Accounting News and Notes

His CPA PC…A Different Kind of CPA Firm 

News You Can Use From a Christian Accountant 

Frequently we receive responses off of our web site that are much encouraging. The below is a sample of such: 

Hello, Firstly let me say how wonderful I was to come across your website. I never thought or would have thought it possible for this CPA firm to exist as I myself am a Christian Accountant..but your firm is a true testament that there’s nothing God can’t do…To God be the glory!!  

The below is my response: 

Telling the Good News of Jesus Christ…Taking Christianity Into the World

Over six years ago we established a different kind of CPA firm — one that would bring the principles of Jesus Christ to the practice of Accounting. Being a Christian accountant who believes in Christ’s principles allows us to tap into the power of God in our daily and work lives as we assist entrepreneurs with their business accounting, personal financial planning, and tax preparation needs.

Here is John Dillard’s testimony on how he was led to create a Christian CPA practice to serve Atlanta and America as  CPA:

Having managed my own successful CPA practice in Metro Atlanta for over twenty years, I continued to feel God’s calling on my heart and his desire for me to be more about Him. I had always felt it was my mission to witness to those I came in contact with in both my business and social contacts, but God continued to lay it on my heart that He wanted much more.

Although I was willing to share my Christian faith with people to whom I came in contact with, God was calling and he wanted me to be much more overt, but loving, to share the love of God. Having practiced the Golden Rule in my CPA firm for years, God was calling to be the true center of my life and not just a major player.

With my new bride that I had met some few years ago, we set out on a journey that has led us on mission trips, publishing books, changing Georgia law, and starting a new accounting firm, His CPA, P.C.

Although we wanted to start the company at the beginning of the year God made it necessary to start the firm immediately as He wanted it done then and not later. To this end we have been faithful and continue to spread the Good News of our faith and Christianity to anyone who would like to hear.

Our faith and our lives intersect. Though we still have much to learn to grow to be like Him, we have studied his word and continue to work in Bible studies to share his love with others. My CPA firm is committed to the One who made me and we act on this daily by “Serving HIM by serving You…one tax return at a time”.

Gwinnett CPA Teaches Utilization of Promissory Notes to Protect Your Georgia Based Business

Recently I received the below inquiry seeking advice on setting up a Promissory Note:

Is there a “normal or required” period that a Loan To Shareholder needs to be repaid?

The below is my response:

The “normal amount” would be what a bank would routinely do as a practical matter of doing business. With all loans you will want to ensure that you have a promissory note signed by all parties confirming the terms and conditions. Frequently businesses and individuals alike may extend, grant or receive credit in the furtherance of their business and personal interests.  A basic understanding of promissory notes and their use and application are critical to protecting company assets, cash flow issues, as well as profit maximization.  These initial parameters of review prior to signing a promissory note will be essential to their final agreement.  These issues will be key to helping ensure the business deal you get is actually the one intended. To read more about Promissory Notes visit http://www.hiscpa.com/promissory-notes.html

Also you can see what a Sample Promissory Note might look like:

SAMPLE PROMISSORY NOTE

FOR VALUE RECEIVED, [borrower] promises to pay to the order of [lender] the principal sum of [loan amount] in legal tender of the United States, with interest thereon from [loan date] at the rate of seven (7%) percent per annum, on the unpaid balance until paid.  Principal and interest shall be payable at the office of the note holder, [office location], or at such other place as the holder hereof may designate in writing according to the following terms:

1. The payments will be [monthly payment amount] and due on the first day of each month beginning [date] and ending on the first day of [month and year].
2. A current Financial Statement will be submitted by [date]
3. The following assets will be assessed as collateral until the entire debt is retired:

   [list of assets]

Should any installment not be paid when due, or should the maker fail to comply with any of the terms or requirements, the entire unpaid principal sum evidenced by this Note, with all accrued interest, shall, at the option of the holder, and without notice to the undersigned, become due and may be collected forthwith or any and all collateral sold by most expedient means, time being of essence of this contract.  It is further agreed that failure of the holder to exercise this right of accelerating the maturity of the debt, or indulgence granted from time to time, shall in no event be considered as a waiver of such right of acceleration or stop the holder from exercising such right.

Installments not paid when due shall bear interest at the rate of seven (7%) percent, per month, from maturity.  Should this Note, or any part of the indebtedness, evidenced hereby, be collected by law or through an Attorney at Law, the holder shall be entitled to collect Attorneys’ fees in an amount equal to fifteen (15%) percent of the principal and interests, and all costs of collection.

Undersigned guarantor, endorser or other party, waives demand, protest, notice of demand, protests and non-payment.

Privilege is reserved by the maker of this note to pay all or any part of this indebtedness prior to maturity without penalty.

Signed: [signature of borrower]
Company: [company name]
Title: [title of signatory]
Date: [date signed]

Professional Advice 

Never go it alone.  Your CPA is a critical part of the loan procurement process, as his wisdom, knowledge, and insight will help guide you to the best loan.  Frequently a little tweaking or good negotiation skills will save tens of thousands of dollars resulting in an improved bottom line and a smoother cash flow for your business. All promissory notes should be drafted in light of the business deal, current economic conditions, credit collateral, negotiation, etc. Utilizing a business attorney to draft a Promissory Note specific to your unique circumstances and needs is essential to having your wishes, needs and desires capable of being fully addressed and enforced. 

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!  

Contact HIS CPA PC (A Christian 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.