In Pursuit of Profit - Blog - ASP

5/7/2019

How Long Should You Keep Business Records?

How Long Should You Keep Business Records?

A Business Owner’s Guide to Retaining Tax Returns, Financial Records and Key Documents

The sheer volume of paper that accumulates in a business can be overwhelming. Taxes, employees, assets, cash and credit accounts, investments, and accounts payable and receivable all generate a paper trail that can bury daily operations if left unchecked.

11/29/2018

Which Type of Business Entity is Best for a New Business?

WHICH TYPE OF BUSINESS ENTITY IS BEST FOR A NEW BUSINESS?

During the formation process, founders have an important question to answer – which business entity is best for my business?

Deciding among available business types is a decision that should not be rushed or approached casually.

8/8/2018

What do you Need to Reconcile a Bank Statement?

At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.

Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only.

7/25/2018

What is a Bank Reconciliation and Why is it Important?

BANK RECONCILIATION

The general ledger contains a record of a company’s cash transactions, and a bank statement tracks all money moving in and out of a company’s account. So, theoretically, these two statements should convey the same information and result in the same cash balances. However, in practice, this is rarely the case. Businesses of all sizes need to perform regular reviews, called bank reconciliations, to ensure that these two documents balance.

11/7/2017

What Businesses Can Do Now Before Filing Their Return in 2018

The most stressful time of the year for small business owners is tax season, which is why 70% of them choose to outsource their tax preparation, according to Forbes.

However, even if you hire a tax professional, you still have substantial work to do before filing your year-end taxes because the accuracy of your return depends on the information that you provide to your accountant.

11/2/2017

Be Prepared with this Accounting Year-End Close Checklist

Some companies close their general ledger earlier in the year and then wait until the end of the calendar year to close payroll, whereas other companies have a combined fiscal year-end close and calendar year close. Regardless of how your business chooses to handle the timing of closing activities, it will need to complete the end of year close accurately to give a complete picture of its financial position and plan for the coming year.

10/7/2017

Simplify with this Month-End Close Accounting Procedure Checklist

Month-end signals the need to tie all your journal entries together into a complete closing, which explains why it also strikes fear in the heart of business owners. Many owners dread this important step all month because they don’t have a clear picture of what they need to do to close correctly. They worry that they will miss an important step or miscalculate something that will substantially influence their financial documents.

6/1/2015

"TRUST" - IT'S NOT AN ACCOUNTING CONTROL

Have you reviewed your accounting controls lately? Do you have any? Accounting controls protect you and your employees. We have documented a few basic controls to consider for your company.

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