Make Your Business a Pillar in the Community, Not a Trend with Financial Guidance

If you want a new business to make it in today’s economy, it’s all about the numbers. It’s reported that 80 percent of new business owners will fail in the first 18 months after they open their doors, often because of poor money management by the business owner. Not just overspending, but not saving, investing and budgeting where it’s necessary all play a part in new business failure. With bookkeeping services for small businesses, this chaos can be avoided.

A professional bookkeeper or CPA will look at the costs you have to run your business, as well as your profits, to see where you need to save money and where you could potentially save money. The bookkeeper will budget all of your business accounts, like the checking account, payroll account and savings or investment accounts. If you have loans on any equipment or other items, they will also help manage the loans.

The idea when owning a small business is to minimize or eliminate debt. This allows you to be as profitable as possible and reduces your risk of bankruptcy. The bookkeeper can help you pay off the loans you have faster, so you can gain more equity in your assets and your business. They will also be a valuable source of information for tax related matters.

You want to find a CPA that does bookkeeping services for small businesses who is also a tax expert. Many CPA professionals are also tax accountants, and they can help you pay less to the government. They will let you know what purchases to make to write off expenses, how you can save on payroll tax, and what amount you should to donate to charity.

The accountant can come in and do a financial analysis of your business to see if you are missing money, losing money, and what is going wrong. They will reform your budget, create a new plan for you to follow, and help you start investing your money more wisely so you can put money back into your company and plan for the future. Find an accountant to get you on the right financial path at

The Importance of Finding an Auditing Firm For Your Small Business

An auditing firm can offer a number of important services to any small business, including monitoring compliance with its own polices as well as federal regulations, detecting and preventing fraud. In fact, a smaller organization may need these services even more so that a large company as it cannot afford a government fine, waste or employee fraud.

While most small businesses like to think they know their employees extremely well, and believe they’d never steal, unfortunately, things like embezzlement, fraud and malfeasance can and do happen more often than you might think. Any business that relies on trust alone can be extremely vulnerable by failing to take important steps to protect the business. Studies have found that long-term employees are actually the most likely to commit a fraudulent act – and, an employee who seems loyal and devoted by never taking a vacation or sick day, may actually be doing so for fear of exposing fraudulent activity.

While internal controls are a must, they generally aren’t enough. Often times, these controls aren’t properly enforced or designed. Or, they may not be updated when changes occur in the business. It’s essential to stay on top of the financial condition of the organization, ensuring that time is taken every month to review bank reconciliations and the checking account as well as conducting internal audits and testing procedures.

Of course, as a small business owner, your time is precious. Using your time wisely, such as to grow the business, is probably what you’ll want to focus on. By finding an auditing firm, these services will not only be provided for you, but it’s actually more effective. Internal auditors can’t effectively critique a company’s internal process as they’re a part of the business. External auditors can observe the operation from the outside and determine where the company may be wasting time or money in addition to critiquing accounting practices and general operations.

By finding an auditing firm, you’ll have access to professionals who can recommend ways in which to tighten accounting practices, reduce waste and even promote greater efficiency too.

Finding an auditing firm that will best meet the needs of your small business can be quickly and easily accomplished by contacting with access to thousands of qualified firms in your area.

What To Look For In Audit Firms?

Auditing Firms

Auditing Firms

Business owners might opt to hire audit firms for a number of reasons, maybe they want their management procedures to be refined or they might simply be looking for sound financial advice. Regardless of the reasons, businesses should always look for the following aspects while choosing auditing firms.

Scope of services– Apart from the financial advice and evaluation an audit firm should at least provide the following services:

  • Understanding and evaluating internal control procedures
  • Performing investigative procedures on expected or unexpected differences in account balances or transactions
  • Testing and refining of financial management, reporting and organizational management procedures
  • Review and analysis of all accounting related report
  • Risk evaluation and evaluation of risk management procedures

Experience– The audit firm should have at least a few senior members with a substantial amount of experience, preferably in working with companies in the clients industry.

Transparency– An audit firm should be able to operate within the rules and policies of the client’s

Audit Firm

Audit Firm

company while completing all the requested evaluations within the time provided. A transparent and impartial auditing company is pretty apparent from the nature of questions they ask their clients who are looking for a new auditing firm.

Ethics– An audit firm should provide confidentiality and it should be able to provide not only a number of solutions, but quality approaches towards decision making procedures. Firms provide sensitive financial information to audit companies; therefore, they should be sure that they are passing on their information in the right hands.

While choosing an audit firm, a major part of its performance depends on the access to information. Once an organization chooses an audit firm, they should provide complete management or financial related information so that the audit firm would be able to complete its job more effectively.

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.


The Benefits of Professional Tax Preparation

Tax preparation with is easy and can help you avoid an audit When it comes to many different jobs, you can usually save money by handling it yourself, but with taxes it’s often a different story. For both business owners and individuals, hiring a professional will often save you more money in taxes than the cost of the tax preparation services not to mention the cost of the time, and stress, involved in preparing your own.

Saving money

Using the services of a professional is one of your best bets for saving money when it comes to taxes. Tax rules are complicated and if aren’t in the business of preparing tax returns on a frequent basis it’s hard to be aware of all of the deductions or credits you might qualify for. Using the advice from professional tax preparation services will help you minimize your tax burden and pinpoint every possible deduction you’re eligible for.

Lower risk for error

Tax law has had major changes nearly every year for the past half century, with 3,500 tax law changes just since 2000. If you aren’t constantly keeping up to date with all of these regulations, it’s easy to make an error- and that can be costly.

If you make an error that results in a tax liability, the interest and fines will continue to accrue from the date that you’ve filed your taxes. While hiring a tax professional does not give you a 100 percent guarantee of perfection, the chances of simple mistakes are immensely reduced.

With complicated tax returns requiring numerous forms, the risk for error continues to increase with each. Hiring a professional for tax preparation will ease the stress and pressure that comes from attempting your own taxes.

Help with an audit and its potential consequences

If a professional prepares your taxes, your chances for audit will be reduced, and if for some reason you do find yourself face with an audit, the tax preparer will usually be able to help. Professional tax preparation definitely adds a safeguard to potential liability, although you will be ultimately responsible should there be any issues – therefore, the importance of hiring someone who can be trusted is imperative.

By using the free services of, you can be assured that you’ll be connected with the top tax professionals in your area who are the most competent at tax preparation, so that you’ll have more time to handle the most important responsibilities for your business, or your life.

How to Find an Auditing Firm to Uncover Financial Weaknesses in Your Company

find an auditing firmRecently, it has been uncovered that the Tennessee Wildlife Resources Agency has significant problems with their financial tracking. An audit done by the state comptroller’s office showed that credit card expenses were not tracked correctly, and there are many transactions that are not in line with the policies of the agency.

These problems are not uncommon, especially if a company is not proactive with managing and auditing the spending habits of the employees. To get a clear picture on the financial strength and weaknesses within your company, it is important to find an auditing firm who can step in to take an unbiased look at the books. The firm will point out any possible holes within the accounting of your company, which allows you to make adjustments to spending plans and employee management in order to be sure the money is being managed correctly.

After you find an auditing firm to help with the analysis, it is important to put checks and balances in place to avoid future problems. Additionally, regular audits should be done to be sure the day-to-day operations are staying in line with the policies and procedures of the company.

It can be difficult to find an auditing firm that will offer the best services for your company, and choosing the right firm may seem overwhelming because there are so many options to pick from. A good auditor should have qualifications such as experience working complicated processes that involve different skills, and the auditor should be able to manage the audit while keeping regulations and client expectations at the forefront of their mind.

An auditor has a lot of responsibility on their shoulders, so research their qualifications before you make a decision to hire them. Cost is another consideration, because auditing services can vary in price range significantly, depending on the type of audit that is needed for your company. One easy way to locate a good auditor is by using a service such as which allows you to access bids from multiple auditing firms with good reputations. You will be able to check the financial health of your company, without having the stress of trying to locate a qualified auditor who can get the job done right.

How Accountants for Small Business Can Help You Survive IRS Troubles

small business accountants can save you from the irsAfter discovering about $450 billion is likely owed and going uncollected, with under-reporting by small business accounting for about $140 billion of that figure, the IRS has been cracking down on small businesses. Since the fall of 2012, the Internal Revenue Service has reportedly sent out letters to some 20,000 small businesses to notify them of possible income under-reporting.

In this case, they are trying to nab businesses they believe have an unusually high number of reported sales through credit card transactions, with the thinking that they are getting a lot of cash transactions that aren’t being reported. It is likely that the IRS will also come up with other methods to go after small businesses to make up for the billions of missing revenue.

The IRS is not an organization that any business, or individual, wants to have to deal with. But if you should get a similar letter, utilizing accountants for small business can be essential to positively dealing with the situation and coming out on top.

Experienced accountants for small business understand exactly what the IRS is looking for and why. If you receive a letter, or are audited, you need an accountant on your side. An accounting expert specializing in a business like yours can help you respond appropriately or represent you in the audit.

If you’ve been handling all of the financial aspects of your business, you’re probably feeling overwhelmed; keeping all of the records straight and ensuring that you’re following all of the IRS rules and regulations is a full-time job of its own.

While you may be pulling your hair out at this point, there is some good news. Fortunately, can help you to find the best accountants for small businesses to ensure your taxes and any IRS issues are handled correctly.

Finding an expert accountant now can also help you be better prepared in the future. The right individual is much more than just a tax preparer, but can also become a trusted advisor helping you to manage cash flow, keep your books in order and plan for growth. This will allow you to take care of your most urgent responsibilities such as earning money for your company, while leaving the majority of the financial paperwork and IRS dealings in the hands of an experienced, qualified accounting professional.

Potential Big Changes Coming for Every Auditing Firm

auditing firmNew rules that are being proposed by the Public Company Accounting Oversight Board will likely result in a major overhaul of company audits. The board wants accounting firms to start including a potentially large amount of new information in the audit report that is attached to a company’s annual report.

It is said that their proposal is one of the most ambitious to date. The board was set up a decade ago in light of accounting scandals at large companies which revealed serious shortcomings at auditing firms.

As part of the proposal, it would require auditors to communicate details of the difficult parts of the audit, with many situations, especially with large corporations, where the auditor may find the task quite nettlesome.

Requiring this extra information may draw opposition from some auditors due to the added expenses. Some believe it provides a better opportunity to communicate more information, with auditors and audit firms providing greater value for investors and users of financial statements.

This also means that the public and investors will have better insight as to exactly what is going on inside of a company. The proposed changes would certainly mean a bit more work for auditors; companies may look at things a little bit differently before making certain financial decisions as well.

Having a qualified auditing firm on your side may be more important than ever. To find the best for your business, it’s essential to pinpoint your exact needs to eliminate those you don’t want to work with. For example, do you need a firm that can provide a specific type of service or that provides a more comprehensive package of services? Consider your particular budget and whether or not the firm has industry experience.

Don’t seek an auditing firm out of the yellow pages. You might consider contacting other businesses within your industry or professional organizations such as the American Institute of Public Accountants to see who they might recommend. You’ll then need to put together a list of potential firms and contact each to find out their fees and services.

The quickest route to finding a qualified, reputable auditing firm is to contact the consultants at you can locate the one that is right for you with no financial cost or obligation.

Find An Auditing Firm And Make The IRS Disappear

find an auditing serviceHunters eagerly anticipate the start of deer season. Caterers make extra room in their safes before the start of wedding season. Children across the country don their favorite team’s cap for the opening day of baseball season. However, one season strikes fear into most Americans.
With the April 15 federal tax filing date behind us, audit season is beginning to pick up steam. Unlike deer season, which requires a license, or baseball season, which requires tickets, the only thing you get as a reminder of audit season is a neatly type letter from the IRS. The letters cause the most hardened Americans to run for cover. They panic and throw away the letters, hoping the IRS conveniently forgets about their existence.

The first thing to remember for learning how to find an auditing firm is the IRS does not forget about you.

Yet you have a better chance of becoming involved in a car accident than you do hearing the IRS knock on your front door. Unless you make over $200,000 per year, you have less than a one percent chance of receiving the dreaded audit letter. Even taxpayers who earn $5 million per year only have a five percent chance of welcoming the IRS to their homes.

Nonetheless, you should prepare for an audit by learning how to find an auditing firm. Instead of burning the IRS letter and moving to South America, you can take measures that ensure you garner the best representation in front of the IRS panel that performs your audit. By going to, you take the important first step on the road to taxpayer redemption.

Once you access, click on the audit link to learn how to get five competitive bids for your audit. Make sure you review the video testimonials to hear from people just like you who found the right accountant for their IRS audit. You need to find an accountant whose educational and professional credentials match your unique audit parameters. Look at as an accountant clearinghouse that provides you with the most cost effective way to find accounting experts for private, pension plan, and bank audits.

Staff reductions, coupled with increased workloads have caused IRS audits to decline. Whether the percentage of IRS audits remains low or more resources prompt the agency to ramp up the heat, you should know how to find an auditing firm. Remember that the sooner you act, the better chance you have of finding the best auditing firm on

How to Find an Auditing Firm and Stay Ahead of the IRS

With the IRS in the headlines recently, many business owners may be holding their breath hoping that they don’t become a target of an investigation or an audit. The dreaded word is enough to make anyone experience heart palpitations.

If you want to ensure that all of your ducks are in a row when it comes to your business finances, one of the best ways to do that is to find an auditing firm. An audit of business records can help give you peace of mind and even prevent financial disaster. Many businesses look to auditing firms for their professional expertise and guidance in financial affairs to ensure continued success.

Of course, it is crucial to find an auditing firm that is highly ethical and trustworthy in order to handle confidential records. What else should you look for when seeking the right firm?

  • A good reputation is a must. Your business reputation can be impacted by the auditing firm you choose. Consider contacting professional organizations for a list of recommended firms or ask other business owners within your industry for a referral to a firm they have used and know to be trustworthy.
  • Experience and expertise should also be on the top of the list. Businesses entrusting their most sensitive financial information to a firm, need to know that it is being handled by those who have proven years of experience.
  • High ethical standardsfind an auditing firm should be displayed at all times. Does the auditing firm display a high level of ethics in everything they do?

Important factors to consider when narrowing down your choices include:

  • Qualifications. Does the firm specialize in auditing or is auditing something they do on a part time basis to fill in during slower times of the year? Find an auditing firm that is focused on only doing audits is highly preferable.
  • Communication. You need to feel comfortable asking questions and sharing confidential details of your business with the firm. It’s important to be able to work with someone you can communicate with in such highly important financial matters.
  • What type of experience does the auditing firm have? Choose a firm who has worked with a company similar to your own and understands your specific needs and requirements.

One of the easiest, stress-free options to find an auditing firm is to contact the expert business consultants at They do all of the work in screening the highest quality firms and will provide you with multiple quotes so that you can get back to concentrating on your other important responsibilities.