ATA Accounting Implementation Course
What is accounting implementation? Just as the term sounds, we will implement accounting or the accounting processes into your business. Most business owners do not realize the full responsibilities and tasks associated with accounting.
Why Accounting Matters
Accounting is more than bookkeeping, but most people do not understand how to properly record their transactions. Strangely I have met people that think the bank transactions are enough and I am here to tell you it is not enough detail for proper recordkeeping. Bookkeeping is the process of recording all business transactions in one place. Bookkeeping is a record of activities or tracking and hence the name bookkeeping. Proverbs 27:23 KJV- Be diligent to know the state of your flocks, and look well to the herds. Relating today includes obedience to YAH, mental health, children, physical health, home, cars, animals, the food we grow, land but also money supplies while we have them.
Accounting however uses bookkeeping to help you (1) maximize your income potential, (2) product and service development and streamlining, (3) business process optimization, (4) inventory maximization and management, (5) budget, (6) planning, (7) manage taxes to keep them low and under control, (8) assist with meeting compliance aspects for all business owners.
Many People Oversimplify Accounting
I know people think accounting can be caught up in a day or so by a professional. However, it is not that simple. Catching up a year or years’ worth of information often takes weeks or months to gather all the information into one place and correctly. Accounting software houses the information, but it does not complete the entries for you. You still must go in an assigned classification, and you need to know the correct classifications. An accurate accounting file will make reporting much easier and give you more detailed data for business planning and filing taxes. We do not guess but estimate taxes. People want a simple answer to avoiding taxes but tax avoidance is never the answer. Just about everyone must pay taxes. Did you know even the low income and the rich have to pay taxes? I find that people do not understand taxes and often operate off tax myths that will increase their tax bill. Oversimplifying accounting will limit the benefits of work with an accountant and is costly and time-consuming down the road to clean up and fixed issues.
Properly Tracking Owner’s Investment
The next problem we have is properly tracking owner investment. There is a clean way to invest in your business and it is impacted by your business structure. You also have a procedure for how you withdraw or pay money out of the business. Most business owners do not realize how they impact their taxes by not properly taking out money. There are tax-able owner payments and non-taxable owner payments. Learning the difference will help to eliminate the confusion at the end of the year when you owe more in taxes than you thought you should owe. How you track outside funding such as investing in your business is important. Many business owners have fallen into a money pit of taking money out of the business the incorrect way. Learn how to properly manage owners' investment and pay in this training course.
Profit is what is left after spending. I am seeing an alarming rate where people believe all the revenue is their profit but are confused when they can not cover business expenses. You may be surprised but these people also expect free labor. However, taking money out for personal use before business will result in higher taxes. We will talk about profits in this course.
Misunderstanding the Difference Between Employees and Contractors
Although I have touched on this in my blogs I will go more in-depth in the course to help you see the comparison in your numbers. Many people love the prestige of saying I have employees, but the cost of an employee may not fit with your business budget or vision. Also, depending on the type of help you need a consultant may not be the best fit either. I will explain the pros and cons and look at an example budget for your business. Before you call someone an “employee” can you afford what they need from you? Or can you afford the compliance and tax responsibility for hiring an employee?
How to Properly Handle and Manage Sales and Revenue
Many business owners believe they understand their sales and pricing and how it all relates. However, I have watched people struggle month to month even with a high volume of sales. Why? We will cover the truth about creating revenue and how revenue and profits are different. We will talk about pricing and how to use accounting software to give you a realistic view of what is coming in and out of the business each month. I will use examples with Zoho Books to demonstrate the features for managing your receivables and how this process will cut down on missed payments.
Managing Banking and Distribution
Managing money within a business can often feel overwhelming and often people fall behind and experience those dreaded bank overdraft fees. Bank overdraft fees can quickly add up over time but is also one of the most flexible business expenses. Because checks take longer to post, if you still use checks, we can easily get distracted with the day-to-day work and spend something that has not cleared the bank. Just eyeballing your daily balance requires additional steps to complete the process to help you distribute your money. We will also talk about how to properly assign money and you will quickly see how this step will help delay impulsive spending. Delayed gratification, not on labor or paying taxes, is one of the most important keys to wealth building. Delayed gratification is the top habit the rich use to increase their money reserves.
Misunderstand Different Tax Types and Your Taxes
Most people do not understand there are multiple tax types and if your state does not have an income tax you will have to pay federal income taxes. If your state does not have sales tax you may have state income taxes. Some states have other taxes for the cost of doing business. Payroll taxes are due even if you are considering a tax-exempt entity. Many people do not understand being tax-exempt does not apply to all taxes. I will break out the most common taxes for the for-profit small business owners in this course. Learn more about why you still receive a tax bill even if you do not collect sales and use tax. Learn more about avoiding non-profession tax advice and why “free” advice will cost you later.
Misunderstanding Payroll Taxes and Self-Employment Taxes
Many people do not understand that the owners' pay will fall into a tax type depending on your business. What are owners draw? When should you pay payroll? If an owner is an LLC and has employees is that pay taxable if the owner's pay is a flow-thru? We cover the important differences between these taxes and how they are basically the same but different in this course.
Did you know business taxes are also related to self-employment taxes? How is that related? Because most people think they avoid the dreaded “double taxation?” Yes, I can certainly understand but we will cover more about the business taxes and if you are in business, you will pay some sort of a tax.
We will work to pull all these topics together in the final module. The accounting implementation course contains valuable steps for setting up your business accounting correctly. We will pull all the pieces together, in the end, and this course will help you to optimize your accounting business processes to produce more profit. All businesses must make a profit and if you do not you will soon close. Did you know even a not-for-profit has to have a profit? The difference is they do not pay taxes on the profit, but they still have to pay other taxes. What are those taxes? We will cover various topics for your business. The accounting implementation course contains videos, worksheets, and quizzes with collaboration with me an experienced accountant. You can schedule appointments for your individual business needs as this course is a general course and is not made specifically for one person. Having your accounting process tailored (customized) for your business is a separate project service that I provide. Implementing accounting will not happen overnight and is a series of steps, testing, improving, updating, adding, and eliminating things over time. The accounting implementation course will save you time and money as it is available to you according to your schedule to reference at any time over this process.
I look forward to working with you in this process of implementing accounting and avoiding the missed profit that comes with not having a written plan, direction, or accountability in your business. Accounting will empower you to grow and become a sustainable business.
The Course Outline:
- Lesson 1: Why Accounting Matters
- Lesson 2: Business Formation How to Select A Business Structure
- Lesson 3: Business Banking Suggestions
- Lesson 4: Employee or Contractor
- Lesson 5: Business Processes and Organization for Accounting
- Lesson 6: Self-Employment Taxes and The Flow-Through Entity
- Lesson 7: Payroll Taxes
- Lesson 8: Business Taxes
- Lesson 9: Review Your Accounting Steps
More lessons to come because I love how I can continue to updated and evolve my course for the latest information at no additional cost to you.
The course is $475.00 and very reasonably priced considering this would normally cost you $3000 plus for this information. You will receive 21 learning videos (videos are for examples and illustration for training purposes only). You will also receive a quiz with each lesson and collaborative worksheets while you work through the course.
You will also receive a coupon for $135 off of the pricing course when you take this course.
If you are interested in purchasing this course or if you would like to know if the course is a good fit complete the following questionnaire.
Y. Michelle Coard, B.A.S, A.A.S
Text: (919) 346-8385 /Phone: (919) 346-8385, please leave a message
Normal Business Hours: 9:00 am to 5:00 pm Tuesday through Thursday
Client Contact Hours: 1:00 pm to 5:00 pm Tuesday through Thursday
Accountant in Fuquay, Small Business Accountant, Virtual Accountant, Mastering Money Management In Business, www.bpaccountingsolutions.com, Hebrew Business Owners, Accounting Profit Strategist, Y'Isreal, Accounting Implementation Course