Atlanta Bookkeeper & Accountant Video Updates
This is a great talk with Jacob Soll, a professor at the Rutgers University. Jacob outlines why we as accountants embrace the ideal of transparency in business. Jacob comes from the primary perspective of public accounting, but his insight is important in both the public and private business areas. Why is bookkeeping and accounting important in small business? Every business owner knows the answer to this theoretically. Easy answer - you don't want to lose track of any money owed to you. Let's face it, revenues make the ship sail. Going one step deeper, we also want to track expenses and payables. Why? Small leaks, sink big ships (Benjamin Franklin). When companies need us to determine whether they have small and large leaks or whether they are not collecting all of the funds that are due to them, we dive deep. As Jacob Soll alludes to in his video, this is exactly what the large publicly held companies should have paid more attention to. prior to the fianncial crisis that we are deeling with today as a nation. It starts with basic, double entry bookkeeping. When a company uses basic double entry bookkeeping it enables us to explain in clear numbers the flow of capital and the livelihood of an entity. We report this on the Balance Sheet and Cheltenham bookkeeper the Statement of Revenue and Expenses. ------------This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided in this website is not all inclusive and such information should not be relied upon as being all inclusive. http://www.fusiontaxes.com/atlanta-bookkeeping-30306/atlanta-bookkeeper-video-updates/