10 min talk achieve dreams
DESCRIPTION
a 10 minute slide preseentationTRANSCRIPT
ACHIEVING YOUR DREAMS
Provided by your Financial Statements
With help from
Gay Hermann CPA Inc
Different Names for “Accountants”
• Accounts Receivable or Payable – record transactions• Bookkeeper - with or without training, records
transactions, limited analysis ability• Full Charge Bookkeeper – analyze transactions
• Para-Professional - bookkeeper with some accounting training, in CPA office
Different Names for “Accountants”
• Certified Accountants - 4 to 6 years of training, Certification by StateFirm-level Peer Review
• “Chief Accountants” – usu CPA’s that have lost or given up their certification
What to look for in a CPA
Member of the AICPA and the Ohio Soc of CPA’s
Make sure your CPA’s firm is peer-reviewed
Ask other businesses for references
Make sure CPA’s background and expertise fit your company’s business and your goals.
FINANCIAL STATEMENTS
Balance Sheet
Income Statement
Cash Flow Statement
ACCURATELY REFLECT A COMPANY’S FINANCIAL POSITION
FundamentalsThe Profit and Loss Statement
2003 2002
Revenues $ 2,133,902 $ 1,566,978
Cost of Goods Sold $ 1,304,303 $ 1,085,100
Gross Profit $ 829,600 $ 481,878
Operating Exps $ 423,827 $ 317,990
Net Income(Loss) $ 405,773 $ 163,888
FundamentalsThe Balance Sheet
2003 2002
Assets $ 482,063 $ 364,781
Liabilities $ 323,411 $ 219,633
Owners Equity $ 158,652 $ 145,148
Total Liabilities & Equity
$ 482,063 $ 364,781
It’s the quality that counts,
Not the format of the numbers
CPA generated Financial Statements Give Quality Assurance
What a CPA does
Numbers are just numbers if they are error-riddenThey are not information. They cannot be relied upon to make business decisions
A Tax Compilation
The CPA takes your numbers
Adjusts for depreciation
Adjusts for “impossible” numbers
Applies tax rules and regulations
Puts numbers in the return
No Quality Assurance
NOT for making business decisions
A Compilation
Takes your numbers
Reconciles a few key accounts
Makes adjusting entries as needed to achieve a correct balance in the account
Prepares financial statements
Writes an opinion as to the level of reliability
A Review
Takes your numbers
Reconciles most accounts
Analyses certain key accounts for accuracy
Makes adjusting entries as needed to achieve a correct balance in the account
Prepares financial statements
Writes an opinion as to reliability
Usually has footnotes to explain some accounts in greater detail
What Do You Need?
• EVERY COMPANY IS DIFFERENT
• EACH COMPANY WILL NEED A DIFFERENT LEVEL OF SERVICE
Budgets and ProjectionsAccounts Receivable AnalysisAnalyzing Operating CostsSmall Business Loan ApplicationsChoice or Change of EntityRetirement PlanningInsurance CoverageEstate Planning
Other Services
My business is to help Your business To Grow Using my Close Personal Attention
In my office CPA means ClosePersonalAttention
Using Close Personal Attention
You Can Achieve Your Goals