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​In Pursuit of Profit

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8/28/2018

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Closing the Books for Businesses That Are No Longer Operating

 
Closing the Books for Businesses That Are No Longer Operating
When preparing for business operations to cease, there are numerous factors to consider, including closing the books. Ensuring the final close is done accurately is crucial for protecting financial interests and complying with business regulations.

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8/21/2018

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How to Prepare a Bank Reconciliation

 
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Performing a bank reconciliation can be daunting for any business owner or employee who is tasked with the job for the first time. Matching the inflows and outflows of cash from the business ledger to the beginning and ending bank balances can get complicated, especially for high-volume accounts. 

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8/19/2018

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Accounting Solutions PARTICIPATES WITH FOUNDATION SUPPORTING CHILDREN'S SERVICES

 
ASP PARTICIPATES WITH FOUNDATION SUPPORTING CHILDREN'S SERVICES
As many of our readers know, Accounting Solutions Partners'  close partnership with CFO Selections often brings the associates of our two firms together in client engagements.  We are excited to announce that we are also joining with CFO Selections in directly funding the CFOS Foundation, a local foundation that provides time, talent, and treasure to children in need  in Washington state.

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8/14/2018

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Typical Bank Reconciliation Problems for Small Businesses

 
BANK RECONCILIATION PROBLEMS
Bank reconciliations are rarely simple. Typically, accounts do not instantly reconcile, requiring at least some degree of investigative work to determine where discrepancies are originating from and which financial entries need to be booked to keep records aligned. In other cases, lingering reconciliation issues can identify the need for different business partnership payment terms, banking options, or withdrawal protections.

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8/8/2018

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What do you Need to Reconcile a Bank Statement?

 
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At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.
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Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only. 

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