Gioffre & Company, LLP Westchester NY CPA

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• But nothing beats up-front, personalized advice from a certified professional—in this case, a bookkeeper, accountant, or CPA.
• By tracking your business expenses, you can increase profit margins and optimize your income tax return.
• This can include filing yearly taxes, tracking spending and tax rates, as well as assisting employees with setting up tax forms.
• In fact, just 16% of respondents said that their teams’ digital transformations have improved performance and also equipped them to sustain changes in the long term, according to a report from McKinsey & Co.
• Regularly monitoring customer accounts is essential for identifying and addressing potential payment issues.

Welcome to Gioffre & Company, LLP

• Follow along step-by-step and we’ll explain the most important accounting topics in a more intuitive away.
• For instance, you might choose to start your fiscal year on July 1 and end it on June 30 of the following calendar year.
• Diversification is a risk-management strategy that helps avoid putting all my financial eggs in one basket.
• Bookkeepers also deposit money, cash checks, and ensure correct credit card transactions.
• These are some of the ways that categorizing expenses can help your business.
• The second you decide you’re going to launch your business, you should immediately separate your personal finances from your business finances.

By planning ahead and staying organized throughout the year, you can make tax season easier and avoid costly penalties for missed deadlines. Often many corporate tax departments and tax & accounting firms are built on strong processes and structures, and within that steel-like rigidity can come a fear of trying anything new. Traditional hierarchies, silos, and bureaucracies can hamper internal collaboration, innovation, and speed.

Monitoring And Analyzing Financial Performance

• It’s like a roadmap that helps me organize and categorize every financial transaction, making it easier to track and manage the company’s finances.
• Fees for incorrect tax filing or messy bookkeeping can be high, not to mention the time you spend in correcting errors.
• Variable costs are expenses that fluctuate based on the amount of goods my business produces or sells.
• Our accounting tips can get you started on your way to assessing your finances.
• This method is the simplest for small businesses because it doesn’t require you to track payables or receivables and reflects whether or not your money is actually in your account.

We cover the top questions to ask an accountant to arm you with the info you need to make better business decisions. Accounting software ranges in price from accounting consulting free to hundreds of dollars a month. And generally, no matter the plan or price, accounting software is more reliable than by-hand spreadsheet accounting.

Include A Well-Structured Chart Of Accounts

Tax accounting involves maintaining and keeping track of your business’ taxes. This can include filing yearly taxes, tracking spending and tax rates, as well as assisting employees with setting up tax forms. Accountants oversee the financial records of a business and make sure the data is correct. Then, they use this data to create budgets, financial documents, and reports.

• If you don’t, you could end up underpaying your taxes, and that can lead to avoidable IRS penalties.
• Without a clear financial picture, it can be difficult to move your business forward.
• At my company, for example, we established key performance indicators specific to our industry and objectives.
• Liabilities are everything that your company owes in the long or short term.
• Accounting means not just keeping financial records but also analyzing and interpreting financial data so you can make wise fiscal decisions.
• You can get more guidance on how to record and pay a small-business tax with your accounting software and tax professional.

One of the biggest measures of your business’s success is profitability, and you can improve profitability by increasing revenues, cutting expenses, or taking advantage of a number of other strategies. When you think about cybersecurity, you probably think about an IT consultant instead of your accountant, but accountants today tend to know a lot about data security. Are there areas of the business you know need more attention but never have the time or energy to address because you’re always putting out other fires?

Bookkeeping Study Guide

Create financial reports.