Accounting News and Notes

Gwinnett CPA…Providing Bookkeeping Solutions to Gwinnett/Atlanta Business Owners

At His CPA PC we work hard to make sure your internal books and records accurately depict your company’s financial operations as this is essential to understanding exactly what your company’s financial position including short and long term cash management, turnover of accounts receivable, ageing of accounts receivable is at any given time.

This allows you to make better informed financial decisions about your company’s present and future financial goals, pricing and profit maximization.

When we prepare your business taxes we work hard to make sure you assets, liabilities, equity, revenue and expenses are properly classified and recorded including the tracking of your bank accounts, bank reconciliations, fixed assets, depreciation expense and its recording, amortization and recording of debt liquidation payments and interest expense.

These are just a few of the items we can help you with by offering financial statement tips, bookkeeping guidance and strategic financial insight.

Call us today to receive a free initial consultation. All you have to do is show up.

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Cumming, Hamilton Mill, Cheatu Elan, Winder, Gainesville, Hart County, Dunwoody, Grayson, Alpharetta, Roswell, Dunwoody, Sandy Springs & Tucker as an Award Winning CPA

Duluth/Gwinnett CPA Advising Gwinnett Business Owners on Bookkeeping and Accounting Issues

Award Winning CPA John Dillard CPA has been serving as a Gwinnett CPA since 1982 and in Duluth GA for now seventeen years. At His CPA PC we work hard on your bookkeeping and tax issues so that you do not have to.

Business Plans for Gwinnett Business Owners

The beginning of owning a successful business starts with a good business plan that is well documented and considered business plan. A well considered plan will involve at a minimum months of careful evaluation of the local economy and demographics as well as careful scrutiny of your own strengths and weaknesses and those of the new business itself. A experienced CPA can often provide valuable insight at this stage mitigating as many missteps as possible.

Business Loans for Gwinnett Business Owners

A well laid out business plan will reach much like a book or indeed a story of how you plan to take “your business from here to there.”  Developing a history of success in your new business venture will do much to help a Gwinnett Business Banker become comfortable with your business skills and ability to manage potential loan proceeds and indeed return a profit thereon allowing you to not only repay the principal of the loan with interest but to also make a reasonable rate of return for your business. Though you “have the best idea since sliced bread” your banker will be most inclined to lend when  you have a history of successful business management, growth and profitability. Bankers will look to your present cash flow as a major determining factor in your ability to repay loans in the future.

Gwinnett Bankers like those throughout metro Atlanta will look at the “Five C’s of Lending.” Understanding them and considering them well in advance before you banker does will do much to ready you to present you loan package request to your banker. As a CPA in Atlanta for decades I have learned that ‘failing to prepare is preparing to fail.” Be sure you work with a CPA in Atlanta who can help package your loan before you go to the bank. At His CPA PC we have made these available to you 24/7 at our web site at http://www.hiscpa.com/blog/2009/06/01/top-five-criteria-banks-use-to-extend-financingcredit-linesgetting-financing-for-your-business/

This week at His CPA PC…We Provided Bookkeeping Guidance to Gwinnett Business/Atlanta Owners by…

Helping them with their bank reconciliations

Advised a business owner to do their sales tax reports themselves rather than the additional expense of having an outside firm do it.

Helped guided a Gwinnett business owner to use a payroll service so that they will keep their payroll processing fees as low as possible as well as to be sure that all of their payroll reports and payments are timely filed.

Helped Gwinnett Business owner in understanding how their internal accrual books timing differences reconcile to their cash based tax return.

Helped a C Corporation convert to an S Corporation for tax purposes.

Helped an Single member LLC convert to an S Corporation for tax purposes.

Completed several corporate/business income tax returns.

Helped Atlanta business owners in properly classifying and compiling their business receipts into their company’s balance sheet and profit and loss.

Guided two rental property owners in setting up a separate LLC so that their family will have legal liability protection from any potential legal risk/exposure.

As an Atlanta CPA for decades I have learned that it is frequently the questions that you do not know to ask that are the most important. Ask His CPA today what a Faith Based CPA firm can do for you and your business.

Duluth CPA Teaches Gwinnett/Atlanta Business Owners Bookkeeping

If you have the full time day-to-day and hour-to-hour responsibilities of running your business the last thing you will want to do at the end of the day is your own bookkeeping.

At His CPA PC We Can Help You With…

• Outsourcing of Financial Statements

• Outsourcing of Bookkeeping

• Overseeing of your In-House Bookkeeper

• Serving as a Part-time Virtual CFO/Controller

As an outside Certified Public Accountant, His CPA PC provides Part-Time Virtual CFO and controller support including guidance on:

• Bookkeeping and Accounting.

• The initial set-up of your company’s books and chart of accounts.

• Payroll and Sales Tax administration.

• Monthly and Quarterly Financial Statements.

• Monthly Management Reports including substantive ratios, trends and gross margin analysis.

“We work with our clients to help guide you step-by-step to help you guide and manage your business towards profitability and business success.” – John Dillard CPA

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

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Cumming, Dunwoody, Alpharetta, Dunwoody, Sandy Springs and Tucker as a Faith Based CPA Firm

Duluth GA/Gwinnett/Lawrenceville Christian CPA…Ten Top Ways to Know It’s Time to Hire a Bookkeeping Service/Virtual CFO

Top 10 Ways to Know It’s Time to Hire a Bookkeeping Service/Virtual CFO

1. You Don’t Know Which Accounting Software is Right for Your Business.

2. You Don’t Know What a Journal Entry is.

3. You Don’t Know a Current Asset from a Gross Margin.

4. You Don’t Know How to Debit or to Credit.

5. You Don’t Have an Accounting Background.

6. You Do Want to Know Where you are Financially.

7.  You Do Want to File Your Tax Returns Correctly.

8. You Do Want to Increase Your Chances of Financial Success.

9. You Do Want to Make Prudent Financial Decisions.

10. You Do Believe Your Business is Important.

At His CPA we work hard with your accounting and bookkeeping issues so you don’t have to.

Financial statements are often misused and abused. They are often ornately presented with accountant’s opinions ranging from audits to compilations. Often we even find a statement of cash flows and financial footnotes. What do these statements tell us? Numbers and data when prettily presented often are an accountant’s representation of the financial status of an entity. Be sure you work with a CPA on your bookkeeping and financial statements who cares about your business as much as you do.

“Financial statements without narratives, analysis of trends, and a review of expenditures are nothing more than formal proof that the bank account has been reconciled and that everything balances. Data without thorough critique is useless.”  –John Dillard CPA

Monitoring Your Books at the End of the Month

Consistent month end control procedures are critical, as any variance to these will negatively impact the reliability of your internal financial. As a Duluth CPA Serving Gwinnett & Metro Atlanta business owners and entrepreneurs here are just a few of the tips we give clients each and every day http://www.hiscpa.com/monthend.html

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, North Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

Duluth GA/Gwinnett/Lawrenceville Christian CPA…A Full Service Bookkeeping Firm

His CPA PC: A Full Service CPA/Bookkeeping & Financial Statements. This week at His CPA PC we:

-Helped guide a client to properly classifying their accounts on their Profit and Loss

-Guided a client in being sure their bank account were properly classified and that reconciling items were evaluated for correctness

-Ensured that Health Insurance Premiums were properly classified and listed on the company’s internal financial statements and tax returns

-Reminded a client that QuickBooks is not a “static accounting package” requiring ongoing maintenance to prior periods to ensure congruence with filed tax returns.

-Assisted with determining the chart of accounts to compile financial operating results

-Worked with a taxpayer to pull their financial information together for several years of old tax returns

Financial statements are often misused and abused. They are often ornately presented with accountant’s opinions ranging from audits to compilations. Often we even find a statement of cash flows and financial footnotes. What do these statements tell us? Numbers and data when prettily presented often are an accountant’s representation of the financial status of an entity.

“I believe that financial statements without narratives, analysis of trends, and a review of expenditures are nothing more than formal proof that the bank account has been reconciled and that everything balances. Data without thorough critique is useless.”  –John Dillard CPA

Monitoring Your Books at the End of the Month

Consistent month end control procedures are critical, as any variance to these will negatively impact the reliability of your internal financial. As a Duluth CPA Serving Gwinnett & Metro Atlanta business owners and entrepreneurs here are just a few of the tips we give clients each and every day http://www.hiscpa.com/monthend.html

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, North Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

Duluth Bookkeeping by Award Winning Gwinnett CPA

John Dillard CPA has been an Atlanta CPA for decades, in Gwinnett since 1982 and in Duluth for the last fifteen years. At His CPA PC we focus our business on helping Gwinnett and Atlanta Business Owners succeed.

“Working with Gwinnett Entrepreneurs and Business Owners is the focal point of our practice. Put our talents to work for you today, being sure you get timely relevant financial information.” – John Dillard CPA

At His CPA PC we can help you with your bookkeeping ensuring that:

• Your financial statements are properly compiled

• Your bookkeeping gives a true picture of your financial position

• You gain financial insight you can use to make prudent business decisions

• Your charts of accounts are well organized for the tax and the “tax man”

• Your accounts are properly classified in the proper sections of your company’s Balance Sheet and Profit and Loss

• Your payroll and sales tax reports are prepared efficiently

• Your financial reports provide essential management information

“The best way to know where you are going is to know where you are.” -John Dillard CPA

We work hard on your financial statements so that you don’t have to. John Dillard CPA of His CPA PC provides Atlanta Business Owners with the option to outsource your bookkeeping needs. Whether you need light bookkeeping or help with the most difficult of management and financial statement issues, His CPA can help. Providing Virtual CFO services to Atlanta Business Owners for decades John Dillard CPA, “brings to the table” a varied and expansive resume of credentials, awards, community involvement and expertise. To read more about Bookkeeping Solutions For Your Metro Atlanta Business see http://www.hiscpa.com/bookkeeping-solutions.html

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Alpharetta, Suwanee, Lawrenceville, Norcross, Atlanta, Gwinnett, North Fulton, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Snellville, Lilburn & Grayson as an Award Winning CPA

Is Your CPA Diligent?

Does Your CPA Pay Attention to ALL the Details?

Are you Sure you are Paying your Lowest Legal Possible Tax?

At His CPA we believe you are made in the image of God.

He said so.

As such you are the son or daughter of a King and should be treated like it.

Our society has forgotten what the word respect is and that the client should be served.

At His CPA we look to pay attention to all of your details ensuring that you are paying only what you owe and not a penny more. The below is a sample letter we might send to a client to ensure that their returns are correct:

Got the information you faxed over to complete your returns. To complete them  I need to know…

-How the year’s mileage should be prorated between your Corporation and your Proprietorship. Please be sure to turn in an expense report to get reimbursed for this in the future.

-Please forward the Balance Sheet for the Corporation. Please note I will always need this when you forward a Profit and Loss.

-Let me know what the type if insurance the business is breaking it out and labeling it accordingly in the future on the Profit and Loss.

-Will let you know the Adjusted Gross Income when returns done but will not know a good estimate until done.

-If you need a good net income estimate for 2012 for your corporation you will want to be sure that your Balance Sheet and Profit and Loss is correct and then to forward to me so that I might critique.

A Faith Based Accounting Firm: Never Underestimate the Long Term Benefits
When was the last time you got good Business and Tax Management Information you can use 24 Hours a day & 7 Days a week.

http://www.hiscpa.com/internal-controls.html Christian Tucker CPA Helps Business Owners Develop Good Internal Control
http://www.hiscpa.com/forensic-accounting.html Your Georgia Business and Forensic Accounting by Atlanta CPA
http://www.hiscpa.com/budgeting.html Georgia CPA Helps Reduce Unnecessary Spending: Budgeting 101 by Roswell CPA
http://www.hiscpa.com/article1.html Atlanta CPA Illustrates Difference Between Planning & Historical Accounting by North Fulton CPA
http://www.hiscpa.com/article3.html Gwinnett/Duluth CPA Teaches 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

Gwinnett Bookkeeping

Gwinnett/Atlanta/Johns Creek CPA: When are Taxpayers Required to Pay Estimated Taxes?

Each tax year is quartered off into four payment periods. Every quarter has due dates that are quarter specific and must be met. Penalties can be incurred if these due dates are not me, refunds notwithstanding.

The EFTPS system has been the easiest and most popular method to paying federal and state taxes on time and in full. Every type of tax payment, like FTDs and other taxes, should be paid electronically through the EFTPS. The EFTPS offers payment plans that you can set to your convenience, these will help ensure you have paid the tax in full by the quarter’s payment due date.

What Happens When Estimated Taxes are Underpaid?

If the taxes due for the year were not met by withholding or estimated tax to Georgia and the IRS then they may charge a penalty under the claim of the Underpayment of Federal Tax. Many taxpayers will not be subject to this penalty because they do not owe more than $1,000 dollars. Taxpayers with uneven incomes may also avoid this penalty but should check with the IRS before assuming that they are safe to do so.

The penalty has a possibility of not going through if:

• A casualty, disaster, or other unnatural disastrous occurrences have happened in the past year.

• The taxpayer retired in the past fiscal and tax year. This also applies to those who have become disabled during their payment period. All these will be heard and not filed as long as there are no signs of willful neglect.

Having been an Atlanta CPA serving business owners as a Virtual CFO for decades I have learned that tax planning is essential to avoid:

• Unnecessary Tax Fines, Penalties & Interest

• Unnecessary Surprises at Year-End When Your Taxes are Prepared

• Unnecessary Cash Flow Concerns.

Be sure you work with a CPA who is a forward thinker!!!

Gwinnett Bookkeeping

www.HisCPA.com A Faith Based CPA Firm Serving Duluth, Gwinnett, Atlanta, Alpharetta, Johns Creek, Dunwoody, Roswell, Snellville, Lawrenceville & Beyond.

Johns Creek/Alpharetta/Lawrenceville CPA…How Does Tax Law Identify Fixed Assets & Depreciate Them?

Just got a new business and need to understand “What Assets Are Allowable to be Treated as Fixed Assets & Depreciated?” This is a tough question and often much more difficult answer for all of America’s business owners and entrepreneurs.

For a taxpayer to be able to depreciate any fixed asset/property all of the following IRS Tax Rules/Guidelines must be met:

• The taxpayer has to have title of/own the property or to be the signor of a lease for an tenant/landlord leasehold improvements.
• The property/fixed asset has to be used by the business and the intent/use of the property is for the production of income. Accordingly fixed assets held for personal use are not deductible.
• Fixed Assets/Property must have a useful life of over a year.

Taxpayers who satisfy all of the above rules will not be able to deduct/depreciate a property if a property/fixed asset is purchased and disposed of in the same tax year.

The allowable depreciation expense on a property begins when a taxpayers first places the fixed asset/property “in service” and then ceases to be depreciable when either the asset is retired/sold or the taxpayer has fully depreciated the fixed asset/property.

In order for a taxpayer to properly depreciated a fixed asset/property item they will need to know:
• The life/class of the fixed asset/property.
• The allowable deprecation method for an item as the IRS has specific tax limitations and time periods of specific fixed assets/property.
• The cost or depreciable basis of the fixed asset/property.

Working closely with a CPA will do much to ensure that you have a sound track record of properly identifying what assets are depreciable and the proper tax deduction thereof.

The Modified Accelerated Cost Recovery System (MACRS) is the proper depreciation method for most property. Additional information about MACRS, and the other components of depreciation are in Publication 946, How to Depreciate Property.

Gwinnett Bookkeeping

We serve clients that are located in Atlanta GA, Gwinnett County, Duluth, Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Rockdale County, Berkeley Lake, Dacula,  Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Lilburn, Lithonia, Tucker, Suwanee, Sugar Hill, Loganville, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Flowery Branch, Decatur, Sandy Springs, Peachtree City, Douglasville, Woodstock, Canton, College Park, Conyers, Clarkston, Barrow, Cherokee, Clayton, Coweta, Dawson, Douglas, Forsyth, Fulton, Rockdale, Canton, Covington, Douglasville, Lithonia, Milton, Mountain Park, Winder and Woodstock.