John Dillard CPA: Addressing Bookkeeping, Accounting & Financial Statement Issues for Atlanta Business Owners for Decades Alpharetta/Grayson
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John Dillard CPA: Addressing Bookkeeping, Accounting & Financial Statement Issues for Atlanta Business Owners for Decades
Well too frequently I see business owners fail to procure insight in the beginning phase of their business causing undue starts and stops, fines and penalties, poor financial reporting and failure to properly price, value and deliver goods and services to clients. Below is a sample letter I might send to assist a client with the initial setting up and recording of their internal bookkeeping to ensure prompt and correct internal financial reporting:
I got your internal data for your financial and I had the below thoughts/questions.
-I would put all of the income into one account called sales. At present you have five.
-I set up a chart of accounts that has the below accounts.
Office Supplies (I would put into this account all of the items you presently have in expenses)
Telephone & Utilities
Rent/Lease
Salaries
Salaries – Owner
Salaries – Payroll Taxes
Meals & Entertainment
Insurance – General
Insurance – Medical
I would close the Opening Balance Equity account and Retained Earnings (if these are the dollars you originally loaned the business) into a Current Liability account called Due to Shareholder.
I would set up the below accounts in the Equity Section:
-Common Stock
-Shareholder Distributions
When you forward your financial, please send only the Standard Balance Sheet & Standard Profit and Loss.
Does your bank balance listed agree to what the bank balance should be.
After you make all of the above changes I would change the status of the below accounts to inactive:
-All of the Expense accounts you are presently using.
-Opening Balance Equity
If you are using the Journal Entry Module as we discussed there should be no dollars in Undeposited Funds. To learn more about what you can do to improve you business and management skills visit the below articles for additional insight and clarification.
http://www.hiscpa.com/budgeting.html Georgia CPA Helps Reduce Unnecessary Spending: Budgeting 101
http://www.hiscpa.com/article1.html Atlanta CPA Illustrates Difference Between Planning & Historical Accounting
http://www.hiscpa.com/article3.html Gwinnett/Duluth CPA Teaches Personnel Keys to Managing Business Growth
http://www.hiscpa.com/article6.html Georgia CPA Teaches the Tax Effects of Entity Choice
http://www.hiscpa.com/marketing-efforts.html Tracking Marketing Statistics for Your Georgia Business
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ http://www.john-dillard.com/ Contact John Dillard CPA (An Atlanta Christian/Speaker & Author) to retain him to speak to your business group or church congregation.
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.
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