In addition to the following • Establish, or recommend to management, major corporate economic strategies, objectives, and policies for company. • Recommend modifications to existing corporate programs. • Review and prepare reports which summarize and forecast company business activities and financial position in areas of income, expenses, and earnings based on past, present, and expected operations. • Direct preparation of budgets, reviews budget proposals, and prepares necessary supporting documentation and justification. • Oversee the activities of Facilities Management and Information Technology departments. • Oversee the activities of the Human Resources Department. • Advise management about insurance coverage for protection against property losses and potential liabilities. • Design and implement cash management system. • Prepares cash flow and other financial reports for management. • Develop policies and procedures for account collections and extension of credit to customers. • Provide management with timely review of organization’s financial status and progress in its various programs and activities. • Direct determination of depreciation rates to apply to capital assets. • Calculate monthly book and tax depreciation and enters monthly depreciation entries and adjustments. • Calculate book and tax gain/loss on sale or disposal of fixed assets. • Advise management on desirable optional adjustments due to tax code revisions. • Arrange for audits of company’s accounts. • Prepare reports required by regulatory agencies. • Establish and maintain relations with banks and other financial institutions. • Other duties as required Basic functions>>> Double entry bookkeeping -- Record je for financial transactions and events. -- Record accruals and deferrals; -- calculate and record adjusting entries for accrued revenue and expenses; -- calculate and record adjusting entries for deferred revenue and expenses; -- construct an adjusted trial balance, add the adjustments and complete the adjusted trail balance; -- perform monthly bank reconciliation; -- find and correct errors in the trail balance; -- find and correct accrual errors discovered before the books are closed; and -- find and correct deferral errors discovered before the books are closed. Internal controls -- basic internal controls, including segregation of duties, for preventing employee theft of inventory and other noncash assets, the signs of such theft , and the schemes that are used to steal; -- the basics of background checks on applicants to reduce the likelihood of hiring employees who steal, how to insure or bond employees who have access to company cash, and how to segregate duties to minimize the chance of employees fraud or theft of cash; -- Internal controls that prevents check frauds by employees or customers, how to spot counterfeit or altered checks, and the basics of check fraud schemes; -- implementation of internal controls to that prevent credit card fraud by clusters and know how to spot counterfeit credit cards; and -- establish controls to prevent vendor frauds. Payroll - --Carry out the basic payroll function, including, paying wages, withholding, depositing and reporting taxes, and preparing federal forms. --basic reporting of wages and taxes for forms 940 or 940EZ, 941, 945, W-2, W-3, 1099. -- Prepare and post journal entries for payroll distribution, payroll related federal forms, payroll liabilities, and remittances of employer taxes. -- How to handle different kinds of tax-free, tax-deferred or partially or fully taxable benefits, how to calculate the value of these benefits impute them to wages, and collect, and report taxes on the appropriate federal forms; -- The rules that apply to expenses, disability payments and sick pay, and how to calculate and collect and report taxes on the appropriate federal forms; -- choose the best method for withholding federal income tax from wages and be able to make correct deductions for garnishments and levies. Inventory -- record inventory purchase and sales and determine cost of goods sold and ending inventory under perpetual method. -- record inventory purchases and sales and determine cost of goods sold and ending inventory under periodic method. -- compute and record cost of goods sold and ending inventory using inventory weighted average and moving average costing. -- compute and record cost of goods sold and ending inventory using first-in, first-out (FIFO) costing. -- compute and record cost of goods sold and ending inventory using last-in, first-out (LIFO) costing. -- compute and record changes in inventory under the lower of cost market (LCM) rule. Cash Flows -- understand & compute and present the operating activities section under direct and indirect methods; -- understand & compute and present the investing activities section; -- understand, compute and present the financing activities section; -- The proper section in which to present those items that do not clearly belong to any particular section; -- Presentation of supplemental disclosures. Financial Statement Analysis -- evaluate a company’s ability to meet its obligations during the next year and to make payments to long-term-debt that the company has or contemplating. -- Analysis of how efficiently a company manages its assets and derives a profit from sales; -- determine how profitably a company manages funds that it borrowed (debt) and funds invested in it (equity); --uncover significant year-to-year (or other period-to-period) increases or decreases in specific revenue, expense, asset, and liability account. Tax - Sole-proprietor. -- Complete Schedule C, Form 1040, profit & loss from business (sole proprietorship), including schedule SE, self-employment tax; -- Complete form 4562, depreciation & amortization for a sole. -- Complete form 47097, sales of business property, for proprietorship sales of biz FA -- prepare form 8829, expenses for biz use your home for proprietors entitled to a home office deduction; -- assist business owners in making better financial decisions because you understand the tax implications of the decisions. C- Corp. -- Complete form 1120, corporate tax return including the special dividend deduction for schedule C, charitable contributions and their limitations; -- reconcile the difference between book and tax income on M-1; -- Complete form 4797 for sale of business property and associated form 1120; -- compute the corporate tax on schedule J; and -- make substantially better financial decisions for clients/company because they know the tax implications of each decision. S – Corp. -- Complete form 1129S, the us income tax return for an S – Corp, including schedules K and K-1 -- reconcile the difference between book and tax income on the M-1; -- complete form 4797 for sale of business property and schedule d of form 1129s; -- The sourcing rules for S – Corp distributions to shareholder and complete schedule M-2, and analysis of AAA and OAA; and -- make substantially better financial decisions for clients/company because they know the tax implications of each decision. Partnership -- complete form 1065 and the us income tax return for partnership, including schedules k and k1 for partners; -- reconcile the difference between book and tax incomes on the m-1; -- complete form 4797 for sale of biz property and schedule d of form 1065; -- Allocation of income, expenses, and liabilities to partners; and -- make substantially better financial decisions for clients/partners because they know the tax implications of each decision.
Idea No. 23