Fort Lauderdale accounting firms - the trusted one for small business accounting

“Making accounting easier for small companies- and saving them the need to report some losses that big companies can face-has become the new preoccupation of the accounting profession. The American Institute of Certified Public accountants, a trade group, will announce on Monday that it has created a “framework” that would simplify accounting for such companies. It would differ from the “generally accepted accounting principles” or GAAP, that public companies must follow in a number of ways, large and small.” This article has been published on The New York Times online website www.nytimes.com on June9, 2013by Floyd Norris. This shows that small business accounting plays a pivotal role in shaping the economy and it takes quite a tedious effort to maintain the accounts of such companies as a whole. The small business owner has much more important things to do in business than keeping a track of their own books. The accounting firms that keep a track of their business accounts provide a gamut of services which can easily help them in putting their concentration on business and profits and not on petty things like bookkeeping and accounting.

The accounting firms which have dedicated bookkeepers and accountants provide a range of services which include reconciling their bank accounts, generating an income statement, generating a balance sheet, cleaning up the general ledger, and providing unlimited consultations. These provide the rock solid foundation for any accounting system. The companies that enroll with the accounting firms can even customize the package services provided by the accounting firms like payroll, tax planning, tax preparation and any other outsource services. When one talks about bank reconciliation it allows the small businesses to identify lost checks, lost deposits, and unauthorized wire transactions. It includes detection and prevention of excess or unjustified bank charges and ensures correct posting of transactions by the bank. It allows detects and prevents embezzlement of funds within the company. It also helps in the efficient management of cash for the company too. The preparation of the income statement of the accounting firms allows you to track revenues and expenses which help you in determining the operating performance of the business. It keeps a tab on the product returns or cost of goods sold as a percentage of sales and determines the income tax liability of your company too. The accounting firm prepares the balance sheet for the company which gives you a snapshot of the businesses condition at the specific moment of time.  It also maintains the general ledger which is the core of the company’s financial records.

So, consult a trusted Fort Lauderdale accounting firm in Florida today!

Accounting firms Fort Lauderdale - Providing a plethora of services for the individuals

According to Robert W.Moreschi, Ph.D., RFC of Virginia Military Institute in The Journal of Personal Finance an article called “A Pressing Issue for Financial Planning” states that “The “practice” of financial planning has become more sophisticate in the past several decades. The use of quantitative techniques to develop mean/variance optimal portfolios and probabilistic simulation models of asset spending, for example, has provided an air of scientific validity to planning. Yet all the computer sophistication available to planners is of limited value without an accurate understanding of the client. Truly successful financial planning will require advancement in advisor liability to know the client.” So the personal financial planning for the client is based on the accuracy of knowledge, technological upgradation and incorporation of the latest schemes that can help in maximizing the gains or profits for the client on the long run. The accounting firms that undertake the responsibility of helping the clients with the financial planning services do it in helping them to manage risks, improve performance and ensure the growth and longevity of the wealth.

The individual services provide by the accounting firms mostly comprise of the personal financial planning, estate planning and elder care services. The personal financial planning essentially incorporates myriad solutions through the proper channelization of your resources. The accounting firms that handles the clients portfolio on personal financial planning identifies the retirement needs, analyses the assets and sources of retirement income, reviewing the estimated shortfalls and finding the avenues to get rid of it. It also helps in chalking out your future plans of college education for your child. They usually help in developing an optimal savings plan given your financial situation and risk tolerance. It ensure that you have enough funds and available resources to combat any kind of emergency situations regarding your life, disability, health, home and auto insurance coverage. It also paves the path to maximize the value of your assets and investment returns and also ensures that you save your tax dollars, professional fees and court costs when you leave behind legacy for your heirs. The estate planning situation is another vital thing handled by the efficient accounting firms. Estate planning is a tedious task as it involves state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA’s, 401K’s, annuities, burials and cremation costs, and intent regarding death-poisoning treatment and many more.

So, it is better to entrust the responsibility of the personal financial planning and estate planning in the hands of a good accounting firm to keep the worries at bay. The accounting firms Fort Lauderdale provide a plethora of services for the individuals. So, get a free quote or consult the one of your preference today!