
Understanding and Preparing Financial Statements
Financial statements are key tools to understand the financial status of an organization and make sound decisions for the short-term and long-term future.
Accounting and bookkeeping are essential aspects of the business to keep up with in the fire and emergency services industry but probably aren’t your specialty. When working with an outsourced accountant, it’s crucial to find one who understands the ins and outs of your operation and all that goes into it. So how do you know which one is the right fit for you?
When you vet accountants and begin searching for the right partner, it’s important to consider their experience in your industry. Because every industry and operation is different, their grasp on your processes and needs is crucial in a successful partnership. They should help you capture all areas of your financial picture, from organizing your books and tracking income statements to reporting gifts and tax breaks you qualify for.
In addition to general organization and bookkeeping, the right accountant should also provide you with financial reports and data you can analyze to predict future profitability and identify gaps within your organization. Gift CPA works with businesses in the Mechanicsburg, Myerstown, Harrisburg, Lancaster, and Ephrata areas.
As an emergency service provider, a solid financial management system and process are crucial to stay operational and ensure profits are where they should be. If you’re running a business in this industry, you need a way to pay your employees, access customer payments, report on sales and losses, and analyze how your business is performing. Without an efficient accounting partner, these administrative areas of your business can get mismanaged, overlooked, and even hurt your bottom line.
We provide you with a clear picture of your business and provide support in the areas you need most. These can include:
Accounting performs a critical role in operating emergency services because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business
decisions.
Financial statements are key tools to understand the financial status of an organization and make sound decisions for the short-term and long-term future.
It is important to explore the difference between exempt and non-exempt employment status as it impacts the taxes, benefits and incentives your business will pay. Understanding the rules for both classifications will help you build a staff structure that is best for your company.
Big changes are coming to retirement saving rules and tax breaks because of the SECURE 2.0 Act of 2022.
Visit your local GIFT CPA office, or set up a chat with an advisor!
Visit your local GIFT CPA office, or set up a chat with an advisor!
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