Marcus, Fairall, Bristol + Co., PLLC

Accountants would be defined as follows: An accountant is a professional who performs accounting functions such as  audits or financial statement analysis  as well as prepares tax returns and helps those that need tax problems resolved.  As a fairly new specialty, Forensic accountants work with historical records to find answers to questions specified in the project's scope of work.  Typically, these engagements are legal in nature and often Forensic accountants are hired by attorneys. Accountants must  abide by the ethical standards  and guiding principles of the region where they practice, such as the International Financial Reporting Standards (IFRS) or  Generally Accepted Accounting Principles  (GAAP). The most common accounting designations are the  Certified Internal Auditor  (CIA),  Certified Management Accountant  (CMA),  Certified Public Accountant  (CPA), and  Certified in Financial Forensics ...

As a small business owner, you may realize the importance of accounting in your business. Accounting helps your business reach success by knowing the needed information regarding cost and earnings, profit and loss, liabilities and assets for decision making as well as the activities for planning and control measures within the business.  Accounting not only gives you a general understanding of your business’s financial status, but it may also make your clients value your business. How?  Related Articles What Does an Accountant Do? When to Hire a Forensic Accountant How Small Business Owners Can Manage Their Accounting Stable financial status When your business has stable finances, it will let you have an accurate view of how much money is coming and going, thus it will enable you to predict future revenues and expenses accurately allowing you to set aside enough cash to keep your business afloat in times of crisis.  Having a stable financial status in your business will a...

Financial planning is the process of documenting your current financial situation and setting future monetary goals. This process is utilized both by individuals and their families, and executives and their businesses. By considering financial assets, equity and liabilities one can get a clearer picture of both micro and macro activities necessary to achieve their goals. Why is financial planning important? Planning and logistics are essential to both businesses and individuals. Imagine driving to an event without a map or navigation tool… yeah it wouldn’t work out well. How do you expect to achieve your financial goals without any planning? By writing specific goals, with deadlines and actionable steps, companies and individuals can experience both survival and growth. It helps reduce the risk of various decisions and ensures the longevity of both an individual’s cash flow and a business’s revenue. Additionally, it can help the company adapt to changes in market trends that can be ove...

When running a small business, you should have a basic understanding of accounting. Knowing the basics will make you feel confident in the future of your business, and you’ll have better knowledge to plan for your long-term financial success. As a small business owner, accounting helps you track and manage your money effectively, especially if you’ve just launched your business recently.  Organize your books Start by establishing a regular practice of compiling bank statements, recording transactions such as purchases, sales, cash receipts, etc, and how to categorize them.  As a new business owner, you can manage your bookkeeping needs by using a simple spreadsheet that allows you to break them down into categories that will represent the different streams of income that your business has. However, using a spreadsheet may become confusing, time-consuming, and prone to manual errors. Additionally, as your business keeps growing, using a spreadsheet is no anymore advisable. Henc...