Accountant, CPA, Small Business, Uncategorized
Do you need help preparing your taxes? Do you want to plan for retirement, but aren’t quite sure where to start? A personal CPA can help you with these tasks and many more related to your personal finances—find out all you need to know in this month’s post.
What is a CPA (Certified Public Accountant)?
All CPAs are accountants—but not all accountants are CPAs (AICPA). To earn CPA licensure, a certified public accountant must complete a high level of accounting education, gain experience in public accounting, and pass their state-regulated Uniform CPA exam. Once an accountant has met these stringent requirements, he or she can practice accounting for all sorts of clients including non-profits, government agencies, privately owned companies and individuals. (more…)
Accountant, Taxes, Uncategorized
Earlier this year, Entrepreneur Magazine composed this article discussing the task small business owners loathe the most. TD Bank released the results of survey in which 508 small business owners revealed what they loved – and hated – about owning and running their own businesses. The best part was, overwhelmingly, flexibility and control. The most underwhelming part? Bookkeeping. A whopping 58 percent of those surveyed called bookkeeping “particularly draining.” This sentiment is not new. In fact, some people find it so draining they just don’t even do it.
For business owners, bookkeeping can be tedious, difficult, and just frustrating in general. While the correct course of action would be to hire a trained, qualified, and passionate accountant to handle the numbers, not every person has reached this conclusion. Every year the news networks have stories about various incidents of tax evasion. Realizing the actual repercussions of inaccurate bookkeeping is difficult to comprehend until it actually happens to you. Since this is one experience you will want to avoid, here’s are just a few of the most infamous tax evasion cases and consequences.
(more…)
Accountant, Accounting, Bookkeeping, Business Expenses, CPA, Deductions, expenses, Small Business, Taxes, Uncategorized
Cost accounting is a technique used to determine the best financial course of action. The primary purpose of cost accounting is to help decision-makers make decisions. By analyzing the cost of products, services, and projects, accountants can advise businesses of the best course of action regarding a particular transaction. To put it more simply, you calculate the elements of cost for product process (raw materials, labor, and expenses/overhead), compare that cost with the product price, determine the business’s revenue, and decide if and where savings are needed.
Cost accounting doesn’t have a singular approach. Cost accounting methods include: (more…)
