Elk River Tips & Faq


 

Thomas R Ohlgren CPA is always happy to hear from you and answer any question you may have as it relates to Elk River area accounting. For your convenience, we have compiled here the answers to the questions we hear the most often, as well as a few accounting tips that we hope will be of use. If the answer to your question is not listed here, or if you require any additional information, please do not hesitate to contact us.

 

I am a business owner and I have an accountant. Why do I need to understand accounting?

Accounting is as important to your business as your clients or the management of your employees. While it is not necessary for you to take an accounting course and be able to handle every single part of the accounting process, understanding the basics is an essential part of your ability to effectively run and oversee your business.

When your hired accountant comes to you with concerns or reports, you need to be able to understand where they come from and how they affect your business in order to take appropriate action. Thomas R Ohlgren CPA's skilled accounting experts can help you learn the basics of accounting so that you can better manage your business.

 

I have several years' worth of paper records that I'd like to computerize. Can you help?

Yes, indeed! We will be happy to computerize your paper records using our QuickBooks software, as well as continue handling your future bookkeeping records if you so desire.

 

How much do your services cost?

The costs of our services vary greatly based on the complexity of your needs, on whether you are an individual or a large corporation, and on many other factors. You should contact us and explain the nature of your accounting needs so that we can give you a better, more accurate estimate.

 

A few accounting tips...

  • Keeping a budget is easy, but it requires dedication and attention to detail. Set yourself reminders and make sure you keep all your receipts for an accurate and effective budget.
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  • A certified bookkeeper is not an accountant. If you have your bookkeeper take care of your accounting for you, make sure he or she is also a certified accountant. If not, consider hiring someone who is, or an external accounting firm such as Thomas R Ohlgren CPA.
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  • Realize how accounting fits into your daily business life. Simply put, every transaction you make in your business will result in an entry to your company books. This includes checks, deposits, sales invoices, purchase orders, and cash receipts. Individually each of these transactions may be unimportant, but when you systematically organize them, you get a picture of your business. Keep up to date and it makes everything easier at year end.
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  • Accounting is not just a yardstick to figure out how much money you made last year or what your tax liability is. Used properly, accounting also helps you identify trends in sales and expenditures. The ability to track and identify trends allows you to make decisions that can quickly boost your profitability or enable you to avoid cash shortages, take advantage of the information you have