Accounting News and Notes

Duluth CPA: Getting Your Bookkeeping Correct Pays Dividends for Gwinnett Business Owners

For a new business or any who are going to have short or long term financing needs, it is critical for an entrepreneur to consistently stay in touch with their company’s internal financial statements.  An owner needs to stay in touch with their CPA first and then develop a relationship and to adequately understand all of the many nuances of bookkeeping and the preparation of financial statements.  This is critical to a business owner’s success.  Many times I have personally witnessed a business owner rushing into a bank’s office seeking cash to cover the next day’s or week’s payroll, because of their failure to contemplate the longer term implications of their financial decisions.  Although this is an extremely valid need, as all would agree, the act of responding on an ad-hoc or emergency basis sends a negative message to all concerned. 

Upcoming cash needs should not be a surprise as the key managers and owners should be well versed in upcoming cash needs.  The best way to avoid this is to start with the building blocks of prudent bookkeeping and preparation of reliable internal financial statements. When you are meeting the needs of a rapidly growing company, you are often faced with the cash needs to finance new receivables, an expanding inventory and the increased needs of personnel cost all concurrently.  Thus, it is critical to constantly stay abreast of current financial operations and their intersection of financing needs and specifically how they impact the company’s cash balances. To this end I might send the below as a sample critique to a company who needs to address several issues in the preparation of their financial statements:

In critiquing your internal financial statements I noted: 

One of your back accounts is reconciled as a negative balance. Please review this ASAP to ensure that no overdrafts occur. 

It appears as if you have capitalized several items in the fixed asset accounts that are below $1,000 each. I suggest that all items below this threshold should be expensed. You had one item over $1,000 in the fixed asset accounts. Please advise as to what this is so that I might track accordingly or that you might expense as needed. 

I suggest you re-class all of the monies in your smaller miscellaneous accounts to Office Supplies and then to mark these accounts as Inactive so that no further postings to this account can be done. 

Please review the charges to the Legal & Professional fees account and advise as to what they are and consider a re-class as needed.

Please get a statement from the bank confirming the Note Payable balance as of month end to ensure that the balance listed is correct and then to do a detailed transaction search for the year on the account to ensure correct, based upon items paid/incurred. 

Please record $1,000 of Depreciation Expense for the Month and for when you do future months. 

Please review your bank account as you had several checks dated 7-1-10 to ensure that these are still valid open  and outstanding checks. Also please review the deposits to ensure that they were all correctly classified as income and were not loans to the business. 

For the credit card charges in Office Supplies. Please re-class these items to the correct accounts and please charge future credit card charges accordingly to the correct categories. 

Please do not hesitate to call should you need any help in addressing any of the above issues.  

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

 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/    (All Rights Reserved) To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304. To discover John Dillard’s Published Books and their vision visit  http://www.john-dillard.com/

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

Christian Speaker John Dillard CPA Nominated for Second Straight Year for the GAYA (Georgia Author of the Year Award) 

Atlanta CPA latest book, A Voice of One: Nehemiah’s Prayer nominated for The 46th/2010 Georgia Author of the Year Award  

CPA and Christian Speaker/Author John Dillard, CPA has done it again! A Voice of One: Nehemiah’s Prayer is the Second of the Inspiration Series has just been nominated for the GAYA Author of the Year Award for 2010. The first of the Inspiration Series, Overcoming Life’s 9/11’s: Job’s Journey was recently nominated for the 2009 GAYA/Georgia Author of the Year Award. Enlightening the Old Testament. the Inspiration Series for those who are seeking to be more like Christ.

A Voice of One: Nehemiah’s Prayer is what God has to say about leadership. Humble servant-hood, an open heart, a willing body, an over-comer are all tenants of a someone to whom God can and will do great things through. Unlock the truth of the Bible, putting them to work in your life seeking to be all that God would have you be, while learning how to be the hands and feet of Jesus.

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

What would happen if all Believers lived their lives unafraid and willing to do God’s bidding when prompted. Freed from the chains that bound them, we would be free to do the bidding of Jesus Christ. Nehemiah’s story is about how one man, a layman, listened to God and did what all thought impossible. Nehemiah, sought the favor of a king, who provided the needed resources he needed to accomplish his task of rebuilding Jerusalem’s broken down walls in just 52 days, A Voice of One: Nehemiah’s Prayer will lead you and your Christian walk guiding you to higher heights still. This is a must read for Believers who are seeking to fulfill their God given destiny and want to live in accordance with God’s will.

John Dillard is a Christian Keynote 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/  (A Duluth GA 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 

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/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304. “Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God 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.

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 Duluth/Gwinnett/Alpharetta CPA on Raising Funding for Navajo Family Missions 

Taking Christianity Into the World 

A lot of GREAT fundraising ideas are going around and I look forward to seeing how these work out for everyone.  Get those going ASAP and let’s see what we can do.  So much of it is about team building and raising awareness within our own communities about our mission trip and the Navajo Indians.

We had a meeting last week for all the new team members and for the people that did come, we had a great opportunity to sit and talk, answer questions, share ideas, fears, and concerns, and get to know each other better.  It was a great night.  One of the things that came out of the meeting is a fundraising idea. We have had a wonderful donation come forward…or I should say, two wonderful angels have come forward and here is part of the e-mail that I received:  “We were so impressed with what some of the families and kids are doing to match whatever the team raises towards dollar for dollar ….”  We are truly, truly blessed to have those angels that help light the path for others!!

We are only two months away from our big trip and I hope you are busy planning, but more importantly, I hope you are getting excited!!!  Please know that we are always here for you if you have anything you need to talk about.

God Bless! In the Matchless Name of Christ,

I am excited to see what God will do to and through us in the desert of New Mexico.

To get a feel for our work on the Mission Field in Pueblo Pintado NM might I invite you to watch our video at http://bit.ly/QS0V9 If you listen and watch with an open heart, it will change your world. To gain a glimpse of our vision visit or if your church wants to get involved with our work visit   http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/

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/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304.

“Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

Award Winning Johns Creek/Duluth Christian CPA on Navajo Family Missions 

Taking Christianity Into the World 

This Year’s Group Size to Serve God in the desert of New Mexico presents several challenges as well as/woman power to accomplish things we have never done before. I invite the Holy Spirit to speak to each of you and to lead you to Divine Inspiration. 

I invite you to have a few moments over the next few weeks to be still, put on your thinking cap and to see what God might offer for us to better connect with those we serve and find creative/unique ways to present God’s word in new and unique ways. 

This year I am seeking you to each to take with you a verse of the day that you both meditate on each day and to share with your group and to those that we serve to encourage those around you. 

For all groups including the construction and service projects I ask that you do the same and to start off each day at the job site, with a five to ten minute devotion and that you find encouraging ways to remind all who are working with you during the day. For with a group of our size, much of our team building with need to come from the small groups that we ALL will be broken into as we serve. 

Ephesians 5:1 Be imitators of God, therefore, as dearly loved children

Though we are to be the very hands and feet of Jesus Christ as we ready ourselves and those we serve with to be His bidding. We are to be living examples of our love as we seek to Honor God by our actions, attitudes and obedience. You have all proved to be imitators of Christ and to belong to the God to whom we all serve. 

Proverbs 11:30  The fruit of the righteous is a tree of life, and he who wins souls is wise.

There will be times both to those we serve with and to those we serve that you and you alone will be the one that can speak truth into a lost world. I ask that you pray to be ready with encouragement, support and the very word of God, while being able to quote your favorite verse. 

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

God came to serve the world and to lay down his life for those of others. As you do so please be reminded of the Apostle Paul in Philippians 2:3  where he says “Do nothing out of selfish ambition or vain conceit, but in humility consider others better than yourselves.” 

I believe we are destined to see great things on the reservation but it is only in our readiness that God can best use our hearts and minds.

I am excited to see what God will do to and through us in the desert of New Mexico.

To get a feel for our work on the Mission Field in Pueblo Pintado NM might I invite you to watch our video at http://bit.ly/QS0V9 If you listen and watch with an open heart, it will change your world. To gain a glimpse of our vision visit or if your church wants to get involved with our work visit   http://www.hiscpa.com/blog/2009/07/30/casting-a-vision-navajo-family-missions-taking-christianity-into-the-world/

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/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304.

Atlanta/Gwinnett/Alpharetta CPA Challenges Believers to Provide Excellence in Service 

Selecting a CPA professional is a daunting task. This guide will enable you to be better able to select a professional whose talent, expertise, and style will best assist you long-term. Therefore we seek to make the process is as easy as possible while offering the highest level of service. As a Body of Believers we are all called to seek to serve and honor the needs and desires of others. In this “Me First” society, Christians now more than perhaps ever before are well positioned to bring hope into a lost world. Below is a sample response we might receive when responding to an initial inquiry for whether we are serving someone for the first or the last time, We are called to a higher standard. This is a “Dear John” letter that I enjoy getting: 

Dear John,
I want to personally thank you for calling and talking to me yesterday. I would like to schedule an appointment with you to go over your services again and hopefully working with you. The information you gave me regarding converting my LLC to an S Corp for tax purposes sounds good and more beneficial to me. If that date is good for you, then we can meet up sometime that morning. Should I wait to get my business license and business account until then? Again thank you and I hope to talk with you again. 

Below is my response: 

I have you confirmed for our meeting. Yes it is fine to go ahead and open your corporate account, get your EIN and your business license. FYI, our address is below and I also have directions on the contact page of my web site. I look forward to our meeting. 

To learn more about how to find a CPA in Atlanta visit http://www.hiscpa.com/article8.html

Colossians 3:23 Whatever you do, work at it with all your heart, as working for the Lord, not for men.

Serving Metro Atlanta as an Award Winning CPA for Decades

http://www.hiscpa.com/article3.html Gwinnett/Duluth CPA Teaches Personnel Keys to Managing Business Growth
http://www.hiscpa.com/article6.html Alpharetta/Roswell CPA Teaches the Tax Effects of Entity Choice
http://www.hiscpa.com/marketing-efforts.html Norcross/Sandy Springs CPA on Tracking Marketing Statistics for Your Georgia Business 

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use. 

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/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 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! 

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.

Award Winning Duluth/Lawrenceville/Norcross CPA Provides Bookkeeping Advice to Metro Atlanta Business Owners

Below is a sample inquiry we might receive from a taxpayer who is looking for financial guidance and support:

Would like to discuss your assistance with monthly bookkeeping as well as helping us stay on schedule when taxes are due, to whom, how much this time, etc.   We’ve been having trouble keeping up with all of this and it seems as soon as we have something figured out they change it and we owe more frequently or something along those lines, which causes us to incur penalties if we don’t catch or understand the notice. 

We use QuickBooks Premier, and our current accountant does not.  They’ve been taking our info and putting it into their books, then sending us a report. They have not been willing to help us keep our QuickBooks system current, so it is definitely out of date (balances on some accounts are wrong, etc, as they have not been reconciled monthly).  I’d REALLY like to have our books (in our own QuickBooks) current and I feel it would make the system more useful to us and make me feel more like I have a better understanding of what’s going on around here . In Him!

Below is my response:

Using 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. However for all of our clients we suggest that:

-We both work together to ensure that your books and records reflect all of the ongoing business results and operations and that all adjustments are properly reflected and recorded on your internal books and records.

-I recommend that all business owners utilize the services of payroll service as the administrative duties and responsibilities to successfully process payroll to be burdensome. For decades I have known this to be a prudent and wise choice for Atlanta taxpayers.

Being an expert 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 

Utilizing a payroll service will do much to make this administratively burdensome process more seamless than if you strive to go it on your own. To learn more visit http://www.hiscpa.com/payroll.html

Knowing what is a legal tax deduction and the documentation thereof is essential to sound business management. To see  how you can be ready http://www.hiscpa.com/business-expenses.html

Ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees, visit  http://www.hiscpa.com/independent-contratctor.html

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

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html  

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.

Atlanta/Johns Creek/Hall Award Winning CPA on Tips to Preparing Your Business Books & Records

Accounting for Beginners: Bookkeeping 101

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

This is the Latest of A Financial Survivability Series of how you can look to the future by analyzing the present to help plan both short and long term for the future. Business Owners throughout Metro Atlanta will continue to be challenged as the U.S. economy strives to unlock itself from the economic frailties which still hold it down. Struggling with a Weakening Dollar, a High Jobless Rate, Limited Demand and Purchasing Power still have to overcome to get our economic steam engine back on track. 

First and foremost in keeping your company legitimate is to make sure that you keep your personal expenses separate from your business expenses. To 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.

Secondly it is prudent to have a sound basis and understanding of what is, and what is not tax deductible and how to properly record and account for your business expenses and revenue. Below is sample letter of one that might be used to give a client insight and guidance on their tax and bookkeeping issues. For convenience I have recapped my answers to the inquires in all capital letters: 

Hi John,

I hope you and your family is having a great Christmas season. I am still working on the statements.  Most of the work I have to do relates to figuring out the charges on my credit cards.  98% of the time my business card was only used for business expenses but I have had to go back through them to try and figure out the category of the expense.  To make matters worse, I have transferred balances and opened new accounts and so forth so I have had to chase down the original transactions.  Here are some questions I had. 

1)  Categories.  I guess this is also referred to as my chart of accounts.  I know you want me to put a lot of things in Office Supplies but I wanted to check on these because I wasn’t sure if Office Supplies is where you wanted them.  

a)  Client gifts:  Christmas gifts or just sometimes purchasing them a piece of equipment or something.  I also remember something about $25 being the maximum per client each year so if this is true where should the rest of it go?  $25 IS THE LIMIT AND THE EXCESS WILL GO TO SHAREHOLDER DISTRIBUTIONS

b)  Referral fee:  If a client refers another person I write them a check for between $50 and $100.  ADVERTISING

c)  Internet education subscriptions:  I pay a monthly fee to access articles and forums relating to fitness.  I am a member of 2 of these sites which charge around $10 per month.  TELEPHONE & UTILITIES

d)  Water Delivery:  I have bottled water for my clients to drink. TELEPHONE & UTILITIES

e)  National Memberships:  I have 2 certifications that I maintain annually for about $100 to $200 per certification.  OFFICE SUPPLIES 

2)  What if I charged my credit card for some gas and then paid that credit card out of my business account but the gas was not a business expense? IF YOU PAID THE CREDIT CARD PERSONALLY THEN YOU WOULD JUST NOT LIST IT AS YOU ARE RECORDING BUSINESS EXPENES NOT YET REIMBURSED. 

IF YOU PAID THESE DIRECTLY OUT OF THE BUSINESS AND WAS FOR GAS, AS YOU WILL BE DEDUCTING MILEAGE, YOU SHOULD CODE THESE TO SHAREHOLDER DISTRIBUTIONS. 

IN THE FUTURE I WOULD SUGGEST PAYING ALL CAR EXPESES PERSONALLY AND THEN TURNING IN A MONTHLY EXPENSE REPORT TO GET REIMBURSED FOR ANY BUSINESS EXPENSES PAID PERSONALLY 

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  

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.

Award Winning/Honors Graduate Atlanta CPA Serving Norcross and Alpharetta for Decades 

Are you Looking for a Good Christian CPA and Accountant in Metro Atlanta? 

Below is a sample inquiry we might receive off of our web-site. We seek to always remember that you are the client and that you deserve and are entitled to accurate, efficient and highly professional and qualified CPA and tax services. 

Hi, I found your website when I goggled “Christian accountant Georgia” and was very impressed with everything I read. We are in need of a CPA/advisor, etc. for our business and personally. We have lots of different things going on that we need advice on and also someone to do corporate and personal tax returns. It has been my desire to find a personable accountant who will answer questions and help in our tax matters. After finding your website I feel you might be who we’ve been looking for. Please let me know if we/I could come in and talk with someone. 

http://www.hiscpa.com/promissory-notes.html Gwinnett CPA Helps Georgia Business Owners with Drafting of Promissory Notes
http://www.hiscpa.com/business-checklist.html Business Checklist for Atlanta Business Owners
http://www.hiscpa.com/adding-partner.html Expanding Your Georgia Business by Adding a Partner
http://www.hiscpa.com/article4.html Georgia CPA Teaches Businesses Techniques for Survival
http://www.hiscpa.com/internal-controls.html Christian CPA Helps Business Owners Develop Good Internal Control
http://www.hiscpa.com/forensic-accounting.html Your Georgia Business and Forensic Accounting
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 

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use. 

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.

Gwinnett CPA Firm on  a Single Man Duluth GA CPA Firm We Have Advantages that Others Cannot Compete With: 

-When you call in you will always get the lead CPA.

-Your account will not get reassigned to those less skilled than the lead partner.

-The CPA you hire, will be the CPA who does your work, and not a “gunny” in the back

room. You will always work with the lead “dog” and not the one back in the “pack.”

-You will not have to “re-train” a new CPA for your account every other year or sooner.

-Your work will be done by people at the top/an award winning CPA/who graduated with Honors/who strives for excellence in all things.

-Years/Decades of consistent and superior service and a CPA who lives by the “Golden Rule” of serving others.

-You get a CPA whose faith intersects with the workplace, as we Take Christianity Into the World

Utilizing a payroll service will do much to make this administratively burdensome process more seamless than if you strive to go it on your own. To learn more visit http://www.hiscpa.com/payroll.html

Knowing what is a legal tax deduction and the documentation thereof is essential to sound business management. To see  how you can be ready http://www.hiscpa.com/business-expenses.html

Ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees, visit  http://www.hiscpa.com/independent-contratctor.html

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

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html

 Provided by 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!