Norcross/Johns Creek/Roswell CPA Advises on Keeping Good Internal Controls for Metro Atlanta Taxpayers… The Accounting and Bookkeeping Series
Norcross/Johns Creek/Roswell CPA Advises on Keeping Good Financial Statements for Metro Atlanta Taxpayers… The Accounting and Bookkeeping Series
This is the second of a Series about how Atlanta Business Owners & Entrepreneurs can make sound Accounting & Bookkeeping Decisions to Both Track and Record their Business Assets, Liabilities, Income and Expenses. Below is a sample letter we might use to help get the data we need to help a business owner as they take steps to correct errors in their internal books and records. Having served as an Atlanta CPA for decades, I know firsthand that the beginning to properly running and managing an Atlanta Business is to have Adequate Bookkeeping & Financial Statements that reflect actual operating results.
All successful business owners either initially or over time become extremely proficient in their field of choice for it is by this growth of knowledge and wisdom which affords them the insight to make prudent decisions. Each and every hour of a business owner’s day, there are a series of insignificant and important thoughts and directions that directly impact the profitability of a business. Continually you are faced with making a positive impact towards bringing your business closer or further away from your goal. A company’s financial statement is the measuring stick by which you are able to gauge a company’s progress along the business continuum and are able to accurately measure the distance between where you are and where you want to be. Below is a sample note that might be sent to help a business owner properly evaluate and track their internal bookkeeping. Over the decades of being an Atlanta CPA, I have learned that running a business is hard enough, even while having proper books records and financial statements.
Below are Critiques to your Internal Books:
-On your 12-31-09 Balance Sheet, please correct the Retained Earnings account so it equals to the prior Corporate Income Tax Return as filed.
-Please confirm the cash balances listed agrees to your checkbook balance listed on your checking account and on the Balance Sheet.
-Please confirm that your Accounts Receivable balance listed agrees to your A/R aging detail
-Please confirm your Accrued Revenue account is correct.
-Please confirm your Accrued Payroll Tax Commission account is correct.
-Please confirm that your Accrual Accounts are correct.
-Please confirm your Customer Deposits Balance is correct.
-Please confirm that your Accounts Payable balance listed agrees to your A/P aging.
-Please confirm that the amount listed on credit cards agrees to the total of the detail of business charges owed at year-end.
-Please get to me copy of the company’s W-2’s issued and the W-3 so that we can ensure that the gross wages agree to the Profit & Loss.
-Please be reminded that companies that are an S Corporation for tax purposes are required when making Shareholder Distributions to do these in accordance with the percentage of ownership of the business. Please review the Shareholder Distributions to ensure compliance.
-Please be reminded that Business/Corporate Gifts by tax law are limited to $25 per recipient per year. Please advise of any amount over and above this threshold.
-Please ensure that all new fixed assets purchased in the period are added to the schedule. I did not see the items/cost being added to the Balance Sheet.
-The Depreciation Expense on the Profit & Loss looked high relative to the Fixed Asset schedule. Please review/correct.
If you have any questions along the way, please do not hesitate to call.
What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html
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!
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Sphere: Related ContentRelated posts:
- The Accounting and Bookkeeping Series…. Gwinnett/Atlanta CPA Advises on Keeping Good Internal Controls
- Award Winning Roswell/Sandy Springs CPA Advises on Accounting and Bookkeeping for Your Atlanta Business
- Duluth GA/Johns Creek/Suwanee CPA Advises Atlanta Business Owners/Entrepreneurs on Bookkeeping & Financial Statement Issues
- Atlanta Bookkeeping & Accounting Services
- Keeping the Simple Things Simple. Accounting Checklist to Ensure You Keep Adequate Books & Records
