Baratz & Associates, P.A.

A company's financial statement preparation is governed by its accounting policies. Accounting principles are a set of guidelines that a business should follow. Nevertheless, the framework is quite adaptable and the business' management team can select particular practices that improve the company's financial reporting. A company's specific rules are crucial because accounting standards can be lax. Examining a company's accounting practices may determine whether the business is aggressive or conservative when reporting profits. ??: (856) 985-5688

To address a business risk, there are five common strategies. They are risk avoidance, risk reduction, risk sharing, risk transfer, and risk acceptance and retention. When choosing the best strategy to work for you, consider combining multiple strategies. Have more questions about risk management? Our team is dedicated to help you. Contact us today at (856) 985-5688

Your company's assets, liabilities, and owner equity are displayed on your balance sheet. In essence, it is a comparison of your assets and liabilities. Keep in mind, liabilities are what your business owes, and assets are what your business owns. Equity represents the ownership interest in the company and is calculated by subtracting the liabilities from the assets of your company. Contact us at (856) 985-5688.

VAT, standing for value-added tax, plays a large role in several countries’ tax systems. It is important to consider when a business is looking to conduct and manage financial affairs abroad as it is employed by over 160 countries worldwide. To best navigate the VAT landscape, learn the principles of tax credits and VAT refunds. https://bit.ly/4atdflg

Have you started your estate planning yet? Check out this insightful article discussing the importance of estate planning regardless of your age. It is critical to be prepared in your financial life and take control of your resources. Not sure where to start? We can help! Call us at (856) 985-5688. https://bit.ly/3YHJsQS

Wondering how to succeed in business? CONSISTENCY! In order to create long-term positive habits that increase your money-making ability, you need to do what is necessary on a daily basis. Customers value consistency. Prioritizing this helps to create a satisfied customer base every time! Let us handle your business accounting so you can focus on what you do best – running your business! Contact us today at (856) 985-5688 to get started.

An examination audit is what people are really scared of, but less than 1% of Americans are audited in a given tax year. A face-to-face examination can take place in your home, your workplace, your lawyer's office, or at an IRS office. When the audit is completed, the auditor will determine what's required to rectify the situation. If you disagree with their assessment, there's an appeals process. Contact us at (856) 985-5688 today.

There’s a lot of recent talk about student loan deferment and forgiveness, but what exactly does that mean? Understanding your repayment options and financial situation will assist you in making informed decisions so you can manage your student loans more effectively. https://bit.ly/4ee3U1A

Have you heard of the Consumer Financial Protection Bureau (CFPB)? This free government website can help you get your finances organized! Your Money, Your Goals (YMYG) is a financial empowerment toolkit created by the CFPB that equips frontline staff with tools and skills to empower clients in understanding their own financial situations and connects them to resources available in their community. You can access PDF versions of the toolkit, or even get a free one mailed to you. It's time to get your finances in check! Contact us at (856) 985-5688 to discuss fiscal strategies for your situation today. https://bit.ly/4cVbRIP

Estate planning is the process of managing your assets during your lifetime so they can be distributed according to your wishes after your death. It entails choosing how to manage, maintain and divide assets, which include real estate, cash, investments and personal belongings. It also involves minimizing the taxes your estate and your heirs will pay. Call us at (856) 985-5688 to discuss your estate planning needs.