Tuesday, May 25, 2010
Thursday, January 21, 2010
expanding my practice
In the fall, I began studying to become an Enrolled Agent. So you may be thinking...that's nice Gina but what does this have to do with me? Let me tell you!
1. I will be better educated to prepare your yearly tax return.
2. If you get audited by the I.R.S., regardless if I did the tax return, I will assist you from start to finish on this process.
3. If you have tax questions then I will do my best to answer your question in a thorough manner.
1. I will be better educated to prepare your yearly tax return.
2. If you get audited by the I.R.S., regardless if I did the tax return, I will assist you from start to finish on this process.
3. If you have tax questions then I will do my best to answer your question in a thorough manner.
Friday, October 30, 2009
Open House - November 19, 2009
On November 19, 2009 there will be an open house and ribbon cutting ceremony at the new office of D'Orazio Bookkeeping. The new office space is located at 122 Main Street, Littleton, NH in the Community House building. We are on the third floor.
Come meet Gina D'Orazio, have some light refreshments and have an opportunity to network with community members.
The open house is from 9:00 am to 11 am.
Come meet Gina D'Orazio, have some light refreshments and have an opportunity to network with community members.
The open house is from 9:00 am to 11 am.
Thursday, August 13, 2009
The Profit and Loss Report - To fear it or Not
For many small business owners, the Profit and Loss Report can be something we fear or love. Should we fear it? ABSOLUTELY NOT! In tough economic times we may cringe when our bookkeeper gives us the weekly or monthly report and we have dispersed more money than has been generated. It is a tool that we should embrace because the report is there to assist us in making sound business decisions. The Profit and Loss report breaks down our business in two ways: Revenue and Expenses.
From looking at the report on a weekly and/or monthly basis we have a snapshot of what revenue has rolled in and what expenses we have paid out on. This report can help us determine if we have enough revenue coming in or if we need to make some adjustments to bring in more revenue. We can compare the report to last year’s (or month) report to see what is different for us. Is there industry trends that affect our Profit and Loss (i.e. traditionally a slow time)? Should we expand the services or products we offer to our customers? By monitoring the report from a revenue perspective we can project what we may want to spend in upcoming budgets.
So let’s address the other side of the Profit and Loss report….the expense end. There are monthly expenses that we HAVE to pay to keep our business operational. Those expenses may vary business to business but some typical expenses are: advertising, rent, utilities, office supplies, payroll, taxes, and repairs / maintenance. Some expenses may be adjusted depending on the revenue – we may have some “extra” money so we increase our advertising efforts or purchase a new piece of equipment.
Other expenses are fixed – we pay the same amount in rent or on loan repayment regardless of how our revenue fluctuates. Expenses like telephone and electricity are expenses that we need to pay monthly but we may be able to take up on a great telephone plan that helps to save us a little money each month or switch to equipment that doesn’t use as much electricity as some older models may.
I have to warn you; something as simple as a onetime big purchase that will generate huge profits from here on out can cause a monthly Profit and Loss to fall into the negative. View the purchase as an investment in your business and not as a “bad” decision. The purchase could range from a new piece of equipment to an advertising campaign to that consultant that will work with you short term to help grow your business.
Advertising and Marketing is one of those business expenses that we incur that helps generate revenue. What works for one industry may not work for another industry. Word of mouth is free but enough! So it is always good to try something new and see how it works. A new advertising approach may take a little time to generate results so don’t be discouraged when nothing immediate happens! If you advertise in a newspaper and clearly do not have any business from it after a few months then invest the money somewhere else. So in a nutshell, view your Profit and Loss as an old friend who wants you to succeed! We have all cringed when the report shows a negative but look at from the perspective of what can I do different? Am I on a good track for my business? You will know right away and you will make the right decision for you and your business!
From looking at the report on a weekly and/or monthly basis we have a snapshot of what revenue has rolled in and what expenses we have paid out on. This report can help us determine if we have enough revenue coming in or if we need to make some adjustments to bring in more revenue. We can compare the report to last year’s (or month) report to see what is different for us. Is there industry trends that affect our Profit and Loss (i.e. traditionally a slow time)? Should we expand the services or products we offer to our customers? By monitoring the report from a revenue perspective we can project what we may want to spend in upcoming budgets.
So let’s address the other side of the Profit and Loss report….the expense end. There are monthly expenses that we HAVE to pay to keep our business operational. Those expenses may vary business to business but some typical expenses are: advertising, rent, utilities, office supplies, payroll, taxes, and repairs / maintenance. Some expenses may be adjusted depending on the revenue – we may have some “extra” money so we increase our advertising efforts or purchase a new piece of equipment.
Other expenses are fixed – we pay the same amount in rent or on loan repayment regardless of how our revenue fluctuates. Expenses like telephone and electricity are expenses that we need to pay monthly but we may be able to take up on a great telephone plan that helps to save us a little money each month or switch to equipment that doesn’t use as much electricity as some older models may.
I have to warn you; something as simple as a onetime big purchase that will generate huge profits from here on out can cause a monthly Profit and Loss to fall into the negative. View the purchase as an investment in your business and not as a “bad” decision. The purchase could range from a new piece of equipment to an advertising campaign to that consultant that will work with you short term to help grow your business.
Advertising and Marketing is one of those business expenses that we incur that helps generate revenue. What works for one industry may not work for another industry. Word of mouth is free but enough! So it is always good to try something new and see how it works. A new advertising approach may take a little time to generate results so don’t be discouraged when nothing immediate happens! If you advertise in a newspaper and clearly do not have any business from it after a few months then invest the money somewhere else. So in a nutshell, view your Profit and Loss as an old friend who wants you to succeed! We have all cringed when the report shows a negative but look at from the perspective of what can I do different? Am I on a good track for my business? You will know right away and you will make the right decision for you and your business!
New developments
Hi All,
On Monday August 17, 2009 I begin my Enrolled Agent training! I am excited to one day be an Enrolled Agent and serve the North Country.
You may be wondering what an Enrolled Agent is? Well....simply put.....An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
So what does this mean to you? What it means is if you receive a notice that you are being audited by the I.R.S then give me a call and I will do my best to help you out through the audit process.
So check back in for updates on how my training is going.
On Monday August 17, 2009 I begin my Enrolled Agent training! I am excited to one day be an Enrolled Agent and serve the North Country.
You may be wondering what an Enrolled Agent is? Well....simply put.....An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
So what does this mean to you? What it means is if you receive a notice that you are being audited by the I.R.S then give me a call and I will do my best to help you out through the audit process.
So check back in for updates on how my training is going.
Thursday, May 21, 2009
Ribbon Cutting Ceremony and Open House
Hi All,
Keep an eye out in the newspaper because I will be having a ribbon cutting ceremony and open house to celebrate my new office space. Look for the announcement in the local papers and mark your calendars!
Keep an eye out in the newspaper because I will be having a ribbon cutting ceremony and open house to celebrate my new office space. Look for the announcement in the local papers and mark your calendars!
New Office Location
Hi All,
I recently have rented some office space in the Community House on the third floor! So I now offer office hours on Main Street!!! I still have office hours from my home office so your bookkeeping needs will not be forgotten!
I'd be thrilled to show you all my new office.
I recently have rented some office space in the Community House on the third floor! So I now offer office hours on Main Street!!! I still have office hours from my home office so your bookkeeping needs will not be forgotten!
I'd be thrilled to show you all my new office.
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