Luther Speight

Financial reports are more than just numbers—they’re essential tools for understanding your business’s performance and making informed decisions. By optimizing your reports with accounting best practices, you can enhance the accuracy, clarity, and reliability of the information they provide. In this guide, I’ll outline how to apply these practices to improve your financial reporting, offering valuable tips that can strengthen your business’s financial health. Maintain Accurate and Timely Data Accurate and up-to-date data is the foundation of any reliable financial report. Recording each transaction promptly and correctly reduces errors and prevents discrepancies that can lead to bigger issues down the road. This includes everything from revenue and expenses to inventory and payroll. Frequent reconciliation—comparing recorded data with bank statements—ensures your records reflect actual financial activity. Set a schedule for recording entries and reconciling accounts, whether that’s we...

 Hiring a Certified Public Accountant (CPA) can be a game changer for both individuals and businesses. While some may assume CPAs are only useful during tax season, their expertise spans much wider, from helping businesses establish strong financial foundations to managing complex personal finances. However, knowing exactly when to hire a CPA is key to maximizing their value. Below, I’ll walk you through the most crucial times when hiring a CPA makes sense. Starting a New Business: Building a Strong Foundation Starting a new business is an exciting venture, but it comes with a myriad of financial decisions that can shape your future success. One of the first steps in starting a business is deciding on the legal structure—whether to form a sole proprietorship, an LLC, or a corporation. Each of these structures has different tax and legal implications. A CPA can help you weigh the pros and cons of each and choose the structure that best fits your goals​. Additionally, a CPA can help...