At Ally First Accounting we make it easy to understand bookkeeping and accounting by providing you with common accounting terminology so you can easily understand your profit and loss statement, your balance sheet, and cash flow statement. 

The following is a partial list and brief definition of most used terms:

• Bookkeeping:  the posting of all transactions from bank statement, credit cards and other source documents.
• Accounting:  the process of reviewing the profit and loss statement, balance sheet and other reports to determine the financial well-being of the company.  We often compare business expenses as a percentage revenue.  We then compare this information to determine what percentage of business income should be spend on expenses.
• Temporary or Part-Time CFO/Controller Services:  when your CFO/Controller is out for a period, our outsourced CFO/Controller services can come to the rescue and provide services on a temporary basis.  Another situation is when your company has grown and you need someone to now handle all the financial functions for your business, but you don’t need someone full time, then our part-time CFO/Controller Services might be the best solution for your business.
• Cash Management:  Cash is the life blood of every business.  We can explain why your profit and loss statement might show a profit and your checking account might be low on funds.  There is a reason for this difference and our expert analysis can show you why.
• Credit Management:  are you extending credit to other firms?  It’s not much different that lending money in the same fashion as a bank.  You sell to your clients your products or services with the anticipation of getting paid at some point in the future, based upon your terms of sale.  But there is no guarantee you will be paid!  The way you manage your accounts receivable will have a huge impact upon cash flow and the ability of your company to stay in business.  It’s all about managing the credit risk.  Are you taking too much risk?  Our cash and credit management services can take the mystery out of this important task and we can provide you with business cash management techniques to improve cash flow.
• Financial Analysis & Reporting:  what are your numbers telling you about the health of your business.  We take the mystery out of that and explain it all in our monthly narrative.
• Key Performance Indicators (KPI’s):  like a gas gauge for your car, KPI’s will tell you how your business is performing.  You can then use the KPI’s to take corrective action to get your business back on track.
• Budgets:  a budget will help guide you in achieving your business goals.  Budgets need to be reviewed and adjusted on a regular basis.
• Actual vs. Budget Analysis:  how is your business doing compared to the budget.  A regular financial check up will keep you updated on the overall financial condition of your business.  Keeping your business healthy and growing should be your number one goal!
• Tax Planning:  Your business profits will be subject to income taxes both on a Federal and on a State level.  The net income of the business will also be computed based upon the legal structure and tax structure of your business.  There are tax reduction strategies for small business, and they are part of the ongoing service we provide to full service clients.
• Business Management and Advisory Services:  most professional athletes have a coach as so do successful business owners. Professional accounting help is just a phone call.  Our services include: how to apply for a small business loan, how to apply for an sba loan, what information you will need to apply for a loan, the different types of business loans, best places to apply for a loan, small business accounts receivable management, collecting past due receivables and record keeping for small business.
• Strategic Planning:  where are you going, how long will it take to get there and how will you arrive?  A great strategic plan will guide you along the way and establish a clear plan to get your there.  Has your strategic plan been updated?
• Forensic Accounting:  sometimes things go bad due to employee theft and embezzlement.  There are steps you can take to minimize the risk.  Let us show you how!
• Fraud Risk Assessment:  we’ve seen the huge negative impact fraud can have on a business and the owners.  Unfortunately, it happens more than many realize and often goes unreported.  There are steps you can and must take to minimize the risk of becoming a victim of either employee embezzlement, or business partner embezzlement.  Unfortunately, it can be relatively easy to embezzle money from a business, especially a family business.  No business is exempt from the risk of embezzlement.  What do you do when you find out an employee embezzled money from your company?  There are steps you need to take and take quickly to minimize the negative impact this can have on your business.  At Ally First Accounting we have worked on an employee embezzlement case and have seen first-hand the damage which can be done.  No business can ever be 100% embezzlement proof, but every business should go through an Annual Fraud Risk Assessment to identify potential risks and to take corrective action to minimize those risks.  In addition, embezzlement coverage should be discussed with your business insurance agent. 
• Operations Review & Best Practices: Technology changes everything and the pace of change is unrelenting.  Are you effectively utilizing technology to improve your operations and profitability?  Let us work with your team to review your business operations for areas of opportunity and profit improvement.