Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

It is needless to say that managing the financial aspect of every business is a vital part of equation of success and every organization understands it significance. Conversely it is also true that doing this work can be actually tiresome and time consuming as well. If you really want a solution of all your bookkeeping problems then bookkeeping outsourcing is the answer for you. The best thing about bookkeeping outsourcing is that you get a chance to save money and precious time that you can utilize in other important activities. Bookkeeping outsourcing definitely benefits your business as it assists you in managing financial and accounting activities proficiently. Read the rest of this entry »

Taxes are a fact of life, something that you can not get around.  Or, can you?  With the right education and a bit of financial know how there are many things that you can do to pay less in taxes and to have more money to live your life.  Best of all, these are all things that you can do legally and without having to worry about having an IRS audit in the process!

Tip 1:  Hiring A Professional Team Read the rest of this entry »

If you are an Entrepreneur trying to run your business and  also handle your own record
keeping you should READ THIS:

Having your company Financial Records set up and maintained by a Professional is vital to
growing a successful business. As a small business owner, you may be deliberating about
whether you should or can afford to use the services of a Bookkeeper. Read the rest of this entry »

Tip #1: Keep it Separated

Too many business owners mix and mingle their personal and professional finances. Even if you are a sole proprietor keep you business business, and your personal personal. Set up separate checking accounts and if you need some funds from your small business, write yourself a check, or make a cash withdrawal. This will help come tax time when you need to separate business expenses. Even though the form of business is a path-through, you should still make sure a separation takes place. This will make expense tracking and budgeting much easier on you.

Tip #2: Keep Up to Date Read the rest of this entry »

Choosing new accounting software may be one of the most critical business decisions you are ever likely to make and with so many applications available on the market it’s crucial that you follow some basic guidelines when selecting your new software.

Choosing the right supplier should be a key factor in selecting a business accounting solution.  You need to establish the viability of the supplier to ensure that buying their solutions is just the first step in a relationship that is beneficial for you. Read the rest of this entry »

One of the basic gray areas we experience in distribution is the concept of cash flow.  What is cash flow? The term is tossed around but rarely used precisely or discussed in a practical manner.

In layman’s terms, cash flow is basically the cash received (coming into the business) over a specific time period less the cash going out of the business in the form of payments.  You have a positive cash flow when the cash received exceeds the cash paid out: a simple concept.  However, managing and controlling cash can become complex.  If the cash being paid out exceeds the cash being received in the business you are in a negative cash flow position.  This is critical because, if it persists, your company may be unable to pay its bills and continue operating.  It is possible to find yourself in this position even if your Profit and Loss (P & L) statement says you are profitable. Read the rest of this entry »

In this series of articles we will also discuss:

1. Balance Sheet Explained

2. Trading and Profit and Loss Account

3. Adjustments of Final Accounts

Previously while discussing the basic accounting equation it was noted that A - L = P, where A represents assets (property and possession) owned by the business; L represents liabilities (claims against the business of the creditors) and P represents the proprietor’s funds (equity) in the business., Read the rest of this entry »

The steps are as follows:

1. Ignore opening and dosing cash and bank balances appearing in receipts and payments account.

2. Eliminate all items of capital receipts and payments.

3. Ascertain income of the relevant year by deducting from the total receipts the income received on account of previous and future years and by adding the income accrued due in the year but not received and income received in the previous year but relating to this year. Read the rest of this entry »

It is needless to say that managing the financial aspect of every business is a vital part of equation of success and every organization understands it significance. Conversely it is also true that doing this work can be actually tiresome and time consuming as well. If you really want a solution of all your bookkeeping problems then bookkeeping outsourcing is the answer for you. The best thing about bookkeeping outsourcing is that you get a chance to save money and precious time that you can utilize in other important activities. Bookkeeping outsourcing definitely benefits your business as it assists you in managing financial and accounting activities proficiently. Read the rest of this entry »

In this article we will also discuss:

Revenue

Expenditure

The use of goods and services in order to earn revenue is the expense.

Hendriksen opines, “expenses are the using or consuming of goods and services in the process of obtaining revenues”.

American Accounting Association, Committee on concepts and standards, defines as under: Read the rest of this entry »