Whalen CPAs

How often do you reconcile your company’s internal financial records against your bank statements? Bank reconciliations are an essential business control that busy owners and managers sometimes overlook or neglect. Regular reconciliations can improve the accuracy of your financial records by uncovering errors, omissions, and even fraud. While accounting software automates much of the reconciliation process, it’s not an entirely hands-off task. Regular review and manual adjustments may be necessary to ensure accuracy and address discrepancies.

Thank you to all of our wonderful clients, friends, and staff that allow us to operate year after year. Merry Christmas and a happy new year 🎊

Stakeholders often look to retained earnings as an indicator of your company’s profitability and overall financial health. This equity account represents the cumulative sum of a company’s net income from all previous periods, less all dividends (or distributions) paid to shareholders. Consistent increases in retained earnings may signal healthy profits and reinvestment in future operations, while the opposite may signal mounting losses or excessive payouts to owners. At year end, your company might consider paying dividends or planning investment projects for next year.

The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late. President-Elect Donald Trump has pledged to “terminate” the law so it may be repealed in 2025. For example, there’s an Energy Efficient Home Improvement Credit. It covers 30% of the cost of eligible improvements, such as installing energy-efficient windows, doors, and insulation, up to $1,200 a year. There’s also a credit of up to $2,000 for qualified heat pumps, water heaters, and biomass stoves or boilers. And there’s a credit for 30% of the cost of installing solar panels.

🍂 Thanksgiving with the Crew! 🍂 This year, we were once again lucky enough to gather for our annual Thanksgiving lunch with the full team, and it was a feast for the senses! From a massive charcuterie board and creamy cheese ball to perfectly roasted turkey, stuffing, and all the holiday favorites — we truly went all out! 🦃🧀 But that's not all. To make this year even more special, Whalen treated each of our team members to a cozy, branded jacket to keep us warm as we head into the winter months. ❄️🎁 Grateful for our incredible team, the delicious food, and the joy of celebrating together. Here's to many more moments like this! 💙🍽️ #Thanksgiving2024 #Grateful #TeamCelebration #WhalenFamily #Gratitude #HolidayFeast #WinterWarmth

A chart of accounts is the foundation of accurate financial reporting. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make evaluating your company’s financial performance difficult. When setting up your company’s chart, start with a template from your accounting software, then customize it to fit your needs. The appropriate structure will depend on the number, nature, and complexity of your company’s financial transactions. Follow a logical, numerical sequence and use simple naming conventions and descriptions.

Do you have a knack for numbers and a passion for accuracy? We're looking for an Accounting senior to join our awesome team at Whalen CPAs! In this role, you'll be the mastermind behind keeping our financial house in order. Think spreadsheets, reports, and making sure everything runs smoothly. But it's not all about crunching numbers – you'll also get to collaborate with a friendly team and focus on the success of our clients. Sound like your dream job? Click below to learn more and apply! ⬇️ https://conta.cc/3Bbn2MO Have questions? Message our Director of Firm Relations at jobs@whalencpa.com. #accountinglife #teamwork #thewhalenway

At year end, it’s critical to identify reasons your company’s pretax profit may differ from its taxable income. Under the accounting rules, pretax profit includes all revenues earned and expenses incurred during the period, excluding income taxes. Applicable tax laws determine taxable income. The tax rules and accounting standards may differ for certain items (such as depreciation methods, expenses and deductions), leading to differences in timing and amounts between the two metrics. Anticipating variances that apply to your business is essential to optimizing tax outcomes and managing cash flow effectively.