Helpful Business Terms by New Millennium Accounting

A Business Plan

A business plan clarifies your marketing, management, and financial plans to achieve success.

Accounting

Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the FINANCIAL STATEMENTS.

Accounts Payable

Amount owed to a CREDITOR for delivered goods or completed services.

Accounts Receivable

Claim against a DEBTOR for an uncollected amount, generally from a completed transaction of sales or services rendered.

Audits, Reviews and Compilations

Constructive solutions for maximizing your company’s profitability and efficiency. Financial reporting on all three levels of assurance: Audit- an intensive examination with the highest level of assurance, Review – some analytical procedures conducted with limited assurance, and Compilation- based upon client information provided and used primarily for internal use.

Bank Reconciliation

Ensures that your business revenue collected and payments made each month are tied and reflected in your bank accounts.

D.B.A.- Doing Business As

Alternative name or trade name used by a business.

Employer Identification Number-(E.I.N.)

A nine digit number assigned by the I.R.S.

Expenses

The organization outlay for the tax period.

Financial Forecasts & Projections

Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company’s financial goals.

Fixed Assets

Value of land, buildings, equipment, and other tangible items owned by the organization.

General Ledger, The

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

 Internal Controls

Ensure proper handling of resources and safeguard assets to protect from employee theft.

Warning Signs for Businesses

Revenues begin to fall
Cash flow begins to tighten
Costs & overhead begin to rise
Lack of adequate capital funding
Accounting records are not current
Competitors take away business

Don’t delay to act—there are a number of solutions to save your business! 

 

To contact us:

By Appointment Only

You may contact us by phone or e-mail. We respond quickly to your call.

5214 Mirror Lakes Blvd.
Boynton Beach, FL 33472
Phone: (352) 449-9705
Fax: (561) 806-6175
terri@newmilacctg.com

Our services are mobile, our overhead is low, that is how we keep our rates affordable. Our office is virtual.

We provide proactive solutions to your needs on a value added cost-effective basis.