Accounting News and Notes

Atlanta CPA on What Atlanta Taxpayers Need to Know Before Your Buy Tax Software …A Financial Survivability Series

Providing Atlanta With Bookkeeping, Accounting Needs & Financial Statements for Decades

The Financial Survivability Series is for taxpayers who are looking to “Get More” by seeking advice that is both salient, wisdom-filled and insightful. Today’s Series focuses on whether you should prepare your own tax return. I recommend that all business for profit owners seek out a business CPA who is well versed, experienced and informed in such matters.

Countdown of Top 10 Things Your Accounting & Tax Software Might Not Be Able to Do

10. Pass the CPA Exam.
9. Go to College.
8. Win An Award For Giving Back to the Community.
7. Discuss Incorporating in Georgia and Entity Selection Issues.
6. Assist You With Back Taxes, IRS Representation or an Offer in Compromise.
5.Get a Law Passed in Georgia Making it a Better Place For All to Live.
4. Rely on Decades of Work Experience to Ensure That You Pay Only Your Lowest Legal Possible Tax.
3. Help Provide You Retirement Planning Options For You and Your Business.
2. Serve as a Atlanta CPA Part-time CFO/Controller for  You and Your Business.
1. Ask You How You Feel.

If you have ever performed your own major surgery without being a duly licensed and trained doctor or if you have ever attempted to fly to the moon without being either a highly skilled pilot or astronaut then you might want to fly full steam ahead.

As a CPA I have learned and continue to learn that I do not know what I do not know and that buying technology to help me get there faster is akin to using speed dial to dial wrong numbers faster. Just as the tools of a skilled surgeon will not enable me the skills, knowledge, verve and wisdom of a Board Certified Physician, neither will a software program make you a skilled CPA.

CPA: Never Underestimate the Value

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) 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, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Award Winning Roswell/Sandy Springs CPA Advises  on Accounting and Bookkeeping for Your Atlanta Business 

This is the third 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.

To determine the future net worth of your business, a determined and insightful understanding of your Profit & Loss statement (P&L) is essential and critical. Though a balance sheet is a recap of what has happened to a business’s assets and liabilities to date, a P & L, if properly presented/managed/understood is a look into the company’s short as well as its long term viability. A businesses P & L essentially measures how well the business is utilizing company assets, personnel procedures and facilities in its effectiveness of serving customers while keeping a keen eye on profit maximization. By properly gathering and studying one’s operations and its corresponding P & L, one can learn much about a business which is useful for measuring rates of return, detecting both positive and negative trends, taking corrective action, and business valuation.

As with all ratios, care and attention should be given to evaluate them in light of company size, maturity, business climate and industry. Though there are many general rules of thumbs for a variety of different industries, there is no substitution for wise and judicious counsel of a wise and trusted business adviser/CPA. They will help evaluate these and many other nuances which make your particular circumstances, operating overhead and unique niche. 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.

If you might please print out and mail to me. 

2009 Standard Balance Sheet

2009 Standard Profit and Loss

2009 Trial Balance 

Please be reminded to ask your prior accountant to give us a copy of your detailed fixed asset schedule. 

Please forward to me a copy of your 2009 Corporate and Personal Income Tax Returns. 

Please forward to me a copy of your Journal Entries for both 2008 and 2009 being sure to list them on separate reports. 

Please forward to me a copy of your detailed general ledger by year for 2008 & 2009

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! 

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, and 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.   

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Atlanta CPA on Addressing Back Taxes & Submitting an Offer in Compromise & Form 433A to the IRS 

Below is a sample letter we might receive from a client who is considering the submission of an Offer in Compromise to address their Atlanta Back Taxes. Coordination of the filing of returns, being sure you are current on your present/this year’s tax filings and payments is an essential part of the Offer and has to be done prior to an Offer of Compromise being forwarded to the IRS, as tax law requires it. 

I’m sorry we’ve been out of touch.  I’m not sure what’s been going on with my bookkeeper but she sort of dropped off the face of the earth recently.  I’m struggling to get caught up to where she left off with accounts receivable (which I’m finding has had nothing done since early January) and the bookkeeping (best I can tell hasn’t been updated since last month).  I’m having to go back and figure out where she left off and get caught up.

I’ve attached Form 433-A.  There are some things that haven’t been completed yet.  Before I spend much more time completing items and copying dozens of statements, etc. for backup, I want you to glance at it and advise on if we should continue to move forward based on the information included.   

Below is my response: 

To adequately do and submit and Offer and that attendant forms, it is most critical first to complete your 2009 corporate and personal returns. Otherwise we run the risk/likelihood of doing them twice as the information has to be current. 

ASAP after we get the corporate returns done then I suggest we get together and go over the Offer process and consider and evaluate all forms and the submission of an OIC (Offer in Compromise).

To learn more about issues affecting your Business visit:

http://www.hiscpa.com/incorporating-nv.html Gwinnett CPA Advises Of Incorporation Pitfalls
http://www.hiscpa.com/incorporating.html Gwinnett Christian CPA Helps with Basics of Incorporation
http://www.hiscpa.com/business-tax-returns.html Duluth Christian CPA Helps Georgia Business’s with Corporate Income Taxes
http://www.hiscpa.com/depreciation-expense.html Atlanta Christian CPA Firm Helps Explain Depreciation Expense Deductions
http://www.hiscpa.com/tax-basis.html Atlanta Christian CPA Firm Advises on Selecting an Accounting Method
http://www.hiscpa.com/independent-contratctor.html Duluth Christian CPA Firm Helps in Determining Employee vs. Independent Contractor Status
http://www.hiscpa.com/employee-checklist.htm Gwinnett CPA Firm Advises on Hiring Employees – A Checklist for Small Businesses
http://www.hiscpa.com/payroll-tax.html Gwinnett Christian CPA Firm Advises on IRS & GA Unemployment Tax Issues
http://www.hiscpa.com/payroll.html Duluth CPA Advises on IRS & GA Payroll Reporting Guidelines  

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! 

His CPA PC: 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. 

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

The Accounting and Bookkeeping Series…. Gwinnett/Atlanta CPA Advises  on Keeping Good Internal Controls 

His CPA: Serving Norcross, Alpharetta, Roswell & Beyond 

This is the first 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. 

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

 To ensure your company is legitimate, make sure that you keep your personal expenses separate from your business expenses. Keep and maintain a clear delineation of your company from your personal affairs you should only pay business expenses out of your business/corporate account. Accordingly you will want to ensure that you only issue monies for your personal affairs out of your business and not out of your corporate account/monies. 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.

Predominantly one of the first issues if a legal challenge is faced will be for the judicial authorities to determine if you have indeed acted and behaved as a corporation would and should under the auspices of federal and state law. Corporations and other legally recognized entities have many legal laws as well as formalized business practices that they should follow. Many times when a small business owner begins their own venture they tend to let the area between personal and business become unduly blurred when there is confusion between what is a personal item versus what is business. Tax law generally requires that valid business expenditures are those which are necessary for the valid business affairs of a business and for the furtherance of its survivability and profitability.

Frequently the best to contemplate many of these questions in light of what you would do if a Fortune 1000 company employed you. It is prudent to ask yourself these questions in light of this environment then most of your decisions would gain clarity in this newfound light. If in working for a major company you were asked the questions below, what would be the anticipated/correct response:

• Does corporation have an annual Board of Directors/Shareholders Meeting?
• As  a corporate officer would I sign contracts in the corporate name while being sure to also list my title (i.e., President)?
• In incurring business expenses, such as mileage, personally would I turn in an expense report to get reimbursed?
• Is my business expected to only pay valid business expenses out of the corporate account?

Evaluate these you can see that the answer to all of these particular questions is yes. As a benchmark to help keep you on track, please be sure to always ask yourself what would be the norm/expected if you were acting in a fiduciary relationship for another and what would be acceptable. In fact, though you may be the sole owner of your business you are indeed acting in a fiduciary capacity for your business as a corporation has most all of the same legal rights and responsibilities as an individual in protecting its rights and the full rights and abilities of ownership of all types of property both real estate as well as intellectual property. Given the ability to contract, a corporation may perform and expect others to fulfill their duties as detailed in a formal contract or everyday business practices.

All business owners/entities are required to have a valid business license. Typically these are gained from the county in which you live, unless your office is within the city limits of a town/municipality. If so you will obtain your business license there. Also you will be expected to file annual tax returns, to pay a company’s annual registration with the state, file and pay payroll as well as sales tax filings and reports, and property tax payments and reports for corporate real estate and fixed assets. Thus, the services of a good CPA will bode you well as you strive to overcome the complexity of the varying tax laws and rules from the varying governmental agencies.

A computerized accounting package which has a balance sheet and profit and loss capability is a great start to being able to track your business transactions accurately and efficiently. Generally speaking for many small businesses QuickBooks is good system and often has much more capability than you will ever need. However this program is not a universal fit for everyone and you should take care to carefully evaluate your needs to ensure that you select a system which will work for you long term. Special consideration, for example, should be given if you need a POS/Point of Sale System, detailed inventory costing/tracking/and valuation, or if your business will require a multiple user system.

Being proficient at running your business does not make you one at the responsibility of accounting for your business. By applying our decades of experience we are well suited to guide you to track the financial and operational affairs of your business.

Below is a Sample Letter I might send to let a client know of the potential for error as a direct result of poor internal controls: 

This is to confirm that regarding your internal record keeping/check writing that:

-I suggest you have one person record all of the checks to help avoid theft, forgery of checks and insufficient funds.

-This will confirm that it is essential to trace your internal checkbook balance to help avoid theft, forgery of checks and insufficient funds.

-This will confirm that it is essential that you have only one person as the authorized check signor to help avoid theft, forgery of checks and insufficient funds.

This will confirm that it is essential that you both control your internal blank checks, write checks in order and to account for all checks to protect yourself to help avoid theft, forgery of checks and insufficient funds. 

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!” 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 CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ 

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, and 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.   

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Atlanta CPA on Addressing New Client Start-up Issues for Georgia Taxpayers 

When we get new clients, like a doctor we do diagnostics and evaluate the past medical/financial history of a client. The below is a sample letter of what we might send to a client to address open issues that are found: 

So that we might properly evaluate how best to address your 2009 corporate income tax return please let me know: 

-What your 12-31-09 unpaid payroll taxes are. The tax return showed $20,000.

-What the $10,000 negative Accrued Payroll account was for at 12-31-09. Accrued Payroll should show as a credit and this is showing as a debit. Please review/advise so that we might correct and amend this error.

-The 12-31-09 Balance Sheet shows a balance of $4,000 of loans to you. Please confirm/advise if correct.

-The above are the only loans reflected on the company’s books at 12-31-09 and you had indicated when we met that you had other loans outstanding at that time. Please review and let me know total of other loans payable by vendor (and if they financed a particular item).

-Please let me know what the amount of the outstanding stock is of the company and what you paid by share so that we might record accordingly.

 -Forward copies of your 2008 and 2009 Personal Income Tax Returns

-Find out what the offsetting entry was for the $25,000 listed as a negative liability on the 2009 corporate income tax return.

-You had indicated that you had been paid no Shareholder Distributions in 2009 yet your internal 6-30-10 financial shows $25,000 being paid this year.

-If your prior accountant is almost done with your internal data through 9-30-09, then I suggest you let them finish. If they cannot have within five workdays I suggest we do them.

-When I get the last financial done by your prior accountant please have them send to me open notes payable and amortization schedules and period end bank statements and bank reconciliation and a detailed fixed asset list detailing depreciation and accumulated depreciation by year. 

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Contact HIS CPA PC (A Christian Atlanta CPA Firm) today.

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, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

His CPA…A Faith Based CPA Firm

1. We believe our clients are much more than just customers.
2. Consistent application of both short and long-term business issues.
3. Advice on issues you did not even know you had/knew were important.
4. Responsiveness in our tax planning and consistently thinking ”outside the box.”
5. We serve you by letting the “Golden Rule” lead our actions, thoughts and deeds.
6. Fast efficient turnaround in your work/returns.
7. You deserve accurate information.
8. You want to know you are much more than just a client number and that you really matter.
9. Traditional business and moral principles are important.
10. You want to pay your lowest legal possible tax.

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html  There you will also discover a wide host of resources for American Entrepreneurs.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) 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, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Determining if You Truly Need an Audit for Your Company’s Internal Financials 

Yes you can get a CPA Audit done on your company. However an audit is approximately four to five times more expense than a compilation. Frequently a banker or outside investor can be satisfied without having to go through the full expense of an audit. Knowing when to use which and the nuances thereof will do much to help ensure that you do not incur unnecessary business expenditures.

There are three levels of attestation services a CPA may provide when evaluating your business’s internal financial statements.  An informed understanding of each of the three substantially varying levels of service an outside CPA may provide will assist you in knowing which is best suited to your particular needs.  Several examples of the varying degrees of need will be noted in each of the levels described. 

Seeking out the reporting standard that meets the needs of management, investors, bankers, owner, the SEC, and other regulatory governing agencies.  Although there is some discretion in the specific application of rules, guidelines, FASB’s (Financial Accounting Standards Board) pronouncement and other governing rulings, much of what a CPA is required to do for the varying levels of service are indeed mandated by the AICPA (American Institute of CPA’s). 

Standardization of procedures and reporting is largely intended to give the public at large standards by which CPA’s are to govern their personal as well as professional ethics and standards in both the completion of attestation services and their reporting.

Audits

Audit reports are the highest level of independent CPA services available.  As such, there are more FASB’s and SAS’s (Statements on Auditing Standards) written about audits than any of the other levels of service available.  Some of the procedures required by an outside CPA in an audit environment include confirmation of bank balances, review and verification of bank reconciliation, a search for deposits in transit, a search for any unrecorded outstanding checks, confirmation with the bank of any offsetting balance requirements, lines of credit, security, debt covenants and their compliance, verification of recording of checks, receipts and an assessment of internal control.  The successful completion will require verifying all substantive balance sheet and profit and loss items, obtaining a letter of representation from the client’s attorney, being present and performing substantive verification procedures of inventory, notes payable, Board of Directors minutes and much, much more.

The purpose of an audit is to independently verify by sight, confirmation, discussion with management, assessment of internal controls and analytical procedures, that a company’s financial reports are substantively correct.  Audited financial statements will also include a statement of changes in financial and detailed and referenced footnotes detailing the companies accounting methods, policies, and certain financial data.  Again, both the statement of cash flows and the attached footnotes and the procedures and reporting thereon are governed by the AICPA, SAS’s, and other governing and regulatory agencies.

Audits, by nature of the work performed, as well as the reporting standards required, are substantially more expensive than any of the other levels of service available.  Publicly traded/SEC companies are examples of companies required to have an annual audit.  It would be prudent also to consider having an annual audit performed when someone other than the owner performs key areas of control and exposure.

Reviews

A review consist predominantly of an assessment of the company’s books and records by the performance of analytical tests, certain analytical procedures (such as the comparison to prior books and records), and calculation of certain financial tests and ratios.  There procedures, by their very nature are intended to give reasonable assurance to an outside reviewer, rather than the detailed verification and reporting requirements required by an audit.  Reviews are frequently requested by banks or insurance companies issuing performance bonds who want a higher degree of service/verification than a compilation, which is discussed next, but not the full extent and cost of an audit. Reviews typically also include a statement of changes in financial position as well as detailed footnotes.

Compilations

A Compilation is the lowest level of attestation services a CPA may provide. Essentially, a compilation is when a CPA simply compiles the books and records of a client without the performance of any substantive procedures, independent verification or confirmation of any of a clients balance.  Thus, a compilation is solely the representation of a company’s management as no verification or procedures of account balances on the balance sheet or the profit and loss statement are required.  Also, management has the option to also exclude from compiled statements the statement of changes in financial positions and all related footnotes.

At HIS CPA, P.C. we strive to be an integral part of your management team.  By keeping you better informed of your options and tax laws that affect you and your business, we remain poised to assist you as you work to successfully manage your business. Having served as a CPA in Atlanta for decades I have learned that collecting all of the information available is essential to prudent decision making. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or all John Dillard CPA today at 770.814.9304 Serving Metro Atlanta for over thirty years.

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder and Woodstock 

Choosing an Accounting Software…Making the Right Choice for your Atlanta Business

Award Winning CPA Serving Roswell, Alpharetta, Sandy Springs & Beyond

Recently I received the below question on my web-site asking “My dad wants to start a small business. What accounting/bookkeeping software would be appropriate?”

As a general rule I would suggest QuickBooks HOWEVER that is akin to diagnosing a patient without seeing them. Please feel free to give me a call and we can give you a more directive response as you may have very particular needs that need to be addressed in making an informed decision such as:

-Processing of Payroll

-Departmental Reporting

-Point of Sale Systems

-Cost of Goods Sales Analysis

-Job Costing

-Management Reporting

Though choosing an accounting package is a important decision, it is frequently less important than:

-Choosing to have an outside payroll service handle all of your payroll processing and reporting needs.

-Choosing the right entity for your business. Frequently business owners will select to be either an LLC or an C Corporation, when an S Corporation might be able to provide an overall lesser tax.

-Setting up a qualified (tax deductible) retirement account for long range and quality of life issues.

Seeking advice for all important business decisions is essential especially as you are rapidly growing or in the start-up phase of your business.

To read more about John Dillard CPA and his CPA practice, business consulting and IRS representation visit http://www.hiscpa.com/ (All Rights Reserved)

To read about his books A Voice of One, Overcoming Life’s 9/11’s and Charleston Dawn and his speaking ministry visit http://www.john-dillard.com/

Helping Clients with Corporate & Personal Income Taxes, Incorporation Advice, Tax Planning, Virtual CFO, Financing, Business Plans, Back Taxes, Offer in Compromise, Tax Advocacy, Business Acquisitions & Sales, Business Plans, and IRS Representation.

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond

What Clients of John Dillard CPA Have to Say…Helping Atlanta Business Owners Obtain Financing

CPA – “Never Underestimate the Value”

Helping Atlanta Business Owners Obtain Financing. We have helped Atlanta Business Owners Obtain Financing for:

-Business Acquisitions/Sales.

-Business Lines of Credit.

-Home Equity Lines.

-Factoring.

-Obtaining of Financing Proposals.

-Negotiation of Bank Loans, Terms, Payoffs, Amortization, Calls & Covenants.

Obtaining financing is both an art and a science. Part of the process requires good record keeping, good tax advice, the right entity set-up, proper tax returns, good internal controls and much, much more. No lender wants to be subject to the whims of an business owner who is not taking care of the basics and his own shop. Care should be exercised in all levels of business management to be sure sound and proper business decisions are being reached on a daily basis along with ensuring that job costing is done on each and every invoice and that profit margins are being obtained and achieved.

Care should be further exercised that you have a good standing with your customers, the business community, employees and are a contributing member to both the social and moral fabric of your community. No banker or lender will desire to lend to someone who is not presently paying their current obligations or who are not aware of the many business and economic issues facing their company.

We are much more than a CPA firm. For a CPA who We strive to do much more than just prepare your taxes. We look to understand your business from the bottom up, by looking at all facets of your business. We come alongside you in your endeavors to succeed as an entrepreneur. Though we do not expect it, some of our clients have invited us to treasured and special family events. However our long-term goal is that you life, your business and your retirement are all better off as a result of our business relationship.

At His CPA we work to retain the best CPA’s on our staff and whose desire is to serve the Lord, by serving You, our client. Our motto of “Serving Him…by Serving You, One Tax Return at a Time” is not just a watchword but a legacy. Serving clients by the “Golden Rule” is where the “rubber meets the road.” This is just part of a series of letters where we highlight just a few of the recommendations and client letters we have received. Call us today and put our staff to work for you making sure you pay your lowest legal tax, avoid unnecessary penalties and long range planning. We look to provide CPA and Tax Return Advice you can trust. Put an award winning CPA to work for you today as past winner of the Georgia Accounting Advocate of the Year Award.

Media Magic, Inc.

4536 Barclay Drive

Atlanta, GA  30338

December 11, 1995

Dear John,

Thank you for the financial consulting that you have provided my company.  Your initial suggestions and help in obtaining a line of credit for the company will make the balancing act with cash flow much easier.  I would also like to thank you for your suggestion and referral to a paycheck company to help us off-load some of the routine business matters that takes time better spent elsewhere.

Your financial consulting was very helpful and is appreciated.

Sincerely,

Scott J. Wilson, Ph.D.

President

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta  CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!”

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

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 and Bookkeeping.

Helping Atlanta Business Owners Obtain Financing as Their CPA for Decades

CPA – “Never Underestimate the Value”

Helping Business Owners Obtain Financing is an integral component of good financial advising. Working with a CPA who has the wisdom and insight to knowing what is in your best interests when looking to obtain financing. A good CPA/financial adviser will not necessarily help you obtain your dreams, but will do much to steer you towards financial options and considerations that will be best for you and your business

 Having served Atlanta business owners as a CPA and helping them obtain financing for some thirty years we have seen some trends in the financial community come and go along with good times and in bad. However there are tried and true business issues that never go out of style. First and foremost, do not get a loan you cannot afford to pay back. Loans, should only be for a limited purpose and time frame and should not be a lifestyle or consistent financial means of running your business. Whether you need financing for business Acquisitions/Sales, Business Lines of Credit, Home Equity Lines, Factoring, Obtaining of Financing Proposals or need help you Negotiation of Bank Loans, Terms, Payoffs, Amortization, Calls & Covenants, your CPA should be your first call to ensure wise financing decisions.

Obtaining financing is both an art and a science. Part of the process requires good record keeping, good tax advice, the right entity set-up, proper tax returns, good internal controls and much, much more. No lender wants to be subject to the whims of an business owner who is not taking care of the basics and his own shop. Care should be exercised in all levels of business management to be sure sound and proper business decisions are being reached on a daily basis along with ensuring that job costing is done on each and every invoice and that profit margins are being obtained and achieved.

Care should be further exercised that you have a good standing with your customers, the business community, employees and are a contributing member to both the social and moral fabric of your community. No banker or lender will desire to lend to someone who is not presently paying their current obligations or who are not aware of the many business and economic issues facing their company.

Work with a CPA who first looks to understand your business from the bottom up, by looking at all facets of your business. A prudent CPA should alongside you in your endeavors to succeed as an entrepreneur. A good CPA’s  long-term goal is that you life, your business and your retirement are all better off as a result of their business relationship with your company..

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta  CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!”

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

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 Acquisition/Sales and Bookkeeping.