The ABC's of an External Audit

A very wise step for any business is
to choose an external auditing team.

An audit is a systematic process
of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity. Whereas some businesses rely on audits conducted by employees—these are called internal audits—others utilize external or independent auditors to handle this task (some businesses rely on both types of audits in some combination). External auditors are authorized by law to examine and publicly issue an opinion on the reliability of corporate financial reports.

The business of external auditing
is to determine the extent to which the organization adheres to managerial policies, procedures, and requirements. The independent or external auditor is not an employee of the organization. He or she performs an examination and issues a report containing an opinion on a client's financial statements. During the course of an audit study, the external auditor also becomes well-acquainted with the virtues and flaws of the client's accounting procedures. As a result, the auditor's final report to management often includes recommendations on methodologies of improving internal controls that are in place.

The compliance audit,
the financial statements audit, and the operational audit are among the major types of audits conducted by external auditors. A compliance audit has as its objective the determination of whether an organization is following established procedures or rules. A financial statement audit (or attest audit) examines financial statements, records, and related operations to ascertain adherence to generally accepted accounting principles. An operational audit examines an organization's activities in order to assess performances and develop recommendations for improvements, or further action.

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READ MORE>> inc.com: "Audits, External" from Encyclopedia of Business Terms 

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

 

Find Out About Your 2015 Credits and Deductions!

Click on the picture to go to the site.

Weigh your situation!!

Click on the scales to go quickly to the IRS page on credits and deductions in 2015. There are quite a few both for individuals and businesses, both small and large.

Examples are the Earned Income Tax Credit (EIC), and the Child and Dependent Care Credit, which help millions of families every year.

In addition to the standard deduction for individuals, common deductions include home mortgage interest, state and local tax, and charitable contributions. Many business expenses are deductible as well.

Check this out to get a preview of your tax outcome in 2015!

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READ MORE>> www.IRS.gov: Credits and Deductions
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

New CPA Certification! GBC Tax is Fully Equipped for Atlanta Accounting Needs.

GBC Services, LLC can now do
even more for your business.

FOR IMMEDIATE RELEASE

The Senior Staff Accountant at GBC Tax has now completed his CPA certification.

Milad Jaberi joined GBC Services in 2011 and has worked with small businesses, specializing in the areas of payroll accounting and payroll tax compliance. Milad graduated at the top of his class earning a Master of Accounting with a Tax Concentration from Kennesaw State University in 2011. Previously, he earned a Bachelor of Business Administration in Accounting from the University of Georgia in 2009, and has now earned his CPA.

In his spare time, Milad enjoys golfing, traveling, spending time with his family, and cheering for Atlanta’s professional sports teams. He is just a part of the amazing professional team we have to work for you at GBC. Contact GBC Tax, LLC for all your accounting, payroll and HRMS, and audit and consulting needs today!

GBC Tax and Audit Services, Certified Public Accountants is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

GBCTax.com
GBCPayrollServices.com
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For Media Inquiries: Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

Payroll: to Outsource or Not?

A smaller payroll management
company may best serve your
small business needs.

Today, small and mid-sized businesses have a wide spectrum of payroll options. On the one hand, you have in-house administrators who often employ payroll software to do the job. On the other, you find large, traditional payroll services—and a slew of smaller competitors vying for their piece of the outsourcing pie.

Can the big players meet the specialized needs of today's small and midsize businesses? Or is bringing payroll back in-house and using specialized software the best route for small to medium-sized businesses?

For a small business of around 10 people, sources have found that the cost of paying an outside agency to manage payroll, tax liabilities, documentation, and process the physical checks is less expensive than having an internal dedicated person.

Here are a few quick comparisons:

Benefits of outsourcing:

• Improved compliance and accuracy
• Time savings
• Lower long-term costs for some businesses

Benefits of in-house:

• Instant access to data
• You may be doing most of the work anyway
• Cheaper if business has under 10 people

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READ MORE>> New-Talent-Times.SoftwareAdvice.com: Should You Keep Your Payroll In-house or Outsource It?

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• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles

State Business Tax Climate Index 2015

How does your state rank?

While taxes are a fact of life, not all tax systems are created equal. One measure, total taxes paid, is relevant, but other elements of a state tax system can also enhance or harm the competitiveness of a state’s business environment. This Index boils down fifty complicated state business tax systems into one easy-to-use ranking.

While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a road-map to improving these structures.

The index enables people to gauge how their states' tax systems compare.

Here is a highlight, which shows the five best and worst states in the index this year:

Best:

1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida

Worst:

1. New Jersey
2. New York
3. California
4. Minnesota
5. Vermont

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SEE WHOLE INDEX HERE>> TaxFoundation.org: 2015 State Business Tax Climate Index

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Outsource Your Payroll and Reduce Costs for Your Expanding Small Business!

Save money for your growing
business by outsourcing payroll.

Consider the amount of time you and your employees spend on payroll-related activities. 

And don’t forget expenses such as the cost of printing checks, computer software, training and support. Outsourcing your payroll functions will most likely save you money because your payroll provider will handle all of these things for you.

Many professional payroll providers offer packages for small employers starting as low as $50 per month.

Aside from the obvious tremendous time-save to your business, you will also be able to:

• Avoid IRS penalties.Penalties for errors, omissions or late payroll tax filings can be very costly. Many outsourced payroll providers will calculate payroll taxes, manage filings and payments and will assume the cost of penalties due to incorrect calculations or late payments so long as you provide the necessary information and funds on time. Keeping abreast of state, federal, local and industry-specific regulation changes can be at best a real challenge. A reputable outsourced payroll provider has a staff dedicated to keeping up to date on all of the changes that could affect your payroll, ensuring that you stay in compliance.
• Expand payment methods.
  In addition to printing and shipping checks directly to your door, most payroll companies also offer the convenience and security of direct deposit services. Because pay is deposited directly into your employees’ accounts, having to put a stop payment on a lost paycheck and reissue it becomes a thing of the past. Many payroll providers also offer a paycard service for unbanked employees, usually at little or no cost to the employer.
• Eliminate payroll pain and worry.
  With the help of a professional payroll service provider, the hassle and pain often associated with processing payroll is gone! You provide the basic information, and your payroll company takes care of the rest. And with guarantees of error-free payroll and tax filings and payments, you can eliminate the worry that many experience when it comes to paying employees and taxes correctly and on time.

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READ MORE>> BizFilings.com: The Top 6 Advantages to Outsourcing Your Payroll

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• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles