Five Questions to Ask to Put Your Financial Books in Order for 2015

SJG Business Advisory Alpharetta

As we approach the end of 2014, many small businesses are looking eagerly at the potential in 2015. Knowing how to close out the year at hand is vital to starting your businesses off on the right foot in the new year. With five simple questions, you can make sure your financial books are in order, helping you to gauge the health of your business and plan with confidence. Here are the five questions to ask as you plan toward a successful 2015. Do you have multiple businesses? Is your accounting and record keeping set up separately for each company, and kept separate from your personal finances? Making sure you have a clear picture of operations is Step One to good financial management for your business and your personal finances. Are your records current? Do your financial statements show, with certainty, where you stand in terms of cash, accounts receivable, accounts payable, net income and gross profit? Keep all records current and formatted in a clear, usable document that … [Read more...]

Stacey J. Gorowitz Awarded Accounting and Estate Planning Professionals Award

Five Star Accounting and Estate Planning Professionals Award

Stacey J. Gorowitz, CPA, MBA is CEO of  S.J. Gorowitz Accounting & Tax Services, P.C., a boutique CPA firm supporting expanding and emerging businesses and their owners. In October, Atlanta Magazine and the Five Star Professional Organization awarded Stacey with the 2014 Atlanta Five Star Accounting and Estate Planning Professional Award. This honor was bestowed upon less than one percent of Certified Public Accountants who satisfied the ten eligibility and evaluation criteria, which included years in practice, an excellent client retention rate and favorable regulatory review. We exist to help companies and their owners to meet their immediate financial and business goals, and help them to lay a groundwork for success going forward. We provide consistently excellent service and current, reliable CPA focused knowledge that takes into account the goals of our clients, the specific nuances of their industry and the economic climate as a whole. This award is wonderful recognition … [Read more...]

Are Your Books A Mess?

SJG Business Advisory Alpharetta

By Stacey Gorowitz, CPA, MBA Just as in personal life, most of us are eager to start our businesses off on the right foot in the New Year. One of the best places to focus attention on is bookkeeping and accounting. If you’re on top of this, you’ll have a good view of the health of your business and be able to make informed decisions as the year progresses. And yet, it’s very common, even for successful companies, to let accounting take a back seat to other operational areas. Here are some questions you should ask yourself as 2014 begins. They may help you find out just how much work you need to do to get your books into shape. Do any of these scenarios sound familiar to you? If you have several businesses, is the accounting and record-keeping set up separately for each company and separate from your personal finances so that you have a clear picture of operations? This is step one to good financial management for your business and your personal finances. Can you look at … [Read more...]

1099s Repealed for Corporations! So Do You Need to File Them at All?

1099 image

By Stacey Gorowitz, CPA, MBA Although the IRS officially repealed the onerous expanded information reporting requirements for payments made to corporations, the stakes are higher with enhanced penalties for failing to file 1099s when required. Here’s a brief summary explaining when and to whom you do need to file Form 1099 for 2013: When: 1099s are required to be sent to vendors by January 31, 2014 and the corresponding 1099s and summary form 1096 are required to be sent to the IRS by February 28, 2014. Who: All individuals and partnerships including certain corporations to whom you’ve paid $600 or more during the year must be issued a 1099. Individuals would include nonemployees (EX:  Day laborers or subcontractors), etc. Additionally, 1099 reporting is also required for: Rental payments for office space, as well as equipment and machinery. Royalties paid of $10 or more are also included in the 1099 reporting requirement. There are a few exceptions to the general … [Read more...]