New Financial Reporting Framework Released for Private Companies, Do You Have an Accountant Who Can Help?

 

aicpa-logoThe American Institute of CPAs recently released a new financial reporting framework for private companies. Some feel that in certain circumstances it may be an easy to use, useful tool that can provide owners and lenders financial statements on a consistent basis.

The accounting rules used to put together the framework are comprehensive and were developed after a rigorous process, although they are not U.S. GAAP (Generally Accepted Accounting Principles). GAAP is the nation’s highest standard of accounting rules, generally set by the Financial Accounting Standards Board.

Whether or not smaller private companies and banks will accept the Framework is currently being put to the test. There remains a great deal of uncertainty as well as a great deal of interest. The main problem that the Framework tries to resolve, is that small and closely held companies often don’t need the types of standards that large and public companies need. Smaller, more entrepreneurial organizations mainly deal with bankers, not outside investors and bondholders, for their financial needs. Many of those companies believe that GAAP is overly complex and too difficult and expensive to implement.

Accountants for small business can help eliminate the stress and time it takes for the entrepreneur to handle the complexity of what’s involved in the financial aspect of the business, so you don’t have to worry about the Framework or the GAAP. While there may be a great temptation to assume if you’re the business owner, you can handle all of the accounting functions yourself, the truth is, hiring accountants for small business is an investment that can actually save money, and over time, pay for itself.

If you’re a busy entrepreneur trying to grow your business, do you really want to spend time trying to get familiar with the complex GAAP, or the new Framework for reporting?

Accountants for small business can help manage day-to-day financial transactions to ensure everything is compliant with current laws, find cost savings with vendors, employees and office operations, prepare those financial reports as well as tax preparation, and even make plans for changes in business expenses to ensure additional costs don’t cause financial hardship.

If you aren’t sure where to start, GoodAccountants.com can help find top qualified accountants in your area in just seconds, with no cost or obligation to you or your business.

David Huber Awarded Best CFO: Don’t Underestimate the Value of a Great CFO Service

CFO of the year David Huber - find a CFO service todayThe NJBIZ CFO of the Year awards program celebrates New Jersey’s financial executives at all levels who contribute to the success of the state’s economic growth and stability. David Huber, CFO of Horizon Blue Cross Blue Shield of New Jersey, was honored as the best CFO for a private company generating revenue of over $50 million.

Huber noted the importance of the CFO role in today’s business world. Where it was once largely a record-keeping rule, he said, “Today the CFO is expected to be a business partner to the CEO and senior management team. The CFO must be able to understand the business from the frame of reference of constituents, including customers, employees, board members, rating agencies, regulators, etc. I spend most of my time looking forward.”

The value of a good CFO cannot be underestimated, in fact, some say the CFO may be even more important than a CEO. A CFO needs a wide variety of skills and experiences in the ever-changing market structure of today’s world. The person in this essential role is often called upon to weigh in on strategic decisions involving the organization, including everything from transactions to providing assessments of emerging markets and analyses that go way beyond looking at the books and figuring out whether or not there is enough cash available to support an investment.

With a business’ success or failure often hinging on the talents of the CFO, it’s essential to find just the right person to fill that role. You’ll want to find a CFO service that can locate the top talent available to perform tasks that are vital to the company.

You may want to find a CFO service that is able to provide an Outsourced CFO to help manage your financial operations as an excellent cost savings solution. An increasing number of small to midsize business owners have discovered that they can afford a seasoned CFO by utilizing CFO services, relieving the big burden of managing the company’s financing, while allowing them to focus on what they do best.

If this sounds like good business sense to you, to find a CFO service that can provide your company with the best talent available while eliminating the need to pay the high costs associated with hiring an employee like payroll taxes and health benefits, look to GoodAccountants.com who can deliver the most qualified CFO candidates to choose from at no cost or obligation.

Is Your Accountant Doing A Good Job?

finding an accountant - is your accountant doing a good jobOne of the biggest concerns for any business or even an individual is figuring out if their accountant is doing a great job. There are many things to consider when selecting an accountant. There are times when the accountant is good, but your requirements may be different. This is why you have to make sure that the accountant you select is right for you. There are a few tips that you can use to find an accountant.

See If You Are Getting Undivided Attention

Each accountant deals with a number of clients. They handle various accounting jobs and are great at multitasking. It is extremely difficult to find an accountant who is dedicated to you. But when you discuss business with the accountant, you should see if you are getting undivided attention. This shows how interested an accountant is in fulfilling your accounting requirements are.

Know the Difference between Accountant and Bookkeepers

Accountants and bookkeepers have a similar job. This is where people actually make mistakes. Many people hire bookkeepers instead of accountants. Bookkeepers are responsible for filing tax returns and other such paperwork. On the other hand, accountants can do much more. This is why you should aim to find an accountant. An accountant can handle all the responsibilities of a bookkeeper and a lot more.

There are many firms that provide reliable accountants, including GoodAccountants.com. They make sure that the accountant that they assign to your business is well suited. If you hire a good accountant that knows how to handle your business or personal finances, you should not face any problems. Moreover, you should not hesitate to ask questions and determine if the accountant is right for you.

Get Referrals from Other Businesses

If you face any problems in finding an accountant, do not hesitate to ask for referrals. You can always approach other businesses and ask them about the accounting firm they use. The best thing to do is approach businesses that have the same accounting requirements as you. This way you will be able to make sure that the accountant that you hire will efficiently handle your business account.

You can also make appointments with different accounting firms. This meeting would simply be to discuss your requirements and how the firm works to provide you impeccable service. Only when you are satisfied should you hire an accountant from the firm.

If you use these tips to find an accountant, you should not have any problems at all.

Seema Jain: Featured Accountant in Tampa, Florida

find an accountant in tampa - seema jain - featured accountantIf you are a business in Florida, and are in need of an accountant in Tampa, Florida to handle accounting requirements, this featured accountant is for you.. One of the leading accountants in the industry is Seema Jain. She is the founder and president of her firm. Moreover, she is also a board member at a CPA Firm. Jain is well-versed at providing a range of tax and accounting services, as well as being able to help devise financial strategies for your business. Not only is Seema an accountant, she is a business consultant as well.

Taxation Services

Preparing and planning tax returns and filing them require precision. This can get more complicated if you are not aware of the current industry standards. Since the standards change periodically, it can be difficult to keep up. A qualified accountant in Tampa, like Seema Jain is always staying up to date on the current industry standards so you don’t need to worry about it.

Seema Jain’s experience will prove valuable to almost any type of business. She has been working in the industry for over 20 years. One of her specialties includes handling taxation services for business. The taxation service requirements vary from business to business, and Jain has experience in handling taxation services for a number of different industries.

In the past, she has handled tax services for multiple industries, including Information Technology, Construction and Real Estate. She does not just deliver standard taxation services, she aims to use her experience in the industry to contribute significant towards business growth.

Business Accounting Services

Seema’s experience is not limited to taxation services. She is one of the best accountants in her area and has provided her services to many industries in the past. Jain has worked in the transportation, manufacturing and pharmaceutical industry, providing accounting services. New business formation, purchase evaluations and audits are some of her specialties. She is also great with handling compilations and reviews.

Consultation for Your Business

If you want to find an accountant in Tampa, Florida, then Seema Jain should be your first preference. This is because she is a topnotch business consultant in addition to being a qualified and experienced accountant. Her strategies can greatly contribute towards business growth and infrastructure improvement.

If you want to hire Seema Jain as an accountant or consultant for your business, you can get to know more about her at her Good Accountants profile.

Common Accounting Mistakes That Can Cause You Trouble

find an auditing firm to help avoid making common accounting mistakesAccounting seems simple, but it requires precision as the slightest mistake could land you in trouble. Not only can it cause a problem in your books, but also result in financial loss. This is why it is imperative that you avoid common accounting mistakes, which can cause you trouble. For this purpose, you have to find an auditing firm to draw up your accounts. These auditing firms are well aware of common accounting mistakes and know how to avoid them.

Bank Account Balancing

One of the most common accounting mistakes businesses make is assuming their books are in perfect order because they use software for maintaining their accounts. Using software is an effective way of keeping your accounts in order, but since the entries have to be done manually, there is the risk of human error. Therefore, assuming your books are perfect simply because you use accounting software is a mistake. You should reconcile your business accounts with the bank statements periodically to ensure your books are balanced. You may have an in-house accountant do this or find an auditing firm to take care of the job for you.

Invoices for Sales

Almost every business uses a credit line. When a sale is made customers may not pay up immediately and are issued invoices for the amount they owe. They may require one or two months to make the payment. Oftentimes, businesses pay for more than one invoice at a time.

At times, customers delay the payments. This is where you need to be vigilant. If you did not know about a customer making a late payment, there is a good chance the customer can get away with not paying at all. This is why you need to have a foolproof invoice system. If a customer delays a payment, you need to contact them and see why the payment was delayed. Even if they have a genuine reason, you should still inquire.

Handling Cash

Accounting for cash in hand is tricky and  is the cause of one of the most common accounting mistakes. This is because excess cash can be given away on some occasions. Moreover, mistakes can be made while counting cash, and cash is also susceptible to theft. If you deal in cash, you should make sure the cash tills are balanced regularly to avoid such issues.

If you have the slightest problems in managing your business accounts, you should find an auditing firm that can do the job for you. This way, you can avoid the common accounting mistakes that can cause trouble.

Lawrence A. Vollaro: Featured Accountant in New York, NY

lawrence vollaro featured accountant in new yorkFinding a reliable accountant in New York, NY is a challenging prospect for businesses because they have specific requirements which not every accountant can handle. In some cases, the services that businesses require extend far beyond standard accounting and taxation procedures. Such tasks cannot be handled by regular accountants. If your business has specific requirements, you should consider acquiring the services of Lawrence A. Vollaro. He is experienced in the field and has worked with numerous industries over the years. He is known for customizing the level of service he provides according to the business he works with.

Services Relating To Taxation

One of the best things about hiring Lawrence A. Vollaro is he handles his clients like business partners. He takes pride in working with the business as a partner and provides the best possible service. Vollaro specializes in providing topnotch tax services. He is well versed in the latest methods of tax preparation and can provide advice relating to tax preparation and planning.

Another great thing about Vollaro is that he does not restrict himself to a particular industry. There are accountants out there that either deal with corporate businesses only or with partnerships, but Vollaro provides services whether you are a trust, sole proprietor or even an estate. Over the years, he has worked with many different businesses, which gives him an insight into various taxation related technicalities other accountants would otherwise miss.

Accounting Related Services

If you need an accountant you can trust with your firm’s financial statements, you should look towards Lawrence A. Vollaro. He is aware of the current accounting and auditing standards and can provide you a comprehensive package for all your accounting needs. Vollaro specializes in providing accounting services to multiple industries, which include construction, non-profit, pension plans and even wholesale distribution. If you want to find an accountant in New York, NY who provides all these services, then you should consider Lawrence Vollaro.

Services Relating To Business Consultation

When a company is formed, there are many decisions which have to be made and many things have to be considered before a company can move towards growth. If you want topnotch business consultation for your business, look into hiring Vollaro. He can provide you excellent strategic business planning and analysis that will take your business to new heights.

In addition to these services, you can also hire Lawrence Vollaro for payroll services and financial reporting. For further information, you can visit Lawrence’s Good Accountants profile.

William H. Bratton: Featured Accountant in Kent, WA

william bratton featured accountant in Kent WABoth business owners and individuals seeking a highly qualified accountant in Kent, Washington, will be pleased to hear about our next featured accountant, William H. Bratton, the original founder of his accounting firm, a business that has served the Kent community and the Greater Seattle area since 1973.

William has worked in public accounting for over 40 years, with extensive experience in income tax planning for individuals as well as closely-held businesses. He also has substantial experience representing a variety of clients in disputes with various taxing authorities like the Internal Revenue Service as well as state agencies.

Tax Services

With a wealth of knowledge and expertise, William H. Bratton can assist individuals, estates, retirement plans and a wide range of businesses, including C-Corporations, LLC’s, S-Corporations, Partnerships and Non-Profits with any and all tax issues.

Keeping track of tax law changes has become a growing challenge, with changes in the law impacting tax planning as well as tax return preparation and even other areas, but by staying up to date on all of these changes as a dedicated professional through attending numerous classes and seminars, William is able to keep up with these ever-changing tax planning trends and techniques, proving invaluable for many clients.

Accounting Services

William H. Bratton also provides professional compilation, review and audit services on an ongoing as well as a special needs basis. His firm uses only the latest accounting procedures and techniques, resulting in first rate accounting services which are determined by the needs of the client.

Consulting Services

When you’re running a business, it can be difficult to squeeze in time for lunch, let alone defining profit goals or laying out other essential business plans. William H. Bratton is able to provide a full range of consulting services in order to address these “out of the box” needs to help you make sound decisions and to help you find ways to improve your bottom line.

To find out more about William H. Bratton and how his wide range of accounting services can help you, you’ll find details in his Good Accountants featured profile. For an outstanding accountant in Kent, Washington, you can also get in touch with him directly here.

Small Business Accountants: Tips for Becoming an Even Better Accountant

become a better small business accountant with these tips from Good AccountantsSmall business accountants can be a key factor in the success of an organization. They play an important role in ensuring that a business is operating in accordance with local, state and federal regulations as well as developing budgets, taking care of tax issues and even providing business consulting in addition to the basics like payroll and bookkeeping.

With such a wide range of important responsibilities, small business accountants should understand the importance of staying on top of their game and keeping up with an ever-changing industry in order to ensure the success of their clients.

These tips can help all types of accountants learn to become more efficient by streamlining processes, save time, decrease the stress involved, and ultimately, help you to become the best accountant you can be.

Establish a routine and prioritize tasks

It’s important to establish a consistent routine that flows well, allowing you to focus on each task at hand. A constantly changing routine can cause you to overthink, making it difficult to concentrate and avoid becoming distracted. Get into the good habit of prioritizing tasks by taking on the most difficult first. Although it takes discipline at first, it will help you to feel more accomplished, making the rest seem easier.

Automate as much as possible

Take advantage of modern technology as much as you can by using online bill pay, signing up for paperless billing and having bills paid automatically. It not only helps to save your client money on stamps, but it will save you a ton of time by not having to deal with a mound of paperwork.

Get and stay organized

Getting and staying organized is key to saving time and handling everything efficiently. Use one location for all bills and receipts, such as a file or bin. You don’t want to let things to pile up, but it’s usually not efficient to take care of them individually. Clearly mark incoming and outgoing mail, bills that need to be paid and paperwork to be piled. Then, for example, you may want to post all the receipts and bills into accounts payable at the end of the day.

Write it down

When a task needs to be done but you can’t do it at that moment, or if you have an idea, keep a note pad and write it down immediately so that you won’t forget about it later. This also allows you to focus on the task at hand rather than drifting to the “next thing.”

Leona Ryan: Featured Accountant in Brooklyn, New York

leaona ryan: featured accountant in Brooklyn New YorkIf you’re looking for an outstanding accountant in Brooklyn, New York, Leona Ryan, our next featured accountant, might just fit the bill. Leona earned her Bachelor’s degree in Business Administration and Accountancy from one of the top 100 universities in the world. She’s worked as a senior associate auditor with one of the Big Four firms and is a Certified Public Accountant in the Philippines. She has also worked with a multinational group of companies with diverse interest in the oil and gas industry, entertainment, gambling, and securities, among other interests, specializing in Australian and Netherlands Antilles taxation and other statutory reporting requirements.

Personal and corporate tax return services

Leona aligned herself with U.S. tax laws by attending H&R Block Income Tax Course, finishing with a 95% score. She offers corporate tax preparation services for a wide range of businesses across all industries in addition to assist with tax planning to help you reduce next year’s taxes as well. Leona also offers individual tax preparation services to ensure each client receives the best service at a great value while helping you to get the maximum return, taking advantage of every tax break you’re eligible for.

Payroll services

Payroll is a necessary part of business whether you have one employee or a thousand, but confidently and accurately managing your payroll can be a challenge. Utilizing Leona Ryan’s payroll services, you’ll find highly personalized, professional service that is specifically designed for your business, allowing you to focus on what you do best.

Bookkeeping services

Whether you’re just launching a startup and in need of small business bookkeeping services, or you already run an established business, Leona Ryan can help by providing either onsite or offsite bookkeeping services at a cost-effective rate that may even save you money over the long run. Her services will allow you to reduce costs while ensuring your books are managed efficiently.

If you’re interested in finding out how Leona Ryan can help you, you can find out more in her Good Accountants featured profile. For highly qualified accountant in Brooklyn, New York, you can also get in touch with her right here.

The Importance of Finding an Accountant That’s Right For You

finding an Accountant is easy with GoodAccountants.comFinding an accountant that’s right for you and your business can mean the difference between success and failure. A good accountant that has experience and knowledge in your particular industry goes far beyond crunching numbers.

An accountant can help you develop a business plan as well as a personal plan, offering advice on everything from future expansion to insurance with the knowledge they have about your particular business environment, tax situation and financial statements.  Tax planning and compliance is another essential function, as well as auditing and basic functions like accounting and record keeping.

Finding an accountant that’s a good fit may seem overwhelming, but one way to start is to get a referral from your banker, a business colleague or attorney. The Society of Certified Public Accountants is another good resource for obtaining a referral. Arguably the easiest method of all is to contact Good Accountants who can put you in touch with the very best accountants in your area – but keep in mind that you’ll still need to foster the relationship and make sure to choose the right accountant for your specific needs.

When you have an idea as to how much and what type of responsibilities the accountant will have, along with a list of those good candidates, the next step in finding an accountant is to conduct interviews to determine who the best fit is personality wise, as well as services offered and the fees that will be charged.

The best accountant should have a style that’s compatible with yours, and you’ll also want to make sure the person you’re meeting with is the same one who will be handling your business as some accounting firms may pass part or all of the work on to others.  Find out if the accountant offers the services you need him or her to handle, and whether or not they are experienced and highly knowledgeable in performing those tasks. Determine fees upfront and be sure to obtain quotes from several different accountants in addition to getting an idea of the estimated annual charges based on the services you’ve discussed.

While finding an accountant that’s right for you may take a little work, the rewards of a successful business are usually well-worth the effort – and you can get a jump start by contacting Good Accountants now.