Featured Accountant Thomas Crayton CPA in Stafford Texas

Thomas Crayton CPA

Thomas Crayton CPA in Stafford Texas

For those living in Texas, don’t worry, we have a great Accounting professional that is in the Sugar Land, Texas area! For our next featured accountant – we would like to shine light on Thomas Crayton – who works out of Stafford Texas. He provides a specialized CPA program that offers tax services for any size business as well as individuals. Although he is based out of Stafford – he provides service to individuals in the Katy, Richmond, Houston, Fort Bend County, and Rosenberg areas of Texas.

Thomas Crayton CPA in Stafford Texas

Tom Crayton has been providing personalized quality financial assistance for local businesses for over 30 years. Thomas Crayton’s expert CPA knowledge provides help for his clients; from basic tax management for small businesses – to more comprehensive services such as audits of private companies, financial planning, and financial statements.

Thomas Crayton strives to help every client keep it’s financial viability by taking accounting action in the present, while remaining proactive in achieving future financial goals. The level of communication Tom Crayton gives each client, leads to a line of open communication that better helps him understand his clients specific needs. This is done through research and analysis – that allows Thomas to curtail each strategy to specifically help each clients unique situation. His consistent meeting of high standards of professionalism and excellence has led Thomas Crayton to become Good Accountants latest featured accountant!

Some of Thomas Crayton CPA’s featured services:

  • Audits
  • Business Financial Planning
  • Business Tax Return Preparation
  • Cash Flow Analysis
  • Compilation and Reviews of Financial Statements
  • Complex Individual Tax Preparation
  • Forecast and Projections
  • Individual Tax Returns
  • IRS Tax Audit Representation

You can hear Thomas Crayton speak a little more about himself and his services in our Good Accountants featured profile on Tom. If you need a CPA in Stafford Texas, you can get in contact with Thomas through his profile here on Good Accountants.

Guide To Internal Auditing | What is an Internal Audit | Good Accountants

internal audit

internal audit

An internal audit can be defined as an independent evaluation of an organization to add more value to it and improve its operations. An internal audit helps organizations adapt a more sound approach, and fine-tune its progress to increase the effectiveness of corporate governance, control, and risk management. An internal audit makes all this possible by providing suggestions based on the analysis of business data and procedures. Professionals who are qualified for internal auditing are hired by organizations to analyze and refine all the procedures.

Organizational Independence

Internal auditors hired by organizations are not really independent of the organization, but organizational independence plays a key role in enabling the internal auditor to perform a more unbiased evaluation. An audit committee, which is usually a sub-committee of board of directors, provides the authority and independence to internal auditors and they can only be hired or replaced via an audit committee’s decisions. This allows the internal auditors to perform their role more effectively.

Role Of Internal Auditing

Internal audits are primarily directed at assessing internal control of the organization. The board of

what is an audit

what is an audit

directors, management, and other authoritative personnel are the creators of an organization’s internal control procedures, which is designed to achieve primary objectives for which most organizations aim. Some of the core objectives are:

  • Acquiescence with rules, regulations and laws
  • Conservation of assets
  • Consistency and reporting of financial management
  • Efficacy and efficiency of organizational operations

Internal auditors assess whether the following five critical management components are being used effectively to achieve the organizational goals mentioned above:

  • Activities to monitor growth and profitability
  • Communication and information procedures
  • Risk evaluation
  • Risk- focused managing activities
  • The control environment

Execution Of Internal Audits

A typical and normal internal audit usually consists of the following steps:

  1. Create and convey the scope and purpose of the audit to the respective management authority
  2. Develop an understanding of the business under review, these normally include:
  • Objectives
                • Performance measurement techniques
                • Review of all documents regarding organizational procedures and reporting
                • Review of all the interviews
                • The core transactions of the business
                • Identify the major risks being faced by the business

3. Understand the currently used management practices to ensure each of the risk is adequately controlled and supervised. Internal auditors usually form a checklist to identify and evaluate usual risks in the organization or industry being audited
4. Execute a risk-oriented sampling process to evaluate the highly important management controls and that they are working as they should
5. Reporting the problems and challenges concluded to the management and negotiate action plans and procedures
6. Internal audit departments also maintain a follow up database to identify if the reviewed and refined procedures are working effectively

It is not necessary that an internal audit be performed in the same step-wise procedures as described above; therefore, the time and length of the audit depends on the nature of the processes and organization being audited.

Internal Audit Reporting

At the end of an audit, internal auditors usually summarize their findings, suggestions, and any other plans they have for the management. An audit should at least consist of adequate information on the 5 C’s:

The Condition – What are the issues identified?

The Criteria– What was the benchmark that wasn’t met because of the issue?

The Cause – Why did the organization face the issue?

The Consequence – What is negative result of the problem?

The Corrective action plan– What steps should the management adopt towards eliminating the problem at hand?

The recommendations and advice an internal auditor provides at the end of the report are aimed at fine-tuning the organizational processes or the corrective procedures which can be employed to optimize governance and risk control processes. It is important for the auditor to be aware of the organizational goals and objectives, and the approach should be parallel to the company’s.

How To Know If The Audit Report Is Beneficial?

Simplicity– The technical language used and the terms should be expressed in clear, simple, and straight forward words.

Precision– The information used in the audit and the results should be precise and accurate.

Objectivity– The suggestions, opinions, and observations in the audit should be completely impartial and objective.

Deadlines– The audit report should be presented immediately after the auditor successfully analyzes the information, and it should be presented within the time constraints provided.

Concise– The end report should be concise, brief, and to-the-point.

Benefits Of An Internal Audit

An internal auditor can provide an organization with independent assurance on a wide array of tasks. Their abilities aren’t only limited to tuning financial management procedures.

Most importantly, an internal audit can help identify the risks an organization is exposed to due to their existing management procedures. This not only helps strengthen the management processes but enables the organization to achieve its goals and objectives of profitability and other benchmarks more effectively.


Featured Accountant James Sherman CPA | Naperville Illinois Accountant



Sometimes it is so difficult to find an accountant. Good Accountants, strives to make this process as easy as possible for you. In our featured accountant series, we want to shine light on various public accountants around the nation, for doing such great work. These accountants were selected by the GoodAccountants staff, based on user submission. To continue our featured accountant series – we would like to present to you, James Sherman, a Naperville Illinois Accountant. James Sherman has been in the accounting industry for many years, and has worked with $300 billion dollar conglomerate companies; down to providing professional accounting services for small businesses. His flexibility and wide range of accounting skills, is why James A. Sherman is our newest featured accountant.

James A. Sherman CPA – Featured Naperville Illinois Accountant

James Sherman is located in downtown Naperville, IL and is only thirty minutes southwest of downtown Chicago. He has provided accounting services for small businesses around the greater Chicago area and can help you out today with your accounting needs. Beyond accounting duties, James also provides his clients with Business Consulting, Business Plan Assistance, and Business Valuations. His experience in the industry, makes him a true thought leader and perfect person to reach out to when needing help with your finances or accounting.


Guide To CFO Services and CFO Firms

Outsourcing CFO services to dedicated firms is a trend becoming increasingly popular among businesses. Usually because these CFO firms help businesses look at the bigger picture, their only skill isn’t financial recording and management. A CFO ensures that the system and processes being practiced in your organization are up to date and are able to produce efficient financial data; so consequently, the owner can make better decisions.

A CFO services goals and objectives are parallel to the business’s goals, ensuring proper growth and expansion while keeping the daily cash flow in order. Even providing new services like a Life Settlement or a Viatical Settlement could prove worthwhile.

Finding the right CFO Service has gradually become difficult, primarily because there are so many of them. You need to be sure that the CFO Service you are going for is highly relevant and effective for your business.

When Should You Be Concerned About Finding A CFO Service?

  • If you are constantly worried about cash allotment and cash shortages
  • If you find yourself frequently depressed about the direction of your business
  • If you are wasting your time in activities like tax preparation and meetings with lawyers or bankers
  • If you are concerned about the security and financial aspects of your business
  • If your business is unable to generate adequate profit margins and you don’t know why
  • If you doubt the current systems and procedures your business functions upon are obsolete or ineffective

If you find yourself tangled up in the mess above, then it is time to bring in the services of a CFO firm.

What Benefits Can A CFO Service Offer?

  • You have experts at your disposal to guide you through risky business decisions and to fine-tune your business plans and goals
  • You have access to profitability analyses on your products and services, which tell you which ones are the best and which need to be revised
  • You have a goal-oriented mindset for your business knowing that there are experts who got all the financial aspects covered
  • You can concentrate on important aspects of your business like attracting customers, developing new offerings etc.
  • Perhaps the most important benefit is that you have professional, unbiased advice at your disposal to which you have access anytime
  • Hiring a CFO service means you have skilled members available to interact with lawyers or bankers on your behalf
  • CFO services can refine your management and accounting procedures for a better outcome
  • CFO services also offer training and development activities for your currently employed accounting staff to best benefit your business
  • CFO firms have a superior understanding of the financial side of your business, even better if they have prior experience of working with companies in your industry

Questions To Ask CFO Services

  • What qualifications do your CFOs hold?
  • Have you ever worked with a similar business or a business in the same industry?
  • What is the scope of services you will provide?
  • How can you help my organization in the long term?
  • Will you help me with legal and bank related issues (insurance, mortgages, and loans)?
  • Do you function on a one-time payment plan or a pay as you go service?

These are some of the guideline’s you should keep in mind when hiring a CFO Service. Be sure you assess the firm and the services they offer to benefit from your decision!

5 Reasons Why A Business Accountant Is So Important

business accountant

business accountant

When running a business it is quite tempting to cut down on costs and save up by managing the finances yourself. Most business owners do this and sooner or later they realize that it was wrong to do this. Financial aspects and matters of a business are delicate matters and they require a dedicated person to handle them. One person whose sole job is to manage, record, and give advice to the business owner about finances, should be there. It goes without saying that a business accountant is crucial for a business’s success and growth.

Why is a business accountant important?

1. An Accountant Helps Manage Expenses

This is by far the most essential role a business accountant plays. They help owners keep an eye on all the outgoing and overheads. Having a business accountant to do this can help business owners save a lot of time which they can use to work on growth and expansion.

Particularly in the first few months, a business accountant is vital for a business and they help it survive and excel towards maturity.

2. An Accountant Helps Cut Down Costs

Hiring a professional business accountant obviously means you will have to spend a substantial chunk of money. Look at it as an investment in the long term profitability and life of your business. Accountants are aware of the best legal loop holes from which businesses can benefit immensely to cut down on costs. They are also skilled at advising businesses from year-end accounts to tax returns and preparations which can significantly help you save large amounts of money.

If hiring an accountant as a full time employee is difficult for you, you can decide on a pay-for-services model initially, to keep track of how an accountant’s services can possibly excel your

business growth in the long-term.

3. An Accountant Gives Professional Advice

small business accountant

small business accountant

A good business accountant does much more than just keeping records. Knowing your business’s finances to the core, they can offer you valuable advice. Professional business accountants are experts at offering an unbiased and objective view of your business.

A business accountant can serve as an invaluable asset for startups and small business owners by offering the right financial advice that can help you stay in business for the long term.

4. An Accountant Will Save Your Time

Look at all the things an accountant can help you accomplish, and then look at your duties and the time constraints. It is often quite tempting and motivational for business owners to manage their own accounts but it is always advisable to delegate things to reliable specialists if you are serious about your business. This gives you a lot of time which you can spend on other business growth aspects.

5. An Accountant Helps You in Audits and Legal Issues

Getting audited and checked by government authorities is a nightmare for businesses whose accounts are managed by the owners. A professional business accountant will handle all your audit related issues in a better way. Given that they are efficient and well aware of all the records, you don’t have to worry about tax season or audits. Skilled accountants also offer you great advice on legal financial issues.

Finding the best suitable business accountant might seem like a difficult task. Once you do, your business is bound to prosper!

What Is A CFO Service?

Running and managing a business is a really complicated task. Business owners find themselves tied up between the struggles to deliver the best services while managing their staff and leading them. It has become even difficult as there are a number of competitors in every industry and all of them are working towards getting to the top.

In the midst of all these matters to take care of, managing financial and accounting matters is a handful. It is often not suitable for businesses to hire a full-time accountant, to be straightforward, they just cost too much! With the economic downfalls and the inflation, hiring a full-time accountant might not be the best choice. So what should you do?

Here is where CFO services come in, skilled with financial experience and accounting tools, these CFO services can effectively manage financial aspects of a business and that too at a comparatively lower cost. The best part about these CFO services is that you are required to pay, only for the services you want and not a lump sum amount.

What Do CFO Services Offer?

When you choose to hire a CFO Service, you shouldn’t be worried about anything related to accounting and finances. They offer a complete solution, including:

Financial Management And Reporting Services

  • Business and banking relationships
  • Cash flow Assumptions
  • Debt management
  • Divestitures and Acquisitions
  • Executive management reporting
  • Internal controls
  • Profitability and Performance strategies
  • Risk and tax management

CFO Services employ accountants who have highly relevant certifications like CA and ACCA or people who have done their Post-graduation with their majors in finances and accounting. This enables them to create a team of individuals with strong financial expertise.

Not Only Accounting And Financial Reporting

If you choose a CFO Service wisely, it will bring more of a holistic approach to your business and company. They would not only cover financial aspects of your business but also fine-tune other departments like HR and IT.

Access To Expert Advice

Whether you need advice on the structure of your business or you are looking for advice on mergers and acquisitions, this is by far the greatest benefit CFO services offer. You have access to expert financial advice at your fingertips. As it is not part of your organization, the advice is completely unbiased, professional and helpful.

Staff Assessment And Help

Supervision and counseling of your entire staff is another service they offer. If unskilled or untrained staff is causing problems like lower productivity, CFO services might have a solution for you.

Review Of Current Procedures

Not sure about the efficiency of the procedures in your company? A CFO Service reviews all the procedures currently being used in your organization and they also help fix any problems to maximize productivity.

Create Connections

A good CFO Service can help you build connections with professionals, investors, bankers and attorneys, all related to your industry.

Choosing a CFO service might not be as easy as it seems, there are a lot of services and they have a lot to offer. Come see how good accountants can help you find a great CFO service today!

Featured Accountant Julie Haroutunian | Rancho Cucamonga Accountant

Julie Haroutunian Rancho Cucamonga Accountant

Julie Haroutunian Rancho California

If you are in the Rancho Cucamonga area in California and are in need of accountancy expertise, you turn to Julie Haroutunian and her staff at James Canny & Associates. Julie’s depth of knowledge and experience enables her to provide comprehensive service to a wide range of companies and individuals. To continue our Featured Accountant segment, we are going to highlight Julie Haourtunian for her continued level of dedication and strong results she has had as a top Rancho Cucamonga accountant.

Julie Haroutunian CPA employs the newest cloud based technology, to give her clients comprehensive access to view their accounts. This is a great feature for her clients, especially when you are having accountancy work done for your 1040 tax return or your 940 report. In Rancho Cucamonga, there are many accounting firms, but you need to be sure that these accountants can provide front to end service. You can count on Julie Haroutunian to help you from beginning to the end of your public accounting needs.

Even further she specializes in audit representation, bank reconciliations, bookkeeping services, business accounting services and more. If you are a small business looking for a Rancho Cucamonga accountant, you should get in touch with Julie Haroutunian to see if she would be a good fit for you and your business. Regardless if you are a business owner or not, Julie is a strong and seasoned CPA that can help any individual, even in the worst of situations! You can get more information about Julie Haroutunian and her Accounting Firm at her profile on Good Accountants.

What Is A Corporate CPA?

corporate cpa

corporate cpa

Many have heard the term CPA and know that it stands for certified public accountant.  A Corporate CPA is a certified public accountant which deals strictly with corporations and the business industry, as opposed to accountants for private individuals.  If you are considering corporate cpas for your business, it is important to know exactly what services this type of accountant provides and how you can find a Corporate CPA to help you out.

What Duties Does A Corporate CPA Fulfill?

A CPA is the general type of accountant which offers individuals help with tax preparation and other related financial matters.  A corporate CPA, on the other hand, is more specialized in their knowledge regarding industry standards.  Also, these types of CPAs focus their dealings on corporations as opposed to private individuals.

A Corporate CPA is a good professional to contact if you are setting up a new business.  This type of accountant will walk you through the financial aspects of your corporate setup and help you with regard to your expenditures and more.  If you are starting a new business, contacting a CPA who is well-versed in corporate dealings is a smart move to make.

CPAs who work in the corporate end of the financial industry can also help with managing your financial statements.  They will go over your finances with you and make sure that everything adds up as it should.

Should your company face an audit in the future, you should contact a corporate CPA to help you through the audit.  They will aid you in collecting the proper documentation and walk you through the process so that you will feel at ease and have the proper knowledge when it comes to the basis of the audit.

Finding a CPA For Your Business Needs

When the time comes to locate a CPA to handle your corporate needs, there are a few places where you can look.  Some of the more popular options include online searches, Yellow Pages and asking friends and family members for recommendations.  When reviewing the possible choices, think of what you are looking for in a business CPA and how much your budget will allow you to spend for such accounting services.  Meet with prospective corporate cpas to see if they will meet your accounting needs and then select the best one based on your initial meeting and the services which the CPA will offer to you.