Dean T. Carson II, C.P.A. |
Full Range CPA & Consulting Services in NY, CT, MA & TX, Select Services in other States by Inquiry / Fluent in Spanish
ph: 917-300-5190
alt: 917-231-7855
dean
The Elements of Accounting:
Accounting at it's core is about Debits, Credits, Balancing and the art of capturing Business Activity for meaningful insight in support of Financial Decision Makers. Through a time proven combination of blending Economic and Monetary Transactions to produce Financial Statements as the work product of Accounting (along with other related analyses). Working within the reference framework of Government Policy, Industry Standards and the Business and Financial needs of Decision Makers. We work with Accounting to connect with compliance and insight for Leading Decision Makers across the Economy. Where the most important needs are to assist Clients on Accounting with connection to the Standards and compliance with Tax and other regulatory basis accounting needs.
Value Added Accounting connects with Industry Standards, Regulations. Taxation, Management Insight and Strategic and Operational needs on Decision Making in a timely manner with efficiency and effectiveness for timely, relevant and reliable financial decision making insight.
Accounting is also about finding ways to move information in efficient and effective manners to produce timely, efficient relavant data for Financial Decision Makers. In terms of considering or Explaining what Accounting is a personal favorite reference point is the original conceptual framework for FASB Standards which laid down the standards for Financial Reporting Objectives and the Framework for Developing ne Standards in Accounting Policy under GAAP. While the New Conceptual Framework is being worked in by FASB in light of convergence, the Old Conceptual Framework still provides a strong way to express and consider the key objectives of an Accounting System in generic relation to Entity Financial Reporting.
Accounting is a broad field with many lines of specialization, but also is a broad template which can be rapidly adapted to new lines through the knowledge we have of specialized needs in diffrenet areas.
Accounting is a broad field that is deceptively simple in naming and sometimes under utilized as the important management tool it is for Financial Management and Financial Decision Making. In my functional experience the best experience on Accounting is hands on and that's what we bring to clients along with the Strategic and Operational oversight, Accounting Policy and Analytical and Research expertise that can benefit your Accounting needs in many ways.
Heirarchies of Accounting:
From the Top Level it's about Accounting Policy and the overlying framework of GAAP, IFRS, Regulatory and Tax Compliance as adapting to the distinctions of various lines of Industry, Operations and natures of Activities. On the next level it's about how make those broader principles work with the streams of Entity Transactional Data through Strategic and Operational activities in support of Financial Decision Makers. A key part of this is about the application of Rules to Transactions through the lens of Rules Based or Principle based standards, regulatory and tax compliance and the unique and stylistic needs of Management Decision Makers for information insight into Entities, Vehicles and Individual Financials.
The Role of Software and Technology:
In every role the Accounting information is supported by Software that provides and important vehicle to drive data through. We have skills of Business Analysis and Project Management that work not just on input and output data sets, but consider whats happening in transist for Strategic and Operational efficieny in data lines.
In Simplicity:
At the core Accounting Policy and Strategy, Operational, Regulatory, Compliance and Management needs ALL meet in your Accounting System which in the aggregate connects to combine Personnel, Operations, Software and Data to support Management Financial Decision Making with Strategic and Operational insight.
Financial Statements are a key component of the Accounting Workflows:
The key Financial Statements are your Balance Sheet (Statement of Financial Condition), Income Statement (Profit and Loss / PnL), Cash Flows (Operating, Investing and Finance) and Statement of Retained Earnings or Equity to note changes in period ownership.
Supporting Ledgers, Sub-Ledgers and Analysis are work some of the Accounting work products that support Financials:
Collectively these Financials define Financials under GAAP and are further supported by Sub-Ledgers that cover Accounts Receivable and Accounts Payable, Fixed Assets, Prepaid Assets, Investments, Accruals, Proprerty Plant and Equipment, Long Term Debt , Stock Ownership and more. Along with specialized functional and Control Analysis like Bank Reconciliations, Interest Analysis, Revenues Analysis, Insurance Schedules, Intercompanies and more as needed based on Entity and Operations.
Debits and Credits are the fundamental measurement units of Double Entry Accounting and Bookkeeping. Matching Debits and Credits to the many levels of Accounting Policy, Industry Standards, Government Regulations, Taxation and other Management driven insight needs through Financials:
Supporting ALL this in your Accounting system are Debits and Credits under dual entry system that balances to confirm a proper utilization of a system of Accounting which in essence produces Books and Records for Strategic and Operational needs which include Financials, Taxation, Compliance, Analysis and more.
On Accounting in contrast to "Bookkeeping."
Accounting is further broken out into other measures and you may sometimes hear of bookkeeping which is a more fundamental level of Accounting not neccessarily connecting to the complete set of standards, rules, tax and compliance needs that complete the Accounting for Financials. You can read more on Accounting elsewhere on this page and throughout Our website. In simplicity a CPA may perform bookkeping work at times as a subset of the work or may review bookkeeping work, but "bookkeeping" is a more finite role on Accounting with a narrowed scope on objectives which may ultimately end up being more functional and operational than Strategic in application. Restated a CPA may advise on bookkeeping, but a bookkeepers insight would generally speaking be at a more limited scope level than a CPA. CPA's are required to be licensed at the State Level, bookkeepers have no such requirement although in regulated industries they may have some level of certification i.e. a Series 27 / FINOP for a Broker-Dealer.
For immediate services or related inquiries Contact Us or e-mail info@dcarsoncpa.com .
Here are some ways we may assist:
Rapid Adaption to Needs:
Time Counts for Financial Decision Makers so we have spent considerable time of our own accord laying down a Broad Network of Financial Research that can be channelled into your specific needs to get to the Business of Problem solving in complex capacities. The breadth and depth of this research along with hands on skills and active knowledge, results in a ready ability to move swiftly to solve problems for Management Decision Making support.
Hands On Skills:
Our skills in C-Level Executive Consulting and CFO level / Corporate Controlling and Senior Management Consulting count for efficiency and expediency to solve problems in a Ready to go manner. You need answers that are delivered with the tools of Accounting and we deliver Financial Accounting and Insight Reporting support to meet your needs on services or conversely we may have an audit role. If the role is Accounting this section pertains:
Who we Support / as applicable read on to Learn more about Accounting:
For Business Users of Financials and Financial Professionals there is no need to introduce the work of Accounting as you will be familiar with the core concepts. We can help on Accounting, GAAP/IFRS, Tax and Regulatory Financials, Management and External Reporting and much more including Analytics and Financial Research as seen on our web page in other places here. Our Core Expertise is Financial Services and almost every Entity may benefit to use the relevant knowlege of Finance, Investments, Accounting, Taxation, Compliance and Research to pursue Best Practices of Accounting and Compliance for Financial Success. Our skills also cover General Business, Services Businesses, Speciality Lines, and significant skills on the Finance and Management Accounting path with the added experience of owning Financials in hands on roles with full accountability.
We work with significant Research flows that span the Economy for a broad range of Opportunities as a knowledge driven business. For Client Services we Focus in on the needs in your Sector for Financials.
In Overview: We use Research for ALL Industries to adapt to your needs. We are connected to a Broad Scope of Research and use the hands on skills to adapt to your Sector and specific Financial needs as we engage Clients on Services.
We support Business, Non Profit, Government and Individual Financials and Accounting and adapt to needs as driven by Clients.
Core Functions of Accounting & Management Accounting:
General Ledgers, Sub-Ledgers, Trial Balances, Journal Entries, Charts of Accounts, Reconciliations (Account & Banks), Financial Controls, Assets, Liabilities, Equity, Revenues, Expenses, Financial Statements: Balance Sheets, Income Statements, Cash Flows Statements, Equity Statements, Tax Accounts(Tax v. Books et al), Accruals, Adjustments, Reclassifications, Debits, Credits, Accounts Analysis, Prepaid Assets, Prepaid Insurance, Fixed Assets, Intangibles, Equity, Debt, Investment Accounting, Valuation, Classifications, Softwares, Excel, Financial Analysis, Budgeting, Forecasting & Planning, Headcounts, Payroll Analysis, Costs, Profit, Pricing, Profitability, Financial Reporting, Closes, Flash Reporting, Analysis, Accounts Receivable, Factoring, Client Billings, Interest Analysis, Ratio Analysis, Perfomance Analysis, Dashboarding, KPIs and more.
Along with Business Analysis, Project Management and Related needs for Accounting, Financial and Management Reporting and related workflows.
For any need in the Broad Realm of Accounting we are here to assist with hands on skills, knowledge, teamwork and research.
For Services needs Contact Us or e-mail info@dcarsoncpa.com.
Looking to Learn more of Accounting:
If you are not very familiar with Accounting - the below explanations are here to help you learn more. We also happen to really enjoy the work and helping to grow your skills in understanding so we take the time to help you better understand through working together.We perform the work and explain the workflows to better help clients connect on the work of Accounting and Financial Reporting as tools for better Financial Management success through Insight.
The Fundamental Measurement Units of Accounting are Debits and Credits in the system of Double Entry Bookkeeping:
Your Entities First Entry may have looked like this:
Dr. Cash XXX
Cr. Common Stock XXX
In a hypothetical case where you contributed capital to your new entity and issued yourself stock in return for the ownership rights of that capital contribution in formation of your Entity.
The unique circumstances of your business guide the bookkeeping but the fundamental elements are the units of measurement. The Debits and Credits that must balance in Double Entry Bookkeeping as a Fundamental Rule of Accounting.
In one over simplified (abstract theoretical) way you could state that Accounting is connecting financial transactions to meaning by ascribing purpose and quantification.
Accounting is driven by various Rules that guide presentation and application and which add meaning to the needs in Financials, Taxes, Compliance and Financial Decision Making Insight.
Above ALL the value of Our skills is to help find meaning in Financial Data through presentation, classification, quantification, controls and other various attributes of Accounting Data that come together through detailed process of Accounting to produce Financials. Financials that can then be Analyzed for the Operational and Strategic needs of Financial Decision Making. We support that chain of Decision Making potentially from End to End from Input through Output Analysis of Financials for Decision Making as needed by Clients and Compliance with Rules. We also support advanced needs on Project Management and Business Analysis.
To learn more contact us or e-mail info@dcarsoncpa.com
Accountants and auditors typically do the following:
In addition to examining and preparing financial documentation, accountants and auditors must explain their findings. This includes face-to-face meetings with organization managers and individual clients, and preparing written reports.
Many accountants and auditors specialize, depending on the particular organization that they work for. Some organizations specialize in assurance services (improving the quality or context of information for decision makers) or risk management (determining the probability of a misstatement on financial documentation). Other organizations specialize in specific industries, such as healthcare.
Some workers with a background in accounting and auditing teach in colleges and universities. For more information, see the profile on postsecondary teachers.
The four main types of accountants and auditors are the following:
Public accountants do a broad range of accounting, auditing, tax, and consulting tasks. Their clients include corporations, governments, and individuals.
They work with financial documents that clients are required by law to disclose. These include tax forms and balance sheet statements that corporations must provide potential investors. For example, some public accountants concentrate on tax matters, advising corporations about the tax advantages of certain business decisions or preparing individual income tax returns.
External auditors review clients' financial statements and inform investors and authorities that the statements have been correctly prepared and reported.
Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.
Some public accountants specialize in forensic accounting, investigating financial crimes, such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine if an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.
Management accountants, also called cost, managerial, industrial, corporate, or private accountants, record and analyze the financial information of the organizations for which they work. The information that management accountants prepare is intended for internal use by business managers, not by the general public.
They often work on budgeting and performance evaluation. They may also help organizations plan the cost of doing business. Some may work with financial managers on asset management, which involves planning and selecting financial investments such as stocks, bonds, and real estate.
Government accountants maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by federal, state, and local governments ensure that revenues are received and spent in accordance with laws and regulations.
Internal auditors check for mismanagement of an organization’s funds. They identify ways to improve the processes for finding and eliminating waste and fraud. The practice of internal auditing is not regulated, but the Institute of Internal Auditors (IIA) provides generally accepted standards.
Information technology auditors are internal auditors who review controls for their organization's computer systems, to ensure that the financial data comes from a reliable source.
(*) The US DOL OOQ exists as a Public Resource and is a wise place to start on the considerable task of defining and explaining the many ways Accountants may help on services. CPA Services are guided by State Rules so any services generally mentioned above could only exist where valid in relevance to your State Rules that guide the practice of Accountancy.
Where the above Definition corresponds to your needs on services or if you could benefit from Educational support services on Accounting we are here for Comprehensive and Compliant Accounting Services to consider where your needs and our services may potentially connect.
Contact Us or e-mail info@dcarsoncpa.com to learn more.
DCarsonCPA: The Distinguishing mark of Our Practice is a broad commitment to ongoing Financial Decision Making research that connects along the lines of Industry, Government, Non Profit and Individal Financial Decision Making. Please take some time to connect with Our Resources as additionally defined on Our LOBs on Services page and across Our website. We have many strategic lines which support various needs and for Clients we explain how big knowledge can help your role as a Financials Decision Maker.
Clients Served:
Industry, Non Profits, Individuals and Government
Our Practice is driven by Hands on Experience, Knowledge, Teamwork and Active Research with these tools we can flexibly adapt to your needs across the Economy.
Accounting in Broad Overview:
Three Forms of Accounting:
Full Accrual Basis:
Modified Accrual Basis
Cash or OCBOA Basis
Sources of Accounting Rules:
FASB / GAAP (Rules Based)
GASB
IFRS / IASB (Principle Based)
Covergence (The connection of GAAP and IFRS through a gradual process)
OCBOA = Other Comprehensive Basis of Accounting:
Ex. Tax or Regulatory Basis
Regulatory Basis Reporting follows Federal, State or Local Guidlines as relevant and applicable.
What we do:
We work with hands on skills, knowledge, teamwork and research to deliver on services.
Assisting Clients with
Knowledge:
Educating Clients is an important duty where Accounting or Finance is new for Clients or they may have other specialized skills.
Accounting is an Important role that deals with some of the most fundamental needs in the Economy. As a class of Professionals CPAs are committed to supporting the Economy through Financials and related knowledge for Financial Decision Makers in Government, Industry, Non Profit and Individual roles.
We are here to assist on services and are glad to help you learn more through services and research.
We work with knowledge and it is a continual growth process as Rules update and change on a daily basis.
Reach us at Contact Us or e-mail info info@dcarsoncpa.com
The Role of Economics and Statistics:
Each Accountant through process of Business Education generally takes core courses in Economics and Statistics. These are important foundations in knowledge of how we all connect through International, Governmental, Industry, Non Profit and Individual roles.
Accounting is a process of connecting Actual Cash Flows, Rules and Economic Events in gross oversimplification.
Statistics is a tool of Analyis to take a sample that is predictive of a whole, upon whoch to draw a greater conslusion of underlying data sets. Sample Selection and appropriate knowledge of application and limits of Statistical Tests is a key skill set.
Statistics are used in Auditing on Financials, in International and Domestic Economics and industry and Non Profit roles. Potentially even in Individual Roles depending on Mathematical inclination.
Family Roots in Problem Solving:
In reference to an interest in Mechanical and Quantative Science and the Family.
Problem Solving runs in the Family.
Each generation draws inspiration from the one before it, in my case I landed on a Foundation of broad and diverse but highly technical and knowledge driven family skills that included, Math, Cost Accounting, Science, Physics, and more with experience in Agriculture, Craftsmanship, Art, Health, Consulting, Entrepreneurship, Technology and much more.
Using this diverse base of Knowledge and Insight for Clients on Services across the Economy and Sectors with relevant insight and Resources. The connection is on problem solving and the invariable point your reach in accounting where you begin to see the Financial Connection in all things. you can use that opportunity to help Clients and overall problem solving.
In the foundation of this business in a time of profound Economic Challenges in the Nation, the sense of Family and Community were inspirational in my commitment to help where we can on the Economy.
Financial Decision Makers have important roles at ALL points and we are here to help with Broad and Focused skills to support Decision Makers with Accounting and related insight delivering skills.
Contact Us or e-mail info@dcarsoncpa.com .
Copyright © 2010 - 2022 Dean T. Carson II, C.P.A.. All rights reserved.
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Full Range CPA & Consulting Services in NY, CT, MA & TX, Select Services in other States by Inquiry / Fluent in Spanish
ph: 917-300-5190
alt: 917-231-7855
dean