Closing Out 2019

As 2019 comes to an end, accountants across the United States will work diligently to close out their clients’ books, so that tax returns can be filed on time. As work stacks up, it is easy to miss a step in the closing process, which could cost time and money. If you are a new firm owner, it is challenging to know exactly what to do, and you may even…

California Independent Contractor Law – The ABC Test

The new law (AB5-2019) codifies and expands on an April 2018 California Supreme Court decision that set a strict new test for employers. Independent contractors must be free to perform their work as they wish, must be in a different line of work from the company contracting with them and must operate their own business. In April 2018, when the California Supreme Court issued an unprecedented ruling that undermined its…

Financial Statement Analysis

Financial statement analysis is the process of analyzing a company’s financial statements for decision-making purposes. External stakeholders use it to understand the overall health of an organization as well as to evaluate financial performance and business value. Internal stakeholders use it as a monitoring tool for managing the finances. Analyzing Financial Statements The financial statements of a company record important financial data on every aspect of a business’s activities. As…

Ledger for year-end audit - Coast Women in Business

Closing the Books at Year End

I hope that this hour will prove interesting and help you to stream-line your year-end closing process, thereby saving you time and providing you with important information to help you run a profitable business. Here is what we will be covering this morning: New California requirements for employee versus independent contractors Monthly/year-end closing checklist Using your annual financial statements to improve your business I have prepared a few handouts for…

Image: woman on ladder with task-oriented sticky notes - Coast Women in Business

Retaining Good Local Workers

Round Table: Cynthia Sharon, Margaret Fox, Terri Larsen At our October 2019 meeting, round table participants along with the audience discussed many helpful tips on hiring, retention, and incentives. Hiring Tips about hiring employees or contractors included: Loyalty is more important than competence Hiring deal-breakers (e.g., must be able to climb ladder, have smartphone, have transportation) Create employee handbook and contract (with two-week notice if employees decide to leave) Ensure…