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So far Greene & Vaughan has created 5 blog entries.
30 09, 2021

The Fundamentals of Business Audits (And How You Can Prepare)

By |2021-09-30T16:06:56+00:00September 30, 2021|0 Comments

The word “audit” alone can inspire a flurry of fears. But it shouldn’t! If you prepare correctly—and file your taxes accurately—then you have nothing to worry about. We’ll help you ease those financial fears by reviewing the fundamentals of business audits.

What are audits?

Here’s a little mnemonic device to help you remember what audits are. When you think “audit,” remember that it starts with the letter “A” like the word “accurate.” Audit = accurate.

Got it? Good! If not, though, we’ll happily explain a little further.

Why have audits?

When a business needs their financials explored, that process is known as auditing. This can be for a benign, routine reason! Your business may even hold regular audits, just to keep everything on track.

However, if someone internally—or even the IRS—flags certain occurrences as unusual or fraudulent, then they may order an audit. That way, they can determine the source of the discrepancies.

Let’s take a breather

Before we get any deeper into the fundamentals of business audits, we should take a breather.

Feeling a bit anxious? Think of audits like your yearly dentist appointment. You go to make sure your teeth—or, in this case, your business—are healthy. And, you want to have a trusted professional examine any potential problems. That way, you have peace of mind that your business is operating efficiently.

Types of audits

If your business undergoes an audit, it will come from one of two source types.

Internal audits

The first kind is internal, or from within your business. These aim to explore the financials, like spendings and earnings. Likely, they will also take a look at how your business runs at multiple levels. That way, they can assess the overall efficiency—which can be costly if not operating correctly.

External audits

The second kind is external, such as one from the IRS. They will mail you a letter to let you know about the situation or give an in-person interview to explain the situation.

Don’t start sweating just yet! You can have a top-of-the-line business with picture-perfect tax filing and still get an audit. The IRS actually will request random audits from time to time.

On the other hand, they may also notice tiny discrepancies in your filing. Or, in some rare cases, they have flagged outright fraud. However, if you’ve done nothing wrong, then you should be just fine. So relax, and trust the experts.

What happens after?

Phew, it’s over! So, what happens after your audit? Well, you’ll get a report. It will detail findings the auditors observed. It will also tell you whether or not your records are accurate—and if there’s anything missing.

How should I prepare?

They say that an ounce of prevention is worth a pound of cure. We agree! You should prepare for an audit by:

  • Keeping detailed records. Every receipt matters. You should file them away, along with all your financial documents. That way, you can hand them over without worry.
  • Reading up on best practices. You should take time every year to read up on best financial and tax practices. Don’t forget to brush up on tax laws too!
  • Not delaying your response. The IRS may contact you. If they do, respond ASAP!
  • Hiring us. We know how to organize your financials! We also know how to file taxes in every state. Let us lessen the burden and get the job done right.

Summary

Whether they come from within your business or from the IRS, audits are important. They can help you determine how well your business runs—and improve your efficiency. Instead of biting your nails at the thought of them, you can stop worrying entirely. All you have to do? Hire the Greene & Vaughan team! After all, one of the fundamentals of business audits is having knowledgeable professionals on your side.

Contact us here for your free consultation. Finally, learn more about what we do—and how to improve your financials—when you read our blog.

28 07, 2021

10 Things You May Not Know About Greene & Vaughan

By |2021-07-26T16:59:21+00:00July 28, 2021|0 Comments

It is time to shake the stuffy CPA suit stereotype and actually get to know each other! We pride ourselves on many things. So, we thought we would share these 10 things you may not know about Greene & Vaughan.

We do more than taxes.

To clarify, we do offer income tax preparation services. However, we do much more than taxes too (read on to learn more).

We work with small and large businesses.

It takes tons of time and effort to manage a business! We understand how hard it can be to keep up with all the details. One of the things you may not know about Greene & Vaughan is we can help lighten your workload while improving your business.

We help new businesses get started.

We can assist with the step-by-step process from business development and growth and management, to budgeting and tax planning—we are ready! Are you?

We are local QuickBooks professionals.

Greene & Vaughan is a proud member of QuickBooks ProAdvisor Program. We can ensure you quickly set up this useful tool correctly from the beginning. Plus, we can help manage and utilize it moving forward.

We offer assurance services.

What are assurance services? Basically, it covers a broad scope of tailor-made procedures, including audits, reviews, compilations, and other agreed-upon procedure services to assure all parties financial information is presented fairly.

We take a hands-on approach.

Whether you are a high net worth individual, small business owner, larger company or fall somewhere in between, Greene & Vaughan clients receive personal attention throughout the year. We channel our creativity and expertise and offer recommendations and solutions before items become issues.  We like to meet with our business owners face to face to discuss their current tax outcomes, and provide suggestions to improve those outcomes.

We are good listeners.

The first step in any good relationship is to listen to your partner. We pride ourselves in establishing long-standing professional relationships because we hear what our clients have to say.  We actually talk and listen to our clients!

We have been established in Charlotte for more than 12 years.

Charlotte is home. This is our town and community. Building and maintaining trust has been at the forefront of our business practices from the beginning.

We are social!

One of the fun things you may not know about Greene & Vaughan: we are social butterflies!

Find us on Facebook, Instagram and LinkedIn.

We offer free consultations.

We have a wealth of knowledge and expertise on-hand and on-staff. We love sharing information with others from cash flow to process improvements! Click here to schedule your free consultation.

Summary

To summarize, we have one main goal—our clients! We put people first. We care because your success is our success. Contact us to schedule an appointment or call us at 704-919-3220. Together we will take care of business!

To find out more about us and for additional financial news, keep reading!

28 06, 2021

9 Tips for Being Proactive About Your Business’ Tax Planning

By |2021-08-25T17:04:19+00:00June 28, 2021|0 Comments

Owning and operating a small business is exciting, but with so many moving parts, it’s good rule of thumb to plan ahead. This includes your business’ finances. These helpful tips for being proactive about your business’ tax planning will save you time and money in the long run.

The sooner you get organized, the better.

This entails understanding the basics of the federal and state tax laws applied to businesses. Be prepared for and aware of what and when specific taxes are due. Know what you can deduct and what you should track.

Create a calendar.

Use a calendar to highlight all those important tax dates and deadlines. For example, a tax calculator lets you input each date payroll deposits are due. You can include filing deadlines for W2s and 1099s as well.

Make a payment plan.

Consider making quarterly payments rather than a large yearly lump sum. However, you may need to pay estimated tax payments to avoid penalties at the end of the year.

Maintain good records!

This is a one of the best tips for being proactive about your business’ tax planning. Save all receipts that relate to business expenses throughout the year. Keep track of all income statements and balance sheets too.

Deduct your home office.

Now more than ever, we are working from home. Did you know you can calculate the square footage of your home-work space and deduct a portion of the expenses? This includes expenses like utilities, computer equipment and mortgage interest payments, for example.

Deduct car expenses.

Again, this circles back to keeping meticulous records. It also involves a little calculation like the home office. Figure out what percentage of car use is business and deduct it from your overall car expenses.

Start a retirement fund.

There are certain IRA accounts and retirement plan contributions that are tax deductible. Best way to know? Work with a tax expert.

Consider charitable contributions.

Being socially responsible pays off. Besides adding meaning to your company’s core values, getting employees involved in giving back is smart business. In the end, you will qualify for specific tax breaks.

Hire a professional!

We saved the best out of our tips for being proactive about your business’ tax planning for last! Business owners are responsible for filing and paying taxes properly. Rather than stress and possibly miss something, let the professionals (us) handle your tax planning all year long!

Summary

Greene & Vaughan are the professionals your small business needs. From knowing the current tax laws to creating a tailored tax plan for your business, we start by meeting with you. We continue to meet with you throughout the year and together manage your business’ financials.

For more helpful tax tips, advice and general information about our services, continue to read our blogs!

28 05, 2021

7 Accounting FAQs for Small Business Owners

By |2021-08-25T17:04:25+00:00May 28, 2021|0 Comments

To us, every small business is a big deal! That means we strive to give each business—and their owners—the best possible service. So, if you ever have any questions, we aim to provide all the answers. In fact, we’ve compiled another resource for you: this list of accounting FAQs for small business owners. Read on to learn more!

Q. Why choose a live accountant over filing software?

A. Tech can be smart—but it doesn’t have the same critical thinking skills or the nuance that we do. You want someone who can pore over your files in detail. Not to mention, if you have questions, an accountant can explain the answers—like we’re doing now. Plus, unlike software, we actively want to give you the best possible service—and we’ll go the extra mile to do so.

Q. What records should I be keeping?

A. One of the biggest accounting FAQs for small business owners involves records. As a small business owner, the standard records you keep should include:

  • Payroll statements;
  • Credit card statements;
  • Rent check records for your office or retail location, if applicable;
  • Inventory;
  • Accounts receivable;
  • Accounts payable;
  • Sales systems;
  • Software;
  • Receipts for purchases and expenses; and
  • Bank statements.

Remember: it’s better to store more records than you need, as opposed to fewer. Also, as a general rule of thumb, it is recommended to securely maintain all records for at least the last seven years that tax returns have been filed.

Additionally, you can also scan them to create digital copies just in case. If you require assistance, we can explain exactly what you’ll need to preserve for your tax planning services.

Q. How often will I be able to meet with my accountant?

A. Unfortunately, clients generally only meet with their accountant once a year. However, we like to meet with our business owners from one to three or more times a year after mid-year to ensure we can minimize taxes. After all, our main goal is ensuring that you have the tools to succeed.

Q. Can accounting services improve my earnings?

A. Yes! And we’ll tell you why. Some tax planning professionals—like us—will create year-end projections for their clients. Those projections will show you the profits you make and the losses you incur over time. They’ll also compare them with the money put toward the people you employ and the goods you buy. That way, you can learn what strategies work—and which ones need refining.

Q. Is my contract cost due all at once?

A. Paying bills in one go can cause unnecessary stress! Some CPA firms may expect the contract cost in a single payment—but not us. We will happily work with you to create a workable contract payment schedule—including an affordable monthly plan.

Q. Do I need to know what expenses apply for tax deductible status off the top of my head?

A. Nope! No need to worry—your accountant will have the information you need. Since this area changes frequently, we make it our business to stay current. Just remember to keep documentation of purchases and expenses at the ready.

Q. Can Greene & Vaughan work with my small business?

A. Absolutely! We work with small business owners throughout the year to provide tax planning services, year-end projection calculations, and custom-tailored advice.

Summary

Asking questions creates a strong foundation for future success. If you have queries beyond these accounting FAQs for small business owners, let us know! We’d love to fill in the blanks—and to assist you with your tax planning and preparing needs. For more on our services—and how they work—visit our blog. As for getting started on your services, call us at 704-919-3220 or contact us here for a free consultation.

30 04, 2021

Welcome to the Greene & Vaughan Blog

By |2021-04-29T14:34:26+00:00April 30, 2021|0 Comments

When it comes to selecting an accounting team, we know you’ve got plenty of options. Exceptional experience, extensive industry knowledge and a trust-based philosophy, however, may be harder to come by. As a full-service certified public accountant in Charlotte, North Carolina, we feel confident in our ability to not only meet your financial expectations for your business—but exceed them! As an extension of our service to our clients, we’d like to introduce you to the Greene & Vaughan blog. Welcome!

About Greene & Vaughan  

With a collective wealth of experience in the financial industry, the Greene & Vaughan team is committed to providing unmatched service when it comes to tax, accounting and consulting services for individuals and businesses throughout the United States. Representing clients across a variety of business verticals, we take pride in using our money-saving expertise to help them reduce their expenses and increase productivity.

At Greene & Vaughn, we’re in it with you for the long haul. Our MO involves developing longstanding relationships with our clients—one in which trust and mutual respect come standard. The end goals? To help your business operations run smoother, to organize your finances more efficiently and most importantly—to improve your overall quality of life.

The Greene & Vaughan blog 

We truly care about connecting with our clients, and the Greene & Vaughan blog is another way to do just that! The blog will serve to better acquaint customers with our brand and what we stand for. Through the blog, we will provide information that serves to both educate as well as entertain—in an effort to provide more value to our followers.

Follow the blog for industry insights and to learn about the culture of the Greene & Vaughan team. We encourage you to share the blog with others who may find it useful. We also ask that if there is ever a topic you’d like to see addressed on the blog, do not hesitate to reach out and let us know!

Summary

Once again, we’d like to say welcome to the Greene & Vaughan blog! Browse our services here on the website, and be sure to follow us on Facebook, Instagram, and LinkedIn to stay up-to-date with everything we have going on.

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