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Why Your Business Needs an Accounting Firm

Posted by Admin Posted on Nov 08 2017

Small-business owners flourish from creating a “do-it-yourself” atmosphere; it’s what drives their entrepreneur spirit.  However, the more you take on, the less you’ll successfully accomplish down the road.  Accurate & effective accounting is the most important area for keeping your company profitable and flourishing.  Professional accountants can help your company move forward and help it throughout its stages of growth.

 

Startup Phase

There are many things to think about when you’re starting out, including creating a business structure, setting up bank accounts, and complying with Government regulations.  You might think it’s too early to hire an accountant during this phase, but the way you set up your operations can impact your future success.  We (accountants) can analyze your business plan and help you determine the business structure that fits you best.  Also throughout this phase, we can assist you with making sound financial decisions so you don’t have to spend more money to correct mistakes later.

In the early years of your small business, income and expenses may be minimal, and it may feel as though there isn’t much work for an accountant to do.  However, certain ongoing affairs still need to be overseen, such as:

  • Ensuring employees & independent contractors are classified correctly
  • Correct processing of payroll and payroll taxes
  • Creating appropriate timelines for sending W2s and 1099 forms

 

 

Audit Requirements

Not every small business is required to conduct an audit, but unless you consult with an accountant on a reoccurring basis you might not know one is needed until it’s too late.  ALL businesses should comply with local Generally Accepted Accounting Principles (GAAP).  Contact our office to ensure your records are compliant.

 

 

Lenders NEED Financial Statements

At some point your small business will need additional funding for expansion, new equipment, etc.  Your selected lender will most likely request an updated financial statement for your company and yourself (as the owner).  By having us prepare your financial statements on a reoccurring basis, you can have these readily available for any lender and can increase your chances of getting approved.

 

 

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Ask Yourself:

Does your business planning match your financial forecast?

Have you read the tax code?

Do you have enough time to take care of all the accounting duties yourself?

Are your accounting entries classified correctly?

What do auditors look for when conducting an audit?

Do you know what needs to be in a financial statement?

Does the employee you have handling accounting for your business know the answers to the questions above?

 

 

If you answered "no" to any of the questions above, you can benefit greatly from our services.  We can provide your business with personal services, superior knowledge and valued integrity.  Contact us today!

 

 

Seek Understanding, Ask For Advice, Apply What You Learn

Posted by Admin Posted on Nov 01 2017

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Hyde & Company’s character trait to practice for the month of November is WISDOM

 

What's really the difference between knowledge & wisdom? Most people interpret knowledge as information you learn or gain via education & life experiences; Wisdom comes from how we use that knowledge in moments of opportunity. Learning from past experiences & applying what you've learned from those situations can give you the wisdom you need to become successful in life. Do you learn from your mistakes or do you repeat them over & over again? This month our firm is looking to improve our wisdom by practicing these steps:

 

1. SEEK UNDERSTANDING

The more we understand the process of life, the better we can work & live.

What are some cause & effect relationships you see every day?

What is something that occurred in the past that taught you a good lesson?

2. ASK FOR ADVICE

A person who thinks they know everything rarely does, but a wise person realizes the value of good advice.

Who is someone you can ask for advice?

What can you avoid by asking someone you trust for advice?

3. APPLY WHAT YOU LEARN

Wisdom is nonexistent if you never apply what you've learned from past experiences. The real test of wisdom is applying what you learn.

 When did you make a mistake & learn from it? How did making the mistake actually help you later on?

What are some things you have learned over time that have helped you make better choices & decisions?

 

 

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The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

Red Flags for Potential Fraud

Posted by Admin Posted on Oct 30 2017

The most common phrase business owners or managers say after news comes out of an employee committing fraud at their workplace is “How did I not see this coming?”  Dealing with embezzlement is a messy situation.  Although our firm can handle these situations, we never want our clients to experience it.  In other words: We encourage all of our clients to be PROactive, not reactive!

 

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How does fraud occur? Generally, it takes place when an individual with the ability to abscond with assets or manipulate financial statements and go undetected.  Most cannot rationalize taking money from their employer – but believe it or not it DOES exist!  A fraudster creates a justification for the actions they take (not enough pay, someone in their family is sick, etc.).  These things often occur due to inadequate or ineffective internal controls.  The list below is not intended to be looked at as all-encompassing or predictive of fraud, but they are the most common red flags seen during fraud investigations:

 

Employee with Longevity & Increasing Level of Trust

Employee that Does Not Take Vacations

Single Employee in Charge of Several Processes

Lifestyle Exceeding their Rate of Pay

 

Our firm’s goal is to help teach our clients how to spot these “red flags” and worry less about potential fraud.  Adequately functioning internal controls (both preventative and detective) are the best way to prevent fraud.  At the same time, an owner or manager can be mindful of telltale signs.  If someone in your organization exhibits these red flags, contact us today!

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  We can help minimize your company's risk, protect your assets & avoid potential loss related to embezzlement or theft!  Lou Davis, CPA, CFSA, CGMA, Senior Audit Manager of Hyde & Company CPAs, has over 30 years of experience working closely with clients and handling many cases of fraud and embezzlement.  As a consultant and advisor, Lou can assist in making your internal controls more effective while creating new policies and procedures to implement in your workplace.

Character Trait for October

Posted by Admin Posted on Oct 04 2017

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Hyde & Company’s character trait to practice for the month of October is DEPENDABILITY

 

Everyone needs somebody they can depend on - This goes double for business partnerships.  We would all rather work with dependable people than to feel unsure about important matters.  We are forever grateful to our clients that show their faith in our ability to resolve their most important tax, audit, accounting and accounting issues each and every year.  That being said...we are always looking to improve.  Dependability is the most important character trait we must possess, so we hold it to the highest standard.  This month we will be looking to do just that by highlighting these points:

 

1. BE CAREFUL WHAT YOU PROMISE

Recognize each situation as unique & recognize the seriousness of giving your word.

Why is it important to be honest about what you can deliver & when?

What are some questions you can ask to clarify the expectations others have of your task?

2. GET IT DONE

Break down each task...Don't procrastinate...Finish the Job.

Recognize the value of being a person who keeps his or her word & what the impact could mean in a "bigger picture" situation.

3. COMMUNICATE

When it looks like you might miss a deadline or not keep a promise, address & communicate the issue to all involved parties ASAP.

 Why is it important to let others know when you can't make the deadline?

Why is it important to be a person that others can trust?

 

 

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The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

SERVICE SPOTLIGHT: Internal Audit

Posted by Admin Posted on Sept 25 2017

 

Internal Audit Expertise

In order to cover the many risks facing companies today, Hyde & Company CPAs offers a vast array of services structured to provide outsourced internal audits.  To assist you in managing these risks, we have developed practical, risk-focused programs targeting your specific internal audit needs.

We employ the use of "subject matter experts" - designated individuals performing in their specific field of expertise - to provide you with a wide range of skills and industry experience for a customized audit approach.

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Our proprietary risk-based assessment audit model, customized audit approach and experienced staff work in synergy to design an effective and customized audit program to suit your needs. 

 

Turn-Key Solutions

Hyde & Company has developed a unique turn-key, outsourced internal audit process that is inclusive of its proprietary:

  • Audit sample selection methodology
  • Audit programs for various areas
  • Audit reporting & rating methodology
  • Audit risk assessment methodology
  • Audit engagement process

 

Full-Range Services

As Hyde & Company is structured to provide outsourced internal audit services to your company, we are able to dedicate our resources to constantly evolve our audit process to keep up with the risks facing your company today AND tomorrow.  Our cutting-edge methodology & dedicated staff enable us to provide a full range of audit activities applicable to all facets of your business, including:

  • Strategic Planning
  • Financial Reporting
  • Risk Management
  • Internal Controls
  • Tax Planning
  • Succession Planning

 

 

We understand that outsourcing your internal audit needs is a difficult step for many companies.  Our service offers flexibility & control to ensure compatibility with your goals, professionals that will assist in strengthening your systems, & the same commitment accorded to the most important of clients.

To learn more, contact Lou Davis, Senior Audit & Accounting Manager at Hyde & Company CPAs.

Character Trait for September

Posted by Admin Posted on Sept 05 2017

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Hyde & Company’s character trait to practice for the month of September is RESILIENCE

 

Everyone comes across setbacks in life.  They come in all forms, just as we do.  How we respond those obstacles is what defines us.  Some of us may not necessarily overcome certain situations, but what develops character is whether or not you get up, dust yourself off, and start again.  "I am not what happened to me, I am what I chose to become." -Carl Gustav Jung.  This month, we acknowledge our challenges & meditate on the steps to becoming more resilient.  Join us:

 

1. ACKNOWLEDGE YOUR SITUATION

It's important to step back, acknowledge what is happening & how you feel about it.  By identifying the obstacle, you can learn how to overcome it.

Think about a time you were knocked down in life.  How did you handle it?

Is there, or was there, someone in your life who was there for you & helped you deal with challenges?

2. MAKE A NEW PLAN

If your current efforts aren't working, reevaluate.

Why can making a new plan be difficult to do?

Think of someone who is good at handling change.  Do you like being around them?  Why or why not?

Who is someone you can ask to help you gain a new perspective?

3. PICK YOURSELF UP & TRY AGAIN

Everyone gets knocked down from time to time.  But, it is critical to pick yourself up & try again - with a new approach.

Do you know someone who never recovered once life knocked them down?  Would a different approach have helped?

When have you felt like giving up vs. tackling the problem again?

 

 

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The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

15 Years in Business

Posted by Admin Posted on Aug 31 2017

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August 2017 marked Hyde & Company CPAs' 15th year in existence.  We've had people come & go, but our spirit & mission never changed. Throughout the month we've been taking a look back at some of our favorite memories via our Facebook page.  Here's what we found!

 

Ground Breaking & Construction for Suite 200 (circa 2007)

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Community Involvement

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Christmas with Infant Crisis (2009)

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NAMI Walk 2010

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Habitat for Humanity (2010)

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'Peace Through Business' through IEEW (2010)

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'Bedlam for Babies' for Infant Crisis Services (2015)

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'Wear Red Day' for Go Red for Women (2016)

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Suited for Success donation drive (2017)

 

Parties

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Extended 2016 Tax Deadlines for Personal Tax Returns

Posted by Admin Posted on Aug 22 2017

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Extended Tax Date & Cutoff Deadline

If our firm filed an extension for your personal (Form 1040) 2016 tax return...Monday, October 16 is the deadline to file.  We must receive all of your tax information no later than Wednesday, September 20 so we can verify that we have everything we need to complete your tax returns by the due date.  If you do not provide us your information by this date we cannot guarantee your returns will be filed by the Oct. 16 due date.

 

 

Information Needed

Please drop off information at our office or upload using File Exchange through your secure online client portal.

Check out our illustrated videos, which can give you insight during this tax season.  Remember to 'LIKE' our Facebook page to always stay informed on what you need-to-know!

 

OTC Amnesty Program

Posted by Admin Posted on Aug 10 2017

 

Are you behind on your Oklahoma income taxes?

Forget to pay use tax on equipment acquired from an out-of-state vendor?

Do you have other tax compliance issues?

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Now is the time to act!  The Oklahoma Tax Commission (OTC) is offering an amnesty program from September 1, 2017 through November 30, 2017 which could administer a waiver of penalties, interest, and other collection fees for taxpayers who voluntarily file delinquent tax returns.  All you need to do is pay the taxes due or setup a payment plan with the OTC during the initiative.

 

Eligible Taxes

  • Corporate & personal income tax for tax periods prior to January 1, 2016
  • Sales & use tax
  • Withholding tax
  • Gross production & petroleum excise tax
  • Gasoline & diesel tax
  • Mixed beverage tax

 

 

Lookback Period

  • Taxes assessed is limited to 3 taxable years for annually filed taxes, or, 36 months for those that are not filed annually

 

 

Eligibility Requirements

  • No outstanding tax liabilies other than those reported under the initiative
  • Not have been contacted by the OTC regarding a potential or actual obligation to file a return or make a payment
  • Not have entered into a voluntary disclosure agreement for the same type of tax within the last 3 years

 

 

Consequences of Non-Compliance

  • Denial to register, renew, or verify your state professional license
  • Tax lien on your home & garnishment of your pay in the future (OTC has 9 years from assessment to file a lien & can renew that lien twice for 10 years each, for a total of 29 years)
  • Penalties & interest

 

 

Acceptable Payment Plan: 6-Month Installments

 

 

If you are a client of Hyde & Company, contact us today to take advantage of this limited opportunity!

 

 

Character Trait for August

Posted by Admin Posted on Aug 02 2017

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Hyde & Company’s character trait to follow for the month of August is PUNCTUALITY

 

Punctuality. The word creates a visual in our heads. That could be a character trait or maybe someone specific. It could be an image of someone sitting up straight, showing up on time, and being enthusiastic about whatever is happening in the moment. Growing up it seemed like the kid who possessed these characteristics was always the "teacher's pet" when, in fact, that was the kid who got it before anyone else. Being punctual isn't about brown-nosing, it's about being respectful towards others and doing the right thing at the right time. At Hyde & Company, we are constantly practicing our punctuality to ensure we stay atop of deadlines. Our punctuality as a firm is crucial in anticipating our clients' needs and to help them grow financially. This month we are working on becoming more punctual as well as instilling it to others using these helpful tips:

 

1. KNOW YOUR SCHEDULE

Create a schedule without over-committing yourself to avoid the chance of being late to something.

How do you keep track of your daily schedule? How is it working for you?

How do you politely refuse someone's request or invitation?

2. KEEP TRACK OF TIME

Don't get so caught up that you forget about other commitments - Set reminders/alarms to help you remember the time.

What do you use to keep track of time/remind yourself of appointments?

Ask a friend or colleague some tools or "tricks" they use to keep track of time. 

3. PLAN FOR DELAYS

Plan a little "cushion" in your schedule, budget, and life to handle setbacks.

Think about your day-to-day schedule. Where are some potential areas you could add some "cushion"?

How do you feel when you have time to spare?

 

 

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The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

 

 

Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue