you approve a new order from a customer, you’ll want to know if that customer paid you on time for the last order.
How much inventory do I have: in total and by item?
You need to know: If you’re running low on an item, you can reorder in advance and never run out. Plus, you can avoid rush delivery charges. If you have too much of one item, or too much inventory in general, you can cut back on your inventory investment. Also, you can compare a physical count to the books and identify a shortage problem before it threatens to put you out of business.
To whom do I owe money and how much?
You need to know: Many vendors offer discounts for paying bills in less than 30 days, which can add up to big savings on an annual basis. Paying your bills on time will increase your chances of qualifying for business credit. Plus, you can plan for your cash requirements and reduce the need to borrow from a bank or your own funds.
What was my profit last month?
You need to know: A monthly profit figure gives you the financial bottom line, and lets you know where you’ve been and where you’re going. Plus, you can save thousands of dollars, on year-end tax return fees, and plan for taxes in advance.
How much do I OWN, and how much do I OWE?
You need to know: Keeping track of your current assets and liabilities allows you to plan for your cash needs, and helps you stay in compliance with loan agreements. Plus, you’ll be ready to respond to questions on demand from suppliers or potential customers.
Which of the following best describes Your Accounting System?
I do it myself
Your time is so much more valuable than that! You are the World’s #1 expert in running your business. While you are busy managing the books, your competitors are designing new products and services, preparing new advertising, collecting past-due accounts, and shopping for less expensive suppliers. These are essential to the growth of your business. Are you sure that your accounting system conforms to proper rules and procedures? Even more importantly, do you get all of the valuable information described here from your system?
I have an accountant
Does your accountant or bookkeeper provide you with all of the information described here? Does your accountant take the time to explain what the numbers mean, and how you can use them to manage your business more profitably? Do you feel you are getting the best possible value for the fees you are paying?
I don’t have a system
There isn’t a better time than right now to get started! Studies have shown that small businesses often fail because they don’t have a good accounting system in place. We will work with you to develop a system for your specific business that is so easy to use that you’ll be amazed. If you can drop a piece of paper into a file folder, you already have the necessary skills to use it! You can obtain all of the valuable information described here. Plus, you will understand what the numbers mean, and how you can use them to manage your business more profitably, and better control your future.
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