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Frequently Asked Questions (FAQs)
General Questions
What services does Jasmine Reed CPA offer?
Jasmine Reed CPA provides a full range of financial solutions, including Financial Accounting, Management Accounting, Tax Accounting, Cost Accounting, Forensic Accounting, Auditing, Fund Accounting, and CFO Advisory Services. We specialize in bookkeeping, tax planning, financial strategy, and business consulting to help businesses operate smoothly and profitably. Think of us as your trusted financial partner!
Who do you serve?
We work with small businesses, startups, eCommerce entrepreneurs, real estate professionals, and growing companies. Whether you need accounting support, CFO services, or tax strategies, we provide tailored solutions to fit your business. If you're looking for financial clarity and long-term growth, we're here to help.
How do I schedule a consultation?
You can schedule a consultation through our website, call us, or send an email. We make it easy to get the financial support you need.
Financial Accounting FAQs
What is financial accounting, and why is it important for my business?
Financial accounting involves tracking, reporting, and analyzing financial transactions to create accurate financial statements. It helps businesses assess profitability, stay compliant, and make strategic financial decisions. With a structured approach to your finances, you can focus on growth with confidence.
What are the five basic accounting principles?
The five key accounting principles include Revenue Recognition, Expense Recognition (Matching), Full Disclosure, Cost Principle, and Objectivity. These principles ensure accurate and transparent financial reporting. Following these standards helps build trust with investors, clients, and regulatory bodies.
What types of financial reports should my business review monthly?
Essential reports include the income statement, balance sheet, cash flow statement, and financial projections. Regularly reviewing these reports keeps your business financially healthy and allows for proactive decision-making. We provide clear, actionable insights so you can stay ahead of the curve.
Management Accounting FAQs
How does management accounting differ from financial accounting?
Financial accounting focuses on historical data and compliance, while management accounting helps businesses plan for the future using cost analysis, budgeting, and performance tracking. We help businesses use financial data to drive smart, strategic decisions.
What types of management accounting reports are useful for business growth?
Reports such as budget variance analysis, cost-benefit analysis, break-even analysis, and cash flow forecasting provide key insights into operational efficiency and profitability. We provide the numbers that make decision-making easier and more effective.
Tax Accounting FAQs
What tax services do you offer?
We handle federal and state tax preparation, tax planning, IRS audit support, and bookkeeping for tax compliance. Our tax strategies help businesses minimize liabilities while staying fully compliant. With proactive planning, we help you avoid surprises and maximize tax benefits.
Is a CPA the same as a tax preparer?
No, a CPA (Certified Public Accountant) has extensive training in accounting and tax laws, while a tax preparer may only handle basic filings. A CPA provides strategic tax planning and represents clients before the IRS when needed. A CPA ensures accuracy, compliance, and a tailored approach to your tax situation.
How do I optimize my business taxes?
Tax optimization involves keeping thorough records, leveraging deductions, structuring your business correctly, and taking advantage of tax credits. We help businesses implement tax-saving strategies that align with their financial goals.
Cost Accounting FAQs
Why is cost accounting important for my business?
Financial accounting involves tracking, reporting, and analyzing financial transactions to create accurate financial statements. It helps businesses assess profitability, stay compliant, and make strategic financial decisions. With a structured approach to your finances, you can focus on growth with confidence.
What are the three major product cost elements?
The key elements include Direct Materials, Direct Labor, and Manufacturing Overhead. Accurately tracking these costs improves efficiency and pricing strategies. We help businesses gain clarity on where their money is going.
Forensic Accounting & Auditing FAQs
What is forensic accounting, and when do businesses need it?
Forensic accounting involves analyzing financial records for fraud, legal disputes, and regulatory compliance. Businesses may need forensic accountants for fraud detection, litigation support, or risk management. We provide clear, reliable financial investigations when accuracy matters most.
What are the different types of audits?
Audits include financial audits, compliance audits, forensic audits, and operational audits. Each serves a different purpose, from verifying accuracy to ensuring regulatory compliance. Regular audits provide transparency, security, and confidence in your financials.
CFO & Advisory Services FAQs
What does a fractional or interim CFO do?
A fractional CFO provides part-time financial leadership, helping businesses with budgeting, financial planning, investment strategies, and scaling operations without the cost of a full-time executive. It’s a cost-effective way to gain high-level financial expertise when you need it most.
How can a CFO improve my business?
A CFO provides financial strategy, improves cash flow, enhances profitability, and helps businesses plan for sustainable growth. Whether you're scaling or restructuring, a CFO brings the financial insight needed to move forward.
What are CFO advisory services?
Our CFO advisory services include financial forecasting, risk management, investor relations, and strategic business planning. We help businesses gain financial clarity and position themselves for long-term success.