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Yearly Archives: 2022

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USES OF FINANCIAL REPORTS

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.

Employees need these reports in making collective bargaining agreements with the management, in the case of labor unions or for individuals in discussing their compensation, promotion, and rankings. Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are used by investors and prepared by professionals (financial analysts), thus providing them with the basis for making investment decisions.

Vendors who extend credit to a business require financial statements to assess the creditworthiness of the business.

Government also produces financial reports to stay accountable to the public and people. The rules for recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. The requirements for non-profit financial statements differ from those of a for profit institution and therefore, will not be discussed.

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Reasons You Need a CPA For Your Medical Practice

“Be a physician, not an accountant”

A professional accountant who is specialized to handle accounting for medical practices can not only help you to manage your finances, more effectively and efficiently but also help manage your practice. The right CPA is able to save you time and money. In medical practice, the CPA and Physician work together to review the management of the practice, give advice, and share different ideas. Financials are prepared and reviewed, and based on that, changes are initiated if necessary. This includes close work between the office manager of the medical practice and the CPA. By the time the CPA and physician meet, many problems are resolved, leaving more time for high-level discussions.

What can a CPA Do?

CPA has expert knowledge of how a medical practice should be managed.
The CPA understands the revenues and expenses related to medical practice.
CPA would be able to save money on taxes.
They are capable to help you with miscellaneous financial issues related to your practice.
CPA has expertise in the regulations and taxes related to the healthcare industry.
CPA’s are skillful to help you create a chart of accounts and put a system in place that will prevent any form of fraud or money mismanagement.
CPA also helps with long-term planning and budgeting, which will ensure good financial status throughout the year.
Your accounting would be handled according to updated rules and regulations.

Accounting Services for Doctors?

Bookkeeping
Accounts Payable Management
Payroll processing for all employees
Regulatory
Financial Analysis and Analytics
Working with a CPA firm would give you access to these services, and also provide the resources to sharpen the business side of your practice. These consulting services can help you decide where your practice is and how you want it to grow.

You can highlight your weak areas and where it needs to improve, and you can plan for a future where you can make those improvements and control your practice.

“Behind every good business is a great accountant”

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WHY CHOOSE A PROACTIVE ACCOUNTANT

“Some people create their own storm, and then get upset when it rains”

Proactive Accountants

When you’re the CEO or Director of a small to medium-sized company, you can get stuck with everything it takes to keep the show on that road when you do your Accounts on year-end. But it doesn’t have to be like that. Look around you and you will see directors of similar businesses or companies looking relaxed and happy. These are the company owners who have a proactive accountant on board, allowing them to sit back and work behind the screen.

For any small business or company, the benefits of working with a proactive accountant are countless overall accounts managed daily, VAT returns, and payroll. It also helps with the other extra things, such as long-term planning and budgeting, which will ensure healthy financial status throughout the year.

So, if you’ve been doing your books up until now or are not happy with your current accountant, here are some reasons to choose a proactive accountant.

“A proactive accountant should be next on your priority list”

Benefits of Proactive Accounting

No worries to get year-end done

They have everything in place to submit the accounts at year-end. That’s because they know that good organization and a proactive, rather than reactive, the approach is an essential part of running a business fluently. Commercial awareness is always the knowledge of how and where your business would fit in the market. It’s about knowing your craft. Would also be up-to-date with all the updated rules and regulations, you need to make sure your business is registered correctly and, above all, it must be giving you relaxation over your mind and your accounting has been done correctly.

The chance to make plans:

Getting your year-end accounts done in good time allows you to budget and plan, as well as to set the required objectives for the year ahead. It should be assured that any potential problems have already been identified and dealt with in advance, the cash flow remains healthy throughout the year and you are fully aware of what or how you can spend and where you should save. By minimizing the impulse buys and identifying the opportunities for growth in advance, there’s a chance to maximize your income over the year.

Get on with what you do best:

You’re great at what you do and by employing a good accountant; you would free up the time by focusing on the growth of your company and discovering greater opportunities for success. Not only should a good accountant know how to do your books online, but they would have an excellent knowledge of the latest accounting software and systems, that would make the whole process convenient and stress-free.

Time and money Saver:

Having a proactive accountant works for you would; not only save your time but would also save your money too. A good accountant would always proactively look for ways to maximize any deductions and bring down the amount of tax that you need to pay, not to mention saving your money throughout the year.

Get help and advice:

As well as taking on tasks such as your year-end accounts and helping you make the most of your annual turnover, your accountant must be able to offer advice on anything from designing new, more effective, accounting systems, for the sensible investments and exit plans. Remember, your accountant should always be a professional yet approachable, so you would always feel comfortable to approach them for help, support, and advice throughout the year.

Don’t leave your year-end to the last minute. Find out how our proactive accounting services can help your business- book an appointment here or call at 214-253-8515.

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PROPER INVOICE INFO

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.

Employees need these reports in making collective bargaining agreements with the management, in the case of labor unions or for individuals in discussing their compensation, promotion, and rankings. Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are used by investors and prepared by professionals (financial analysts), thus providing them with the basis for making investment decisions. Vendors who extend credit to a business require financial statements to assess the creditworthiness of the business.

Government also produces financial reports to stay accountable to the public and people. The rules for recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. The requirements for non-profit financial statements differ from those of a for profit institution and therefore, will not be discussed.

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