Tag Archives: audits

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

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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 Goodaccountants.com.

What To Look For In Audit Firms?

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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.

Potential Big Changes Coming for Every Auditing Firm

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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 GoodAccountants.com 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

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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 GoodAccountants.com, you take the important first step on the road to taxpayer redemption.

Once you access GoodAccountants.com, 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 GoodAccountants.com 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 GoodAccountants.com