Preston CPA PC

Whew! We made it through another grueling tax season! Thank you for always being there and helping me through our demanding yet rewarding profession.

Quick trip to Seattle, Washington for Labor Day Weekend. Beautiful day out on the Pier!! Happy Labor Day!

My workday location. Love this area - Inlet Beach in 30A

We had a day of “no plans” so we wasn’t prepared to stop at the many places. Sometimes the best days are when you made no plans at all.

A full day of being out in Rio de Janeiro which we learned so much about this interesting city. The day ended with a sunset looking at Christ the Redeemer. Such a beautiful way to end the day.

So true!! It’s start with you!

Former Nike Designer Working to Reopen Michigan's Only HBCU Former Nike and Air Jordan designer Dr. D'Wayne Edwards is looking to reopen The Lewis College of Business in Detriot, Michigan. The institution was founded in 1928 by Black woman Dr. Violet. T. Lewis in Indiana. The school was created to serve as a secretarial school for Black women and afte

Enjoying my week of relaxation on the beach! Day 10 of my 50 days before 50!

Prior to entering the private business world, Andy Carroll worked in academia as a college dean and instructor. Andy’s teaching background combined with his entrepreneurial experience and business accounting expertise, makes him uniquely qualified to help clients better understand their finances and achieve their business goals.

"Recently, noncompliance with Generally Accepted Government Auditing Standards (GAGAS), often referred to as the Yellow Book, has surfaced as a significant problem—and has taken on increased importance in the peer-review process."

https://www.cpajournal.com/2018/04/23/identifying-deficiencies-in-single-audits/

Identifying Deficiencies in Single Audits - The CPA Journal In Brief Under its Single Audit Quality Study, the Office of Management and Budget will soon be reviewing single audit engagements. To help auditors enhance the quality of the single audits they perform, this article analyzes the results of a Peer Review Program study of such audits and identifies c...

"The loan you qualify for now will not only help you grow your business but also can position you as an ideal borrower in a future lender’s eyes."

https://www.entrepreneur.com/article/303907

Work it Step-by-Step to Get a Better Business Loan Smaller business loans are great stepping stones toward bigger, less-expensive financing in the future.

Melissa Preston values giving back to the community. Being awarded the Invest Atlanta 2016 Community Favorite, her firm, Preston CPA, rose to become one of Atlanta’s favored financial organizations.

"Set some time aside each week to be able to handle payroll. This will ensure that you’re not having to rush through it and risk missing any important items that need to be entered."

https://www.business2community.com/small-business/6-ways-run-payroll-efficiently-02043562

6 Ways to Run Payroll More Efficiently Twelve hours. That’s how long the average small business owner spends on payroll functions each month. What if you could use that time on tasks that could actually make money for your business? You…

"Another good opportunity for finding money within a small business is to examine how much you spend by vendor. A good place to start is to list your expenses by vendor from highest to lowest."

https://www.entrepreneur.com/article/312244

Are You Leaving Hidden Profits on the Table? Here Are the 4 Areas to Examine. How much money did you lose last year that you could still be hanging on to?

"Even though the terms are frequently used interchangeably, bookkeepers and accountants are NOT the same thing. They each provide distinctly different services for your business. Bookkeepers record transactions and financial activities of your business. Accountants use this financial data to help you make better business decisions."

https://www.petoskeynews.com/news/business/cheri-hoffman-bookkeeper-or-accountant-which-do-you-need/article_8189b0f5-fbed-5230-a0bb-90ddd7e1cb9d.html

Cheri Hoffman — Bookkeeper or accountant: Which do you need? As a small business owner, managing your finances is no small task. One of the main reasons businesses fail is poor cash flow management. If you don’t have a ton

A: Earned income includes all the taxable income and wages one receives for your personal services. They include compensation such as wages, salary, commissions and tips. You can get earned income by working for someone who pays you or owning or running a business.

"If this is your first experience with a trust asset, it’s advisable to work with a CPA to make you aware of trust tax issues so that you can avoid tax-related surprises."

https://wtop.com/business-finance/2018/04/7-questions-ask-when-taking-control-trust/

7 questions to ask when taking control of a trust If you are taking control of a trust for your own benefit, one source of fear may simply be fear of the unknown. Asking a few simple questions may provide the information you need to step into a more confident mindset.

"Whether for finances, compliance, employment or clientele, keeping an organized record system improves transparency into your business's inner workings."

http://siouxcityjournal.com/ads/service/accounting_tax_clerical/is-your-business-following-these-great-practices/ad_0556a4e0-53aa-11e8-a318-cf721e7c15bf.html

Is your business following these great practices? With every new year, there is an opportunity to take stock, reevaluate, and course-correct when necessary. This is especially true for entrepreneurs, who can use this time to establish smarter

At our core, we operate in integrity, we're responsive to our clients, and professionalism is our style of doing business. Today we honor all those who sacrifice for our freedom.

"What exactly is a CAM? The PCAOB provided three clauses in its definition: Business and financial matters that have been communicated to the audit committee; related to accounts or disclosures that are material to the financial statements; and involve especially challenging, subjective, or complex auditor judgment."

https://www.accountingtoday.com/opinion/pcaob-changes-loom-manual-reconciliations-is-a-critical-audit-matter

Manual processing of reconciliations is a critical audit matter As the deadline approaches to comply with the new auditing standard adopted last year by the PCAOB, auditors are girding to disclose CAMs for the first time in their reports.

"Accountants shouldn’t beat around the bush when it comes to preparing for the next age of accounting, but rather should be putting their foot on the gas when it comes to investing in more technical training.

https://www.accountingweb.com/community/blogs/garyeastwood/how-to-prepare-your-team-for-automation

How To Prepare Your Team For Automation Today’s accountants are often fraught with worry over the forthcoming wave of automated changes that are soon to sweep their field; some estimates figure t

A: Accelerated depreciation for most business property refers to a method of depreciation where assets lose book value at a faster rate than the traditional straight-line method allowing for greater deductions in the earlier years minimizing taxable income. This helps companies shield income from taxes that can be reinvested in the business.

"Health issues, retirement, disability, divorce and having children – in that order -- were most likely to spur financial planning changes. CPAs can guide clients in ways in reconsidering their financial plans."

https://www.accountingweb.com/practice/clients/why-cpas-should-consider-financial-planning

Why CPAs Should Consider Financial Planning A new survey for the AICPA found 78 percent of clients are likely to use their tax returns to help their financial planning; something CPAs are well-positioned to help clients with.

"If your CPA is slow to respond, or you find yourself repeatedly reaching out to get an answer to a question, then this is a CPA performing a sub-standard service."

https://www.entrepreneur.com/article/312226

Your Taxes Are Done but Are You Getting Your Money's Worth From Your Accountant? If all your accountant does is make sure you don't get audited by the IRS, it's time to find a better accountant.

Life can be full of unexpected opportunities. Are you well prepared to handle it? Let us help you boost your financial future by ensuring your future adds up to success as you see it.

"Making decisions based on your bank account alone can be risky, and potentially send you into the red. Get a better look at your cash position with monthly bank reconciliations, something a bookkeeper or accountant can help with."

http://ow.ly/teHW30jHhMA

Small Business Accounting 101: 12 Important Lessons for Business Owners Two of the smartest things you can do as a business owner are to (a) invest in accounting software, and (b) get the help an accounting professional from day one. That said, when it comes to accountin…

"More accounting organizations around the world are also imposing continuing professional education requirements."

https://www.accountingtoday.com/news/global-accounting-and-auditing-standards-gain-greater-acceptance

Global accounting standards gain greater acceptance A new study by the International Federation of Accountants has found high rates of adoption of international accounting standards in areas such as auditing and ethics.

We partner with you to understand the challenges that your business is facing, then work with you to propose solutions that answer your financial needs.

"Under an SEC provision known as the Loan Rule, audit firms aren’t allowed to both audit a fund and borrow money from a lender that owns a stake of 10% or more in the same fund. The rule is meant to ensure that the audit firm is fully independent and can perform a tough, impartial audit."

https://www.wsj.com/articles/why-fund-managers-accountants-may-rest-easier-this-weekend-1525611600

Why Fund Managers, Accountants May Rest Easier This Weekend The SEC proposed a fix for an issue that could have forced some funds to change their auditors for conflict-of-interest reasons, which had the potential to be laborious and expensive.