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...]

Step-by-Step Accounting for Successful Business Expansion

Tax Accounting Business Expansion SJ Gorowitz

If you’re planning for business expansion into another state or country, the nature of your business will dictate reporting requirements, regulations, and best practices. Customizing your accounting processes is a vital part of the planning process. … [Read more...]

The Seven Most Important Considerations For Expansion

SJ Gorowitz Alpharetta Accounting Expansion Advisory

By nature, most entrepreneurs and business owners are goal setters, innovators and challenge seekers. You started with a vision and built a reality. You’ve weathered challenges, opportunities, ebbs and flows. For many, once that first step of business creation is firmly placed, there’s already consideration of what the next one might be.   For many business owners, that next step is an expansion. Whether it’s imminent or a strategic long-term goal, expansion planning is a smart exercise in market knowledge, operational readiness and structural reliability. … [Read more...]

July 2015 Newsletter

Three steps toward securing financial health As a small business owner, you probably spend almost as much time planning and managing your financial priorities as you do on your business. You have daily, weekly, monthly and quarterly to-do lists. Knowing what to prioritize and how to keep everything working smoothly takes solid planning - and reliable support. Record Retention Sustaining smooth, useful financials starts with knowing what records you should keep and how long you should retain them. The right information helps you to do things like map your business progress, understand your best sources of income and deductions, and remain on top of your business and personal taxes. In general, determining how long you should keep a record is based on the action, expense of event that the document records. This is one of the questions we answer most frequently at S.J. Gorowitz Accounting & Tax Services, P.C. As we approach tax deadlines, now is a great time to make sure your … [Read more...]