a wide variety of accounting, tax, and financial management services. We tailor our services to meet the needs of all our clients.
more time to focus on cultivating your business. We keep abreast of tax law changes throughout the year to ensure that you are taking advantage of all tax incentives. To better meet the needs of our accounting, and tax clients throughout the region, we offer individualized services for clients such as individual tax services, non-profit accounting, professional services and other financial services for your businesses. These individualized services have enabled us to address your industry specific challenges, compliance needs and industry standard tax practices. We will always meet your accounting needs from basic bookkeeping to the most complex financial needs. While continuing to offer the personalized, professional service and convenience we have committed to providing our clients. Colonial Accounting has the resources, experience, and knowledge to handle any of your accounting needs. Contact us today to see how we can save you time and money. Allowing you to dedicate the time, you deserve to your true passion, your business. |
How to manage cash flow in your business: Your business needs cash to survive. Manage cash well, and your company can sustain growth into a profitable future. Neglect it, and your firm may soon be selling inventory on the auction block. Cash flow is the movement of currency, bank drafts, and other sources of short term funds into and out of a business. It's not the same as profit. On paper, your firm may be a model of profitability. Over time, revenues may exceed expenses. But if the firm fails to maintain adequate "liquidity" (having sufficient cash on hand to cover short-term needs), a profitable firm can spiral toward bankruptcy in a matter of weeks. For many businesses, reducing the lag time between buying inventory and receiving customer payments is the single biggest factor in effectively managing cash flows. Others are more concerned with saving for future cash needs. Like farmers who purchase seed and plant a crop well before harvest, some firms pump out a truckload of cash up front in anticipation of future revenues. No matter the type of company you're managing, following a few simple practices can be the key to effective cash flow management. Reduce lag time. For example, give incentive discounts to customers who pay early. Aim for Just-in- time inventory to reduce holding costs. Establish a line of credit. To cover shortfalls resulting from excessive lag time, unforeseen business disruptions, or weakening in your particular market, set up a line of credit with your local financial institution. But take care that short-term credit doesn't develop into a crutch that props up poor cash management. Check out new customers. Like a landlord who checks the payment history of a potential tenant, a prudent business owner will assess whether new clients are likely to pay on time — before extending them credit. Deadbeat clients can squeeze a firm's cash flow quickly, especially if they purchase large amounts of inventory or services. Grow with caution. Expanding into new markets can bring momentum and additional sources of income. But watch out. Developing new product lines, expanding facilities, hiring employees, ramping up your marketing budget — all consume cash. Before racing down this road, be sure to generate accurate cash forecasts, preferably with expert help. |
| Colonial Accounting, Inc. | 3279 Westover Ridge | Williamsburg, VA 23188 | tel: 757.645.2799 | fax: 757.645.2828 | cai@colonialaccounting.com |
|
COLONIAL ACCOUNTING, INC ACCOUNTING SERVICES We will work closely work you to manage every aspect of your financial needs. |
PLEASE CLICK THE
Blog! Talula's Blog
businesses overpaid their income taxes by over two billion dollars, according to a CPA study reported in Business Magazine. ______________________ Tax Credits are different than tax deductions. A tax deduction reduces your net profit from your business. While a tax credit does not reduce your net business profit, but it does reduce your income taxes. ______________________ Medical Expenses The IRS is never going to tell you about a tax deduction you forgot to claim. If you spend more than 7.5% of your adjusted gross income on medical expenses, such as insurance, prescriptions, other out of pocket, expenses, and mileage to and from medical facilities, than you can deduct the amount that exceeds that figure. ______________________ Did you know Band-Aids are a tax deduction! ______________________ The IRS is never going to tell you about a tax deduction your forgot to claim. Do you want to know “Tax secrets”? There are none. There are no secrets in tax law. There are, however, legitimate tax deductions that few people know about. ____________________2009 Standard Mileage Rates 55 cents per mile for business. 24 cents per mile for medical or moving purposes. 14 cents per mile in service of charitable organizations ___________________ .All business expenses, whether spelled out in the IRS code books or not— must meet four basic rules in order to be deductible: 1. The expenses must be incurred in connection with your trade, business, or profession. 2.The expenses must be “ordinary.” 3.The expenses must be “necessary.” 4. The expenses must “not be lavish or extravagant under the circumstances.” |
Proud Members of |
 | |  | |  | |  | |  | |  | |  | |  | |  |
