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I was given a suggestion a few weeks ago to write some articles, centered around these topics (Accounting and Bookkeeping, Financing, Operational and Tax considerations) focused toward those Business clients that are part of my Firm’s ideal client niche. It’s my hope that this article – “For Transport & Logistics Providers – A Strategic/Tactical Overview,” […]
One of the more challenging conversations I’ve had with some of my Clients concerns the implications to their business if they treat their Business like an ATM. Aside from taking a reasonable salary (a requirement for S-Corporation Owners/Shareholders), the act of taking money out of your business does not reduce the Company’s profitability. This continues […]
Even though tax season has officially ended, if you have tax debt and/or have been notified by the IRS, you need tax debt representation. Let’s face it. If you have tax debt with the IRS, the situation is unnerving and stressful. The IRS is the largest collections bureau in the world and the tax code […]
We’re often asked, “Why should prospective Clients choose Engineered Accounting Solutions? First and foremost, it’s because we strive to understand your business better than any other Accounting, Advisory or Tax Firm! It’s simple. To truly be effective and make a difference, an Accounting, Advisory or Tax Firm needs to understand how your business functions. How […]
No Accounting or Tax Blog would be complete without an article or link to an article concerning potential IRS red flags that increase the risks of an Audit or Examination. Nothing earth-shattering or revolutionary here…this subject has been covered many times, by many Authors. But this is my take in my own words. The purpose […]
Top 5 Small Business Inflation Strategies – short 3-5 minute read from CFOshare: click HERE to link to the article. Should you wish to discuss additional strategies or need help implementing them, Contact Engineered Accounting Solutions.
Engineered Accounting Solutions, LLC Announces the expansion of services and re-launch of its website – Woodhaven, MI., October 2021 Press Release – To further distinguish its practice, Engineered Accounting Solutions announces its expansion into Tax Resolution and the re-launch of it’s Website. Re-Launch of Website – Enhancements and Improvements Regarding EAS’s Website, Mike Faremouth, […]
If you have difficult customers or clients that routinely give your business a hard time, do you quantify the cost of continuing this relationship and include this in a measure of customer profitability? If you do not, you should. Rework Costs and Customer Profitability – Service Business Example Here’s a simple example related to re-work […]
September 2020: Stock & Debt Basis Overview with Examples and Planning Tips for Partners and (S-Corp.) Shareholders
Building on my August 2020 newsletter, I want to tackle a tax topic specific to Partners (Partnerships) and Shareholders in S-Corporations, namely, Stock and Debt Basis. This is a fairly complex topic, so I’m not going to go into a lot of detail. This letter is to provide an overview of what Stock and Debt […]
August 2020 Newsletter – Entities; Deductions, and Pricing An old proverb once stated, “May you live in interesting times.” But interesting is not how I would classify the current situation, and problems facing our country. Still, I hope that you are making the best out of these troubling times, that you and your family are […]
The importance of grasping and having a solid foundation of financial concepts relative to your small business is extremely important. If you’re in business, an Investor or you just like to read the business press or news, you’ll often hear words or phrases like, “This Company makes Money,” “Gross Profit,” “Margins,” “Earnings,” or maybe “Working […]
Accuracy in Accounting & Bookkeeping Accuracy in Accounting and Bookkeeping, matters and the (negative) consequences to Small Businesses that do not consider this as fundamental to their operation cannot be understated. I’m not just writing this simply because my livelihood is derived from doing this for Clients. All businesses, large and small should have competent, […]
When it comes to Employer Identification Numbers (EIN) having more is not better, in fact, it could lead to a lot of grief and have you reaching for the Excedrin. Let me start with a few definitions to frame this: EIN’s also known as, Federal Employer Identification Numbers or FEIN’s are used to match a […]
Here are a few Accounting & Bookkeeping tips to improve the accuracy, appearance and structure of your financial statements. (A) Method to Address Vendor Purchase Returns If the return was made for cash: create an asset (Bank) clearing account, I use Cash on Hand. If the return was made for credit, assuming the credit card […]
For a successful business – managing cash is NOT an optional “to do.” In particular, because (more often than not) they lack sufficient capital, cash management plans are essential for small businesses. If a business does not forecast or have a plan to address cash shortfalls in periods of slow growth or unexpected costs, it […]
Some argue that with advances in technology and AI, there won’t be a need for Accountants or Bookkeepers, evidently, because these advances will have evolved to the point where even the small business owner/operator/partner will be able to complete this work on their own. You can find articles posted everywhere (from non-Accountant authors) that are […]
The differences between Accounting and Bookkeeping. If you’re Business Owner, you may ask, “so what,” and you would be right! Business Owners usually do not draw a distinction between Accountants and Bookkeepers, if they have an issue with regard to their financial records and data they expect that issue whether it’s more Accounting-related or more […]
Accounting can be divided into two distinct areas: Financial Accounting involving Compliance and Managerial Accounting-data that Owners/Operators/Managers and Partners need to make informed, relevant decisions. We can help with both.
We’re able to provide expertise in several areas of your business in addition to Accounting, Bookkeeping and Tax-related services. We can claim this, because we’ve lived it. Give us an opportunity to gain your trust. We want to become your full-service Advisor.
Bookkeeping is the process of inputting, classifying, error correction and maintaining accounting records. Understated or overstated accounts? QuickBooks workflow issues? Problems, large or small, simple or complex, let us help.
Whether it’s Tax Planning, Tax Preparation, or Tax Resolution, small businesses need help navigating the complexities of the tax code. If you have unfiled returns, tax liens, levies or tax debt, contact us so we can discuss your tax-related issues or needs.