The Most Important Year End Accounting Tasks

SJ Gorowitz Year End Accounting

As we approach the end of 2015, there are a few things your small businesses can do to be sure you’re closing the calendar year securely and that you’re well prepared for stability and success in the new year. We’ve rounded up four priority tasks, and added a few suggested approaches for even stronger financials going forward.   The Most Important End-of-Year Accounting Tasks Review past due receivables Make note of any and all past due receivables. For each, determine the likelihood that the customer will pay, so you can decide which bills to send to a collection agency and which you will write off for a deduction. Review inventory Assess current inventory and determine the value of all unsold items. Write-down all remaining inventory to claim deductions on year-end taxes – overstating your inventory balance will cause you to pay taxes you don't owe. Prepare IRS Forms W-2 and 1099-MISC By January 31, you must mail copies of the tax forms to anyone who worked … [Read more...]

6 Ways Small Businesses Can Speed Cash Flow

SJ Gorowitz Atlanta Quickbooks

Your cash flow is the lifeblood of your business. Managing payment terms well can strengthen client relationships. Here are six ways to turn your accounts receivables into reliable cash flow and show your customers you’re a solid business resource. … [Read more...]

4 Steps to Save Money with Year-End Tax Planning

SJG Tax Consulting

Think back over the past year. Were you surprised by a large 2014 tax bill or items you didn’t expect to see? Chances are, if you’re the owner of a small or medium sized business, you were. According to former IRS revenue officer Michael Raanan, “Numerous businesses overpay their taxes every year by overlooking various tax deductions.” The good news is, with proper early planning, you can take steps to keep more of the money that you’ve earned by reducing your tax burden – whether that’s through deductions or other proven tax strategies.  … [Read more...]

Customizing Your Accounting System for Business Expansion

SJG Accounting and Tax Services Alpharetta

Most of the time, when you hear the words “required” and “recommended,” one seems more imperative than the other. Rest assured, this is not the case with your accounting system. Although producing the right reports to comply with tax filing requirements is required, fully utilizing appropriate accounting systems, oftentimes overlooked or underutilized, is just as important to establish a strong financial and business footing. When you’re expanding a business, whether by location, business activity or product lines, your accounting system should be set up to produce three pieces of key information: Financial reports that highlight performance profitability by state, county, profit center, product line or business activity Comparative financial reporting (i.e., current period to year-to-date, current year to prior year and actual activity to budgeted activity) that can help to show trends Timely reports that help management and financial professionals with tax planning and tax … [Read more...]