THE POWER OF CONTROLLERSHIP: MAXIMIZING PROFITABILITY AND FINANCIAL INSIGHTS
As a business owner or executive, do you truly understand the drivers of your company’s financial performance? Can you quickly and accurately answer critical questions like: If you can’t confidently respond to inquiries like these, it may be time to consider the immense value provided by an outsourced Controller. What is Controllership? Controllership in accounting […]
UNPACKING YOUR SALES CHANNELS: USING ACCOUNTING TO OPTIMIZE REVENUE STREAMS
As a business owner or leader, you’re constantly juggling multiple sales channels and go-to-market strategies to drive revenue. You may have a direct sales force, an e-commerce website, distributors or value-added resellers, affiliate marketing programs, and more. But do you really understand which channels are your highest performers versus underachievers? Which sales motions yield the […]
DIFFERENCES BETWEEN ACCOUNTING AND INCOME TAX SERVICES
Accounting and income tax services are both related to finance, but they serve different purposes and have distinctive characteristics: Accounting: Income Taxes: Key Differences: Additional Points: In Summary: Both play crucial roles in understanding your financial situation, but they serve distinct purposes and operate under different sets of rules. Silicon Valley Accounting Solutions is an […]
ACCOUNTING: FINANCIAL STATEMENTS – PART 5
Related Reports: Within this series we have addressed the 3 basic financial statements to disclose what they are, what they mean, and how to use them. They form the basis of the financial reporting package for a company. There are, however, a number of other financial reports that help the business owner delve into specific […]
ACCOUNTING: FINANCIAL STATEMENTS – PART 4
Cash Flow: A Statement of Cash Flow organizes the company results in a manner to show what elements brought cash into the company and which activities required cash outlay. Like the Income Statement, it covers a specific period of time. For companies using purely cash-based accounting, there will be little difference between the Income Statement […]
ACCOUNTING: FINANCIAL STATEMENTS – PART 3
Balance Sheet: So far in this series, we have identified the basic financial statements and delved into the key elements of the Income Statement. This installment addresses the Balance Sheet, a statement of what remains at a single point in time during the life of a business. If a company only conducts transactions in cash, […]
ACCOUNTING: FINANCIAL STATEMENTS – PART 2
Income Statement This series began with a general introduction to the three basic financial statements. Now, we will take a closer look at the Income Statement, often referred to as Profit and Loss or P&L. The Income Statement reports the outcome of the company doing business over a period of time (such as a month, […]
ACCOUNTING: FINANCIAL STATEMENTS – PART 1
Just the basics for now: Financial Statements may sound too much like a ‘big company’ or CPA term to many small business owners but it need not be intimidating and, once understood, will be a very helpful tool for your company. To begin this series, we will address the 3 basic financial statements to disclose […]
WHAT QUALIFIES AS A RECEIPT
To be accepted as proof of an expense, a “receipt” must include the following information: For an expense to be deductible on a business tax return, it must also reference the purpose or nature of the expense. The explanation must connect the benefit received to the business activity. Although, the IRS rule is that only deductions in […]
RECONCILE BANK ACCOUNTS
The Why and How of Reconciling Bank and Credit Card Statements A staple of monthly accounting activities for most companies (and many home money managers) are bank and credit card reconciliations. It is not uncommon, however, to hear “why bother?” Well, the truth is that “what you don’t know CAN hurt you” and, all too […]