financial statements

Are You Safe From Fraud?

On September 1st, 2011, posted in: Accounting by 1 Comment

I can’t begin to tell you how many small business owners I have met that have been victims of fraud by bookkeepers that they trusted to do their accounting. That’s one of the reasons that virtual accounting services have become so popular. Last year at the requests of clients and prospective clients, we started a..

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Are You Watching Your Receivables?

On August 25th, 2011, posted in: Accounting by 0 Comment

In tough economic times, keeping a close eye on your receivables is vital. If your clients or customers run into difficulties, you may find your business not being paid. Consider these practices: Set a credit limit for your clients or customers. Send a statement as soon as an invoice is past due. Call when a..

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Did You File an Extension?

On August 18th, 2011, posted in: Accounting by 0 Comment

Most CPAs request that they receive everything needed to prepare the tax returns a minimum of 30 days prior to the filing deadline. If you don’t have all the information available, consider filing in a timely manner and amending the return later to save late filing penalties. As your virtual accountants, we are here to provide support and assistance to our clients.

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Watch Your Debt Level

On August 12th, 2011, posted in: Accounting by 0 Comment

When my daughters were getting ready to be married, my advice to them was "Only live on one salary because if you live on two salaries, you will always have to work." Why not keep your options open? Besides, saving most of the second salary will greatly increase your retirement options

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There’s Good News and Bad News for Employers

On July 21st, 2011, posted in: Accounting by 0 Comment

There are two changes to payroll taxes that were announced this month. Congress dropped the .2% federal unemployment tax (FUTA) surcharge reducing the rate from 6.2% to 6% effective July 1, 2011. Employers still receive the 5.4% credit for paying state unemployment taxes (SUTA) on time, reducing the FUTA rate to .6%.

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Who’s Watching Your Back?

On July 19th, 2011, posted in: E-News by 0 Comment

If you aren't watchful, you might miss them. That's where your trusted advisors come in. This month we are advising our clients (and you!) about 3 changes that will impact their businesses through the end of 2011. See the articles that follow for the good news and bad news for business owners.

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Are You Getting All The Deductions You Are Entitled To?

On July 14th, 2011, posted in: Accounting, BIZ-TIP by 0 Comment

To qualify for the business mileage reimbursement, you need to diligently track the miles driven. To properly do this, at the beginning of your fiscal year write down your odometer reading. Throughout the course of the year, every time you drive for business purposes you should write down your beginning and ending mileage, the date of the travel, your destination and the purpose of the travel, i.e. client visit, sales call, seminar attendance, etc.

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Protect against employee fraud

On June 3rd, 2011, posted in: Accounting by 0 Comment

The Association of Certified Fraud Examiners study shows that some of the best internal controls for reducing occupational fraud are: appropriate segregation of duties, surprise audits, fraud training for managers and employees, job rotation and mandatory vacations, a fraud hotline, employee support programs, internal audits, a written anti-fraud policy and a written code of conduct.

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Wrap it Up!

On May 12th, 2011, posted in: Accounting, Marketing, Security by 0 Comment

Since our firm is totally paperless, after year-end we burn a CD for each client with all the documents supporting their income tax returns. Amazingly enough, we call it a Tax Support CD and we label it by year. This gives our clients all the documents they would need in case they were audited but it doesn’t mean that they’ll have boxes or file drawers full of papers. Included on the Tax Support CD are all of their bank statements along with our reconciliation reports, all the bills we have paid for them, any receipts they have given to us, sales tax and payroll reports, financial statements, any pertinent correspondence, W2s and 1099s that we sent or received for them, etc.

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Security threats lurking in discarded photocopiers!

On May 5th, 2011, posted in: Security, Uncategorized by 0 Comment

We all photocopy or scan personnel information and other sensitive business data. Imagine that information sitting in a warehouse where photocopiers are being stored for resale and your private personal or business data can be accessed by whoever purchases the unit? Not good!

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