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Accounting

Disclosure : Financial statements…

Disclosure : Financial statements...Disclosure : Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete if the three primary financial statements are not included. but a financial report is much more than just those statements. A financial report requires disclosures. This term refers to additional information provided in a financial report. Therefore, any comprehensive and ethical financial report must include not only the primary financial statements, but disclosures as well.

The chief executive of a business (usually the CEO in a publicly held corporation) has the primary responsibility to make sure that the financial statements have been prepared according to generally accepted accounting principles (GAAP) and the financial report provides adequate disclosures. He or she works with the chief financial officer or controller of the business to make sure that the financial report meets the standard of adequate disclosures.

Some common methods of disclosures include:

–Footnotes that provide information about the basic figures. Nearly all financial statements require footnotes to provide additional information for several of the account balances in the financial statements.

–Supplementary financial schedules and tables that provide more details than can be included in the body of the financial statements.

–Other information may be required if the business is a public corporation subject to federal regulations regarding financial reporting to its stockholders. Other information is voluntary and not strictly required legally or according to GAAP.

Some disclosures are required by various governing boards and agencies. These include:

–The financial Accounting Standards Board (FASB) has designated many standards. Its dictate regarding disclosure of the effects of stock options is one such standard.
–The Securities and Exchange Commission (SEC) mandates disclosure of a broad range of information for publicly held companies.
–International businesses have to abide by disclosure standards adopted by the International Accounting Standards Board.

Disclosure : Financial statements…  from Expert comptable Montpellier

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Accounting

Why Use Outsourced Accounting?

Why Use Outsourced Accounting cabinet comptable brestWhy Use Outsourced Accounting : there are many reasons why accounting is being outsourced more commonly by different types of businesses and organizations. Some may think that using outsourced accounting services is a bad idea because of less control and more costs, but that is a myth that has been proven wrong countlessly. In reality, there are greater benefits by outsourcing your accounting services, then by organizing your own accounting department or doing your accounting by yourself. We will go over the benefits of outsourced accounting and allow you to see why it is a popular action that many businesses and organizations are taking.

Using outsourced accounting services can actually save you money.

By outsourcing your accounting needs you do not need to hire employees an in house accounting department. This saves you not only money but also time. It costs time and money to find certified employees to operate your accounting department. With outsourced accounting service,s you do not need to worry about salaries, workers compensation, insurance, or many of the other expenses of having employees. Another great benefit, is that you do not have to worry about losing an employee and having to find another in house accountant to replace the one you lost. There are also many accounting firms that can integrate their services with your own accounting software so that it provides an easy accounting integration.

Another great benefit that also comes from outsourcing your accounting needs, is that you can focus more on the accounting data. This eliminates having to focus on entering your accounting information and allows you to look at your current situation and make plans for future improvements and developments with the data provided. By being able to maintain your focus solely on payments, invoices and profit and losses, you will be able to spend your time on finding better solutions and maintaining a better relationship with your suppliers and customers.

By using outsourced accounting services, you have a lower risk of error and problems with your accounting.

It is better to trust your accounting needs with a certified professional rather then trying to do your accounting yourself. Unless you are a certified accountant, you have a very good chance of making a error with your accounting. This chance of error is nearly eliminated when you use an outsourced accounting firm that specializes in the field. These errors can have a very negative and dramatic effect. Not only on your records of what is owed and needs to be paid, but also on your current costs and projections related to your profits and losses. By not properly and accurately maintaining accounting records, you run a high risk of failure with your business.

Outsourcing your accounting needs has proven to provide many benefits. These benefits will not only save you time and money, but will also provide solutions to help you grow and expand your business. This is based on the information you receive form your accountant. Accounting can be a very strenuous task that requires a lot of attention to detail, as well as knowledge about the field to have it done correctly. Because accounting can be outsourced so easily and can be done at a lower rate. First outsourced then in house, outsourced accounting has proven over time to be the best option.

This post has been kindly provided by Cabinet Comptable Brest

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Accounting

Tips On How To Reduce Taxes

 Expert Comptable Angers Taxes Fiscales
Concept of taxes paid by individuals and corporations such as vat, income and wealth tax. Tax payment. State taxes. Calculation tax return.

Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars: Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. It’s the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business owner hundreds if not thousands of dollars in tax liabilities.

Examples:

1. Advertising Cost – The standard deductions are always there, Newspaper Ads, Business Cards, Outside Signs, Yellow Page Ad….. But what about the one time cost for the Search Engine submission $450, or the renewal of your three domain names at $8.95 per name, and the special pay per click campaign of $720.00 Total $1196.85

2. And what about the little gifts you purchased for clients that had referred new clients to you? $25.00 each, 10 gifts. Total $300.00

3. Shipping cost, of yes, remember those 3 rush jobs when you shipped documents to the clients using Fed Ex? You don’t know where the receipts are, however, it was $17.50 each time. $17.50 x 3 = 52.50

4. Oh yes, what about that time you rented the carpet cleaning machine to clean the office carpet? It was cheaper then calling a professional carpet cleaning service or so you thought! $55.00

5. And don’t forget that your spouse’s boss’s son was selling that Pre-Paid Legal Service that cost $19.95 per month. It is to be used 100% for Business. Ya, I guess! OK, $19.95 x 12 = $239.40

6. Remember that time when the kids at the bus stop broke the office window throwing the football back and forth. You were so upset that you accidentally locked your keys in the office. $180.00 window replacement and $85.00 for a Mobile Locksmith. $180 + 85.00 = $265.00

7. Now, was there anything else besides paying your niece $25.00 a month to pick up the trash around the office building? $25.00 x 12 = $300.00

8. Yes, the Christmas party for the clients. $1500 for the caterer, $480 for the wine, $230 for the flowers and decorations and $350 for the Entertainment. Total $2780.00

What can you afford?

The total amount of legal tax deductions listed above is over $5,000.00. Can you afford to loose $5000 worth of deductions?

When you arrived at the Tax office, you forgot about most of the above deductions…no problem, because you had a GOOD Bookkeeper, and each month you fax your receipts, credit card statements and check book register to her. Her Bookkeeping Service provided Monthly reports as well as an Annual Report of your expenditures to your Tax Person. You had nothing to worry about!

Oh, that’s not how it happened?

Tips On How To Reduce Taxes

As it turns out many small business owners do not keep up with ALL expenditures each month. As a result hundreds of dollars and in some cases thousands of dollars worth of legal tax deductions are loss.

Maintaining recording and even faxing or delivering your receipts to your bookkeeper is a habit that can be developed. It is a habit that can reduce your tax liability tremendously.

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