In today's fast-paced business environment, small business owners are often required to wear multiple hats, juggling various responsibilities to keep their operations running smoothly. One critical area that can often fall by the wayside is bookkeeping. If managing your books has become a daunting task, ORT Consulting is here to help. Our comprehensive small business [...]
In the bustling world of business, maintaining accurate financial records is paramount. One critical process that ensures the integrity of these records is bank account reconciliation. At ORT Consulting, we understand the significance of this practice and are dedicated to keeping your financial affairs in order. This blog delves into the benefits of monthly bank [...]
There are few things more rewarding and satisfying than being your own boss. As an entrepreneur you are able to shape your future in ways that are not possible while in the employment of others. However, there are milestones that must be adhered to. One of these is attending to the self-employment taxes for the [...]
The end of 2018 is just around the corner. You may not want to think about next year so soon, but getting your finances in order will start off your New Year right. Here are some simple steps you can take now that will save you a lot of time later. […]
Are you an entrepreneur? A small, mid-size or large business owner? No matter where you settle on the continuum of conducting business, you are likely going to need a certified public accountant. There are only so many hours in a day and tracking your company’s finances without the expertise and rigorous training of a professional [...]
The fiscal year-end is the conclusion of a 12-month accounting cycle. A fiscal year can be the same as a calendar year, from January to December, or it can begin and end at any time, based on the company’s needs. All public companies are required to publish financial statements at the end of their fiscal [...]
With widely available accounting tools, it is now easier than ever to keep an accurate record of where your company’s money is going. However, there are still possibilities of committing errors and accounting mistakes. While some accounting mistakes are insignificant and easy to correct, there are more serious mistakes that may have detrimental effects on [...]
If a company releases its financial statements to the public, it is required to follow Generally Accepted Accounting Principles, called GAAP, in the preparation of those statements. “GAAP” consists of three important sets of rules: Basic accounting principles and guidelines. Detailed rules and standards issued by the Financial Accounting Standards Board (FASB) and its predecessor [...]
Money is a great motivator, which is why financial reports exist. Financial reports must contain truthful and unbiased information, and accountants must create unbiased and accurate financial reports for those who deal with finance in the various sectors of society. Accounting is the legal and moral method to create accurate and honest decisions that will [...]
Financial reporting means balance sheets, profit and loss statements, financial notes, and disclosures, and it has its own language. It’s the language used to communicate information about the financial condition of a company, be it a not-for-profit business, a state or local government, the guidelines are found in the GAAP: the Generally Accepted Accounting Principles [...]
