TGG Frequently Asked Questions
Find common answers here:
What is accounting and why is it important?
Accounting interprets and communicates information about a company’s operations and finances.
Accounting is extremely important to any company because the financial information, as interpreted by accountants, allows executives to make informed business decisions to achieve their goals and objectives and to drive success.
Everyone works with and uses accounting ideas, whether they’re managing a business, investing money, or just deciding how to spend their paycheck. In business, accounting links the past with the future. It provides decision-makers information about recent financial activity, as well as information and recommendations useful for forecasting future events.
Is accounting just a cost?
Actually, no. If done correctly, accounting paves the way to make better business decisions. Timely, accurate financial information together with the right processes, infrastructure and strategic insights help you achieve increased profitability and peace of mind.
How can accounting help me make money?
Simply put, accounting tells you if you are making money. It helps you make better business decisions through accurate, timely information that includes such things as key metrics, forecasts, etc. A monthly income statement will quickly reveal your financial position. If you are losing money, you can make changes in your operations, such as increasing prices or reducing expenses, to correct the situation long before the year’s end and ensure that your overall year will still be profitable.
Can a bookkeeper do my accounting?
A good bookkeeper can give you the basics – data entry and history. In order to run a more profitable business and plan for the future, you need accurate, timely numbers from which to forecast, budget, plan and strategize. As your business grows, you need a deeper understanding of your complete financial picture. That is where highly trained accountants and business advisors play an integral role in your ultimate success. They provide strategic guidance and financial insight into your business through financial modeling, forecasting and benchmarking services. This information and guidance allows you to make the changes in your business that will keep it on track toward success and increased profitability.
Do I need to review my balance sheet?
Any size business needs a profit and loss statement and a balance sheet each month. A balance sheet shows you how your assets are being used. For instance, from a balance sheet you should be able to tell whether or not your inventories are too large, whether your receivables are growing, or whether your ratio of debt to equity is getting too high. If inventories or accounts receivable are important in your business, a balance sheet will clearly point out any significant fluctuations about which you should be aware.
Do you provide tax, audit and compliance services?
No. TGG provides accounting and finance services that include building the right infrastructure, processes and procedures to ensure you have better financial information from which your tax, audit and compliance vendors can perform their services. TGG works closely with your tax/audit advisor for improved strategy and planning.
What is a CFO and what do they do?
CFOs provide strategic business advisory services that help businesses increase profitability, improve business valuations and position you for financing and/or exit strategy.
Do you work with businesses located anywhere in the U.S.?
Yes. As a matter of fact, TGG has clients located in a number of states across the country. Technology plays an integral role in our ability to serve you no matter where you are located. And you still receive the personal touch for which we have become known.
What is a business strategic plan?
A strategic plan defines goals, objectives, and targets for a company and outlines how its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals will ensure that everyone has a clear picture of the company’s future. A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.
What steps can I take to avoid problems with cash flow?
A cash flow analysis forecasts whether your daily operations are generating sufficient cash to meet your obligations. A reduction in cash flow will require that your financial plans be altered to provide ample cash; a surplus of cash may mean you have engaged in excessive borrowing or there is idle money that could be invested. It is important to develop a plan that will provide a balanced cash flow situation.