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3 Important Things to Know About Flint & Associates’ Back-Office Accounting Solutions and How It Will Save You TIME and MONEY!

It Helps Clients Do What They Do Best 

  • As a business owner focused on managing operations and creating shareholder value, you seldom have time to oversee your accounting department. Our experienced accounting professionals can handle day-to-day tasks through our Back-Office Accounting Solutions. This will allow you to focus on your business and the other important aspects that require your time and energy.

You Are Provided with Experienced Accountants

  •  Our experienced professionals effectively manage your back-office accounting needs by combining strong accounting knowledge and efficient application tools. When using temporary agencies or service bureaus you take the risk of wasting time and money when it doesn’t get done right the first time. Our accountants work under the direction of your controller/CFO based on the needs of you and your business. We also provide a number of outsource service options that are at your disposal.
    The duties of the outsourced accountant include:

    •  Processing receivables, payables, cash, employee expense, and inventory transactions.
    •  Ensuring that transactions are correctly classified.
    •  Reconciling all major balance sheet and profit & loss account balances at the end of a reporting period.
    • Managing payroll processing and recording the results for general ledger input and reconciliation.
    • Preparing financial statements and management reports and providing a first review of your statement.

Web-Based Accounting Systems Put Everything in One Place

  • We provide you with a professional dedicated to improving and supervising your financial processes. Our expert becomes a valuable member of your team and ensures that your finance and accounting functions are properly completed. The organizer works under the direction of your CFO or in combination with our virtual CFO service. In both instances, our professionals benefit your business by maintaining best-practice methods for:
    •  Fast close. Procedures for account close during the critically short period of time after month-end.
    •  Financial reporting. Management of the reporting process that begins prior to the issuance of statements.
    •  Billing & accounts payable. A process for invoice delivery and payment that reduces workload and error.
    • Collections. Keeping you and senior managers informed and involved with past-due accounts.
    • Systems upkeep. Making proper changes to the accounting, sales, inventory, and reporting systems.
    • Cash management. Keeping the highest available float with linked cash balance and line-of-credit accounts.
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3 things you need to know if you’re a business owner affected by the Louisiana floods

  1. You need to know what insurance policies you have in place.
    • “Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and includes lost income, business interruption, buildings, computers, company papers and money.” https://www.sba.gov/managing-business/running-business/insurance/types-business-insurance
    • There are two basic forms of property insurance, all-risk policies and peril-specific policies. All-risk policies cover a large amount of incidents and perils except those that are noted in the policy. Peril-specific policies cover all of the losses from only the perils that are listed in the policy. Some examples of peril-specific policies are; flood, fire, and crime.
  2. Are you in the federal disaster relief zone?
    • “Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.”  https://www.irs.gov/uac/tax-relief-for-victims-of-severe-storms-flooding-in-louisiana
  3.  What questions you should ask your CPA.
    • How do I report losses of inventory, fixed assets, and real estate?
    • How do I recreate my lost records and receipts?
    • Do I qualify for any state or federal tax credits in regards to the disaster?
    • How do I report proceeds from the insurance company?
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