Coaching the Entrepreneur: Learn how to know what you don’t know. How much should I spend on accounting for my company? I have been in the accounting profession for 32 years, and for the last 6 years, I’ve owned my own consulting firm to assist companies with accounting challenges. There is one common theme that I
Is your company maintaining accurate, U.S. GAAP-compliant financial records? Are you relying on a Tax CPA vs managerial accountants? Do you struggle to afford the professional, qualified accountants your company needs? These are some of the most common challenges we see working with companies of all sizes across industries. Art Goetz sits down with the
The Accounting Gap: It’s unfortunate, but true. A large gap exists between the accounting departments of large or publicly traded companies and smaller or private companies. In our past 25 years of consulting we’ve noticed that more often than not, these smaller/private companies will fill the gap with Bookkeepers, rather than the degreed Accountants/CPAs they
Building your Accounting Department… When I meet a business owner operating at a successful $10+ mil in revenue I often hear them say “My CPA…” and I immediately know they are referring to a tax CPA. One thing ALL entrepreneurs have in common is that they have to file a tax return. So from day
M&A Current Environment 2020 and 2021 have been record years for mergers and acquisitions (M&A) despite COVID19. Liquidity in the marketplace, abundance of retiring baby boomers, and low interest rates continue to fuel the M&A market. This seller’s market has allowed multiples for selling businesses to remain at high levels. Investment bankers representing sellers are
See Also: Gross Profit Margin Analysis Retail Markup Chart of Accounts (COA) Margin Percentage Calculation Markup Percentage Calculation Margin vs Markup Differences Is there a difference between margin vs markup? Absolutely. More and more in today’s environment, these two terms are being used interchangeably to mean gross margin, but that misunderstanding may be the menace
See Also: Margin vs Markup Margin Percentage Calculation Retail Markup Gross Profit Margin Ratio Analysis Operating Profit Margin Ratio Analysis Markup Percentage Definition Define the markup percentage as the increase on the cost price. The markup sales are expressed as a percentage increase as to try and ensure that a company can receive the proper
A strong economy drives business growth. I think most of us can agree on that. Growth is usually good… But if it is not controlled growth, it simply will not be sustainable. In this blog, Pitfalls to Avoid When Growing Your Business, I outline several pitfalls to avoid when growing your business (especially in a
See Also: Double Entry Bookkeeping Journal Entries For Factoring Receivables Accounting Principles Accounting Concepts Adjusting Entries Role of a Company Back Office Journal Entries Definition A journal entry is a recording of a transaction into a journal like the general journal or another subsidiary journal. Journal entries for accounting require that there be a debit and a
See Also: Chart of Accounts (COA) Problems in Chart of Accounts Design Complex Number for SGA Expenses Role of a Company Back Office Standard Chart of Accounts In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. Furthermore, the company chart of accounts is basically a filing system for categorizing all of
See also: Commission Accounting PEO Arrangement Compared to Outsourcing Payroll Direct Labor Pension Plans Federal Unemployment Tax Act (FUTA) Outsourced Accounting Services Payroll Accounting is the function of calculating and distributing wages, salaries, and withholdings to employees and certain agencies. It is generally done through different documents such as time sheets, paychecks, and a payroll
See Also: Accounting Income vs Economic Income Accounting Fraud Prevention using Quickbooks Accrual based Accounting American Institute of Certified Public Accountants Auditor The Future of the Accounting Workforce Firms who are hiring new accountants or accounting majors have to understand where the newer generations are “coming from,” as a Boomer (born 1946-1964) might say, to target a style that will bring out the next
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