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Lorne W. Hunsberger, CPA, PA

Accounting services provided by their office can vary from bookkeeping to auditing in specific industries. Most small business owners do not need audited financial statements because they are generally heavily involved in the day to day transactions of the business. Most banks are satisfied with compiled or reviewed financial statements on small businesses.

The heart of an accounting system is the chart of accounts. This is where the information about the transactions of the business is accumulated. The end products of an accounting system are the monthly and annual financial statements and the annual income tax return.

An accounting system that is poorly designed can have too much detail or not enough detail. The system needs to work for the business owner and give the business owner useful information.

The financial statements should be custom designed for the business owner's particular business. Financial statements that simply dump the accounting system on different pages with various totals clutter the financial statement and the financial statement reader's mind with meaningless detail.

Based upon their years of expertise, they design accounting systems to capture useful information that can be used in making business decisions. They design financial statements so they give the information the reader of the statement needs without all of the detail information. Appropriate detail information can be provided in sub schedules for those who need to look at the details. If the business is in a retail business, they design special gross profit schedules that accompany the financial statements to show the business owner how each segment of the business is performing.

One of the ways they help business owners is making sure their accounting system is giving them good information. By designing the accounting system with enough detail, but not too much detail, the business owner will be able to capture good information that can be used to make projections about the current or future year. The information would also be used to project the income tax liability.

The Company’s larger business owners have an accounting department and they work closely with their accountant during the year as various situations arise. Many smaller business owners do not have an accounting department and those business owners can get bogged down when they attempt to be the accountant for their business.

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