Want to stay informed about what is happening in the world of accounting and tax? Michael J. Yuda, CPA, LLC’s blog is here to help. We understand just how important it is for our clients to not only know what is going on with their finances, accounting and taxes, but also how the constantly changing tax laws, etc. will affect them. That is why we have set up a blog that posts informative articles, tips, and techniques designed to help you stay in charge of your financial life.
Regularly updated, our blog is a great place to learn how to better approach taxes, bookkeeping, and personal finances so that you can give your financial future some direction. If you find an article or piece of information that interests you and want to learn more about what it means then we encourage you to contact us. We always look forward to helping our clients in any way possible when it comes to their financial needs.
Contact our accounting firm in Honolulu, Hawaii, for more information about the different topics we discuss on our blog.
Running a small business takes a lot of time, effort, and focus. Getting caught up in aspects of your business that require more focus than others, such as computer software or employees, can cause you to lose sight of other important factors of your company — namely your financials.
There are many tax professionals servicing the great state of Hawaii, but when it comes to hiring someone to handle such a sensitive aspect of your business, you’ll only want the best person on the job. Hiring a bookkeeper for your company will serve you with numerous benefits.
Instead of trying to handle your financials by yourself, hire a professional bookkeeping and accounting service. This aspect of your business is too important to take on by yourself.
When tax season rolls around, you don’t want to be stuck paying fines or penalties from the IRS that you weren’t aware of in the first place. A professional bookkeeper has the experience necessary to properly examine and analyze your data so that you’ll be prepared for tax season. Hiring a professional to handle your accounting can also ensure everything is handled correctly in payables and receivables. A trained professional will be able to save information accordingly, so when it’s time to mail out tax forms, all the records are on file and easily accessible.
Michael J. Yuda, CPA, LLC is not only an experienced bookkeeper, but his firm offers top-notch accounting services to all of his clients in Hawaii. Schedule an appointment with Yuda to discuss the future of your personal or business finances today.
Here at Michael J. Yuda, CPA, LLC, we’re extremely excited to announce our Summer Special. What exactly does it all mean? For a limited time, we will be offering a FREE 30 minute consultation for new clients. This exciting special is just another way to heat up your summer and get yourself down the path to better financial health. Michael J. Yuda is a premier CPA in Hawaii and offers a slew of services to help you make wise financial decisions. Yuda is here to help you manage your tax, accounting, QuickBooks, and other bookkeeping matters.
If you’re interested in benefiting from a free 30 minute consultation, please contact us today to schedule an appointment. Our firm can help manage your business or personal finances with the necessary technical experience and expertise to succeed. When you choose Michael J. Yuda, CPA, LLC, you’re getting personal, reliable, professional and trustworthy service–guaranteed. Take advantage of our amazing summer special today, and get 30 minutes of free consulting from the premier CPA in Hawaii. We firmly believe that your success is our success, and are committed to helping you.
Are you looking for financial stability and guidance? Michael J. Yuda, CPA, LLC in Honolulu, Hawaii can handle your personal or business day-to-day accounting! Why should you choose Michael J. Yuda to help with your finances? Consider these reasons when seeking a CPA in Hawaii:
Michael J. Yuda is a Certified QuickBooks ProAdvisor.
Michael J. Yuda is a Certified QuickBooks Online ProAdvisor.
With 2 certifications in QuickBooks, Michael J. Yuda is a proven professional at bookkeeping services and can help create a personalized service that is unique to your specific and unique business.
Michael J. Yuda has a proven track record in accounting and taxes. He began his career working for the IRS before starting his own Accountancy Corporation in 1983.
Michael J. Yuda is a licensed CPA in both Hawaii and California.
Michael J. Yuda is a member of the Hawaii Society of Certified Public Accountants, the California Society of Certified Public Accountants, and the American Institute of Certified Public Accountants.
At Michael J. Yuda, CPA, LLC, we offer tax consulting services that include the preparation of all personal and business income tax returns. We also prepare all required state tax returns, as well as multi-state returns.
If you’re looking for a CPA that you can trust, choose the best CPA in Hawaii, choose Michael Yuda today!
When you’re trying to save money, it sometimes seems impossible. However, there are a few tips and tricks that can help secure success. Below are just a few fun facts about money saving:
Did you know that by watching less television, you might have an easier time saving money? When you avoid TV, you’re less exposed to guilt-inducing ads, and ultimately a high cable or electric bill. Advertising makes so much money because it works. However, advertising isn’t always friendly on your wallet.
Many credit card companies will work with you on a rate reduction. Although these deductions aren’t extremely high, you can save up to $150 a year.
When we’re stressed, we’re more prone to impulse buys. Going to the gym or participating in any type of exercise isn’t just good for our bodies; it’s great for our wallets too. Exercise reduces stress, which can prevent impulse buys.
Delete your credit card numbers from your online accounts. Everyone loves the convenience of 1 click shopping, but by un-synching your account, you might re-consider your purchase, helping you save money.
Many people aren’t aware of all the benefits they have at their jobs. Do your research and see what types of benefits you might be overlooking; these could help you save money. If you find yourself spending a lot on entertainment, you might find that your employee offers benefits like free or discounted tickets.
If you’re looking for financial guidance and want to finally reach financial stability, consider choosing the premier CPA in Hawaii, Choose Michael J. Yuda CPA, LLC.
Does it seem that as each day passes, it feels harder and harder to save money? You desperately try to put away more money, but the amount of money you’re putting away isn’t keeping up with the rising costs of living. Remember your childhood piggy bank? Well the concept of the childhood piggy bank can be used into your adulthood as well, just on a more mature level. Of course, we’re not opposed to be using a piggy bank. Below are a few helpful suggestions that closely mimic the concept of having a piggy bank:
Every time you make a bank deposit, set a certain amount of money to be automatically placed into your savings account. You can do this each week or bi-weekly. The amount you choose is up to you, but you’ll be surprised how much you can really save in a year.
Perhaps actually use a piggy bank. You don’t necessarily have to go out and buy a ceramic pig, but collecting and saving coinage can really add up. Not only does saving loose change regularly sometimes pay off, but it does build great saving habits that you can use in other financial aspects.
Putting money into a high yield savings account or a CD is a great way to save money, and even increase the value over the years. Consider these accounts a more advanced piggy bank.
Don’t stick to just one method of saving. Having a savings account, CD and even saving pocket change are all great ways to reach financial stability. Quick thinking, smart planning and wise purchases are all extremely important when it comes to saving, however, it’s not always that easy.
We value your financial health, and want to see you reach financial stability. If you’re looking for a CPA in Hawaii who can help you get there, choose Michael J. Yuda, CPA, LLC.
“Accounting is the language of business” Warren Buffett
Authored by Chris Vanderzyden
Accounting, financial statements, forecasting, budgeting, taxes…Unless you are an accountant, most small business owners have very little understanding of the finance side of their business, and in order to be successful, it is imperative that you know and understand the language.
According to a recent report from the Small Business Administration, one-third of new businesses fail within two years, and fifty-six percent within the first four years. I actually thought these stats were pretty good – two-thirds stay in business for two years – not bad at all! But, how many are profitable? Only about 40%.
Why the lack of profits and thus the high failure rate? Incompetence, and one of the primary inadequacies cited is lack of financial knowledge.
I get it; the finance side of business is just not as sexy as the product development, marketing & sales, or whatever is your sweet spot in your business. However, it is critical to your success that you not only understand your financial information, but also utilize the data to make sound management decisions.
Hire a CPA and a bookkeeper to do the dirty work, but do not hide your head in the sand in regards to what your financial picture looks like. Your ability to read and properly analyze the information will ensure that your business continues to thrive.
Here are a few key points to understanding two of the basic financial statements – the Balance Sheet and Income Statement:
1. Balance Sheet – The balance sheet is a picture of the position of a company at a specific date. It provides the value of assets, liabilities and owner’s equity and provides the information necessary to determine the level of solvency and liquidity of a company.
A key indicator to liquidity is the current ratio: the ratio of current assets to current liabilities. Current asset are those assets that can be converted to cash within the current period such as, accounts receivable. Current liabilities are those liabilities that are expected to be paid off within a current year, accounts payable.
Computed: Current Assets / Current Liabilities
A 2:1 ratio (twice the assets as liabilities) is a good marker of a healthy small business.
Two additional balance sheet key ratios to consider:
Inventory turnover – the number of times that inventory is replaced in a period. This provides an indicator of how well the inventory levels are being managed.
Computed: Cost of Goods Sold (CGS found on the income statement) / Average Inventory in a Given Period
* Is your rate good? How is it trending compare to previous periods? Compare your turnover rate to your successful competitors.
Receivable turnover – is a measurement of how many times a business collects its receivable in a period or how efficient their collection process is. The goal is to collect receivables as quickly as possible, so the higher the ratio the better.
Computed: Credit Sales / Average Accounts Receivable
2. Income Statement – Displays all revenue sources and expenses for a given period of time. Three key analytics:
Gross Profit Margin = Sales – CGS / Revenue
Analyze – are you making a profit on the products you are selling?
This will indicate how efficient your company is operating.
Net Profit Margin = Net income/revenue
This is the income derived from every dollar of revenue.
VICTORY TIP FOR THE WEEK:
Your financial statements are your greatest tools to identify weaknesses in your business. It will alert you as to when trouble is brewing and allow you to be proactive in resolving issues. Is there a problem in your inventory control? Do you need to tighten your cash management procedures? Is your pricing out of whack? Are your operating expenses eschewed?
Don’t hide your head in the sand—carefully and consistently analyze your financial statements, and watch the trends as you compare period-to-period. Your efforts will guide you to make better management decisions that will positively impact your bottom line. Trust me – it pays to fall in love with the language of numbers!
* This post was originally written and posted on ChrisVanderzyden.com– thanks to Chris Vanderzyden for sharing with us! We’re so excited for you to share this with our readers! Follow her blog for more amazing posts.
Having a positive relationship with your accountant is the best way to help your financial stability. Having regular contact with them is essential to ensure everything is in order. It’s important to try and maintain a good relationship with your accountant, as they can be a crucial component to your personal financial health, as well as the health of your business. The following tips will help you build and maintain a healthy relationship with your accountant:
Keep agreed records and deadlines
If there are any changes to your business or personal finances, make them known immediately
Discuss major issues with your accountant, such as tax implications, salary, dividends, etc.
Always pay your accountant on time
Don’t be afraid to ask questions
If your accountant isn’t adapting to the needs of your growing business, don’t be afraid to speak up
Allow your accountant to focus their energy on helping you succeed, not avoiding IRS penalties. An accountant is there to help you stay on track and ensure you’re finances are in order
The major secret to maximizing the relationship with your accountant is to always keep open communication with them throughout the year. If you’re looking for a CPA in Hawaii, you can trust Michael J. Yuda, CPA, LLC.
Are you looking for someone to handle bookkeeping for your small business? If the answer is yes, it’s best to choose a bookkeeper that is a Certified QuickBooks ProAdvisor. A Certified ProAdvisor knows the ins and outs of the powerful and useful software, and can help keep your books in order, which translates to a more financially stable business. Why should you choose a QuickBooks Certified ProAdvisor?
In most cases, Certified QuickBooks ProAdvisors are trained CPAs, accountants and other professionals who have spent years studying and learning how to handle small business finances.
Certified QuickBooks ProAdvisors have completed a comprehensive and thorough QuickBooks training course and exam in order to be certified.
They can help get you started on the right foot with aiding in set-up, proper training and even troubleshooting.
Certified ProAdvisors can help provide the best guidance to help you have the highest satisfaction from using QuickBooks.
A Certified ProAdvisor knows how to get the most out of the software.
If you’re looking to get the most out of QuickBooks for your small business bookkeeping, consider contacting Michael J. Yuda, CPA LLC, in Honolulu, Hawaii. There’s no better QuickBooks ProAdvisor in Hawaii, than Michael J. Yuda to help learn the ins and outs of QuickBooks. With personalized service and attention to your unique business, Michael J. Yuda can help provide only the best and most experienced QuickBooks bookkeeping services! Contact us today!
Poor financial decisions can add up and wreak havoc on your life. Piling debt can be crushing to your emotional well being, and could get you in a lot of financial trouble. If you’ve found yourself in debt, it probably feels as if you’ll never be able to rid yourself of this burden, but there are plenty of ways you can help your situation and even become debt-free:
Make cutbacks: Nobody loves the idea of making cut backs, but cutting money from certain aspects of your life can help you take care of debt a little more. Working on a budget when money gets tight may sound like a daunting and awful task, but it might also have you realize where your money is going, and potentially improve your financial health for the long term.
Seek help: If you’ve found yourself in a tough spot financially, perhaps seeking out a CPA could help teach you fiscal responsibility and get your finances in order. A CPA may not actually get you out of debt, but can help set you down the path to a more sound financial life, and help you know how to handle your money so you can stay out of similar situations. Consider seeking out help before making any drastic decisions, such as claiming bankruptcy. There are many professionals out there who can help give you advice, before contacting lenders.
Prioritize Your Debt: Study the consequences of missing certain payments. It’s not the best choice to only pay the largest debt with the biggest interest rate first. Read over any lending agreements and statements, to get a picture of which debts should be a top priority, and which can wait.
Avoid Pay Day Loans: Burying yourself in more debt in order to pay off existing debt is a recipe for financial destruction. Stay away from pay day loans, loan sharks, and any situation which makes you feel like you’re solving one problem and creating another.
If you’re looking for a CPA in Hawaii, consider contacting Michael J. Yuda CPA, LLC! Your path to financial stability begins with proper assessment and the best guidance from the very best CPA in Hawaii.
You’ve probably heard it time and time again, but saving money could be one of the most important things you can do in your life. There are a variety of great reasons as to why saving money is a great long term decision. You may or may not have enough money to pay for everything you need now, but taking the initiative to save money is never a bad idea. Here are a few great reasons to start saving now!
Emergency: It’s a great idea to set a fund aside to cover unexpected expenses that may arise. Surprise expenses like car repairs, sudden job loss, and medical emergencies are things that can happen, and having an emergency surplus of cash handy is a smart way to ensure you’ll be able to handle the hardships.
Retirement: The sooner you begin saving money for retirement, the less you will have to save in the future. Starting a retirement fund early is a great way to build financial stability in your older years. It’s a wise decision to contribute up to what your employer matches, and then gradually contribute more of your gross income.
Buying a House: Saving money to make a down payment on a house could be one of the biggest decisions you will ever make. If you’re able to save enough to pay the down payment up front, you can cut out the stress of loans and avoid high interest rates.
Education: Whether hoping to obtain a master’s or doctorate degree, or send your children to college, saving now is a great way to guarantee you don’t lose your shirt with student loans and high tuition prices.
There are many different reasons to save money! If you’re unsure on how to handle your finances, consider seeking out a CPA! If you’re looking for a CPA in Hawaii, don’t hesitate to contact Michael J. Yuda today!
