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...]