Home » Accounting & Bookkeeping Services » Accounting Periods
writing a business plan for home health care, why do i need an accountant for my small business, why do i need an accountant, when to hire an accountant for a small business, what does a cpa charge per hour, understanding cash flow statement, understand cash flow statement, tu contador en miami, top cpa firms in miami, the outsourced accountant, taxes en miami, tax services miami fl, tax services, tax preparation miami, tax preparation, tax planning, tax miami, tax firm miami, tax filing miami, tax en miami, tax cpa, tax consultants, tax accounting miami, tax accountants near my location, tax accountant near me, tax accountant miami, tax accountant florida, tax accountant, talk to an accountant , start up costs on balance sheet, start up costs capitalized, start up cost capitalization, start up business accountant, start home health agency business, small cpa firms near me, small business tax preparation south florida, small business tax preparation near me, small business tax cpa, small business tax accountants, small business tax accountant near me, small business set up accountant, small business cpa services, small business cpa near me, small business cpa, small business accounting services near me, small business accounting professionals, small business accounting miami, small business accounting firms, small business accounting, small business accountant near me, small business accountant miami, small accounting firms near me, s corp accounting, reviewed financial statements, quality accounting and tax service, public accounting, public accountant near me, profit & loss statement, professional financial statements, professional accounting and tax, physician accounting services, physician accountant, pharmacy accounting services, pharmacy accountant, personal cpa, payroll and bookkeeping services near me, p&l miami, p&l accounting & tax services, organizational costs gaap, new business startup accountants, need accounting help, need accountant for small business, miami tax services, miami tax preparation, miami tax expert, miami pro tax and accounting, miami cpa firms, miami cpa, miami bookkeeping services, miami bookkeeping, miami bookkeepers services, miami bookkeepers, miami accounting firm, miami accounting, miami accountants, miami accountant, medicare cost report preparation, medicare cost report for home health agency, looking for accounting services, looking for a good tax accountant, local business accountants, llc and s corp differences, la contabilidad, income tax miami, income tax accountant in miami, income tax accountant, how to read a cash flow statement, how to read balance sheet, how to find the best accountant, how to find an accountant for small business, how to find an accountant, how to find a tax accountant, how to find a new accountant, how to find a good tax accountant, how to find a good cpa, how to find a good accountant, how to choose a tax accountant, how much does a cpa charge per hour, how much cpa charge per hour, how do you find a good accountant, how do i find a good accountant, how can a cpa help a small business, home health care services business plan, home health care business plan, home health care agency business plan, home health business plan, home health agency business plan, hiring an accountant for small business, hire a cpa, hire a business cpa, hha business plan & proof of financial ability to operate, healthcare tax accountant, healthcare accounting services, healthcare accounting companies miami, healthcare accountants, health care licensing application proof of financial ability to operate, health care agency business plan, good tax accountants near me, good accountant, gaap organizational costs, finding a good cpa, finding a cpa for small business, find a tax accountant, find a personal accountant, financial statements, financial accounting, does a small business need an accountant, do you need an accountant for small business, do i need an accountants or cpa, difference between s corp and llc, difference between llc and s corporation, difference between llc and s corp, difference between llc and corp, despachos de contadores en miami, despachos de contadores, despachos de contabilidad en miami, despachos contables en miami, despachos contables, declaracion de impuestos, cpa near me for small business, cpa miami florida, cpa miami fl, cpa miami, cpa in miami, cpa firms in miami florida, cpa firms in miami, cpa firm miami, cpa firm, cpa charge per hour, cpa certified professional accountant, cpa accounting, cpa, cost report preparation, cost report medicare, corporate tax, contadores publicos cerca de mi, contadores miami, contadores en miami, contadores cerca de mi, contadores, contador publico en miami, contador publico , contador publico near me, contador publico cerca de mi, contador miami florida, contador miami, contador en miami, contador accountants, contador, contabilidad financiera, condominium association audit, condo association audits, compiled financial statements, compare llc and s corp, companias de contabilidad en miami, cloud accounting miami, certified public accounting firm, certified public accountants, certified public accountant services, certified accountant, capitalizing start up costs, capitalized start up costs, capitalization of startup costs, business plan for home health care, business plan for home care agency, business plan for a home health care agency, business financial accounting, business accounting firms, business accountants, business accountant in miami, business accountant, bookkeeping services miami fl, bookkeeping services in miami, bookkeeping services, bookkeeping professionals, bookkeeping miami, bookkeeping, bookkeeper services, bookkeeper miami, bookkeeper in miami, bookkeeper, best online accountants for small business, best cpa for small business, best business accountants, best accounting firms in miami, best accounting firms for small business, best accountants in miami , best accountant, basic bookkeeping services, basic accounting services, are startup costs capitalized or expensed for gaap, ahca proof of financial ability to operate form 3100-0009, ahca proof of financial ability to operate, ahca form 3100-0009, ahca form 3100, ahca cpa, accounting tax firms, accounting software miami, accounting services miami fl, accounting services miami, accounting services in miami, accounting services, accounting professional, accounting principles miami, accounting miami, accounting in miami, accounting firms miami, accounting firms in miami, accounting firms in florida, accounting firms, accounting firm, accounting and tax services, accounting and tax outsourcing, accounting and tax, accounting, accountants vs cpa, accountants near me, accountants in florida, accountants for small business owners near me, accountants, accountant to help start a business, accountant miami, accountant in miami, accountant for my small business, accountant firms near me, accountant, accountancy service, a public accountant

Accounting Periods

Accounting Periods

Accounting Periods is the length of time between the Closing the Books in order to prepare the Financial Statements. There are three (sometimes four) Periods of interest in most businesses; the fiscal year, the quarter, and the month. In some highly volatile businesses, the fourth Periods — the week — may be of interest.


The duration depends on how frequently you want to see your Financial Statements. Assuming you want The Balance Sheet And The Income Statement on a monthly basis your Accounting Periods will be one month long and at the end of each month, you will get a set of Financial Statements for the month. At the end of the quarter, you will get two sets of Financial Statements, one for the last month of the quarter and one for the quarter as a whole. At the end of the year, you will get three sets of Financial Statements, one for the last month of the year and one for the last quarter of the year, and one for the year as a whole.

Some businesses dealing in fresh commodities; wholesale meat, produce and fish, for example, are so volatile that the owners can be broke on Monday, millionaires on Tuesday, and broke again on Thursday. (I think this might be a slight exaggeration — but you get the point.) If your business is that volatile you may want to prepare Income Statements on a weekly basis.

Another exception to the month, quarter, year concept can be found in management accounting for a project-oriented business. For example a homebuilder, a shipbuilder, or a movie studio. In these cases, it makes more sense to set up each group of homes, each ship, or each motion picture as a separate entity and do the Profit & Loss on completion of the project. If this applies to your business you need to create detailed project budgets with time and money milestones before you start on a project and monitor your actual progress against your expected progress. If not you may get a nasty surprise at the end of the project.

If your business is based on projects that are started and completed in different years you should stick to the month, quarter, year Periods in order to satisfy the IRS and use Accrual Basis Bookkeeping.

Psuedo Accounting Periods vs. Real Accounting Periods

Even with a computer system Closing the Books and running Financial Statements is a lot more work than you either want to do or pay to have done. So, when it makes sense to have statements prepared more often than you can afford you need what I call —- Psuedo Accounting Periods! At the end of a real Accounting Periods, you formally close the books, prepare the Trial Balance, make all of the adjusting entries, make all of the closing entries, verify that everything is correct and then at long last, you run the statements.

At the end of a Psuedo Accounting Periods, you simply run the statements. You skip all of the rest. The benefit of the Psuedo Accounting Periods is that you can get the data you need to run your business in a timely manner. Instead of waiting several weeks to find out how you are doing, you can quickly determine if things are going well or poorly at the end of every week — or even at the end of every day if that is meaningful.

Selecting Accounting Periods

  • Your selection of Accounting Periods depends on two things:
  • Whether or not you are using a computer for bookkeeping
  • The nature of your business

If you are using a computerized bookkeeping system to keep your books and the system allows you to generate statements at will you are free to use the Psuedo Accounting Periods I just described? If not you are probably stuck with the monthly cycle. In my opinion for most businesses, a quarter is too long to go without Financial Statements.

The nature of your business should be the major determining factor in your choice of Accounting Periods. If you are building homes, ships, or motion pictures each project should be treated as a separate business activity and the Management Accounting Periods should begin with the project and end when the project is completed. (This means two sets of books, one for management purposes and one for financial purposes — the IRS, your lenders, and your investors.)

If you are running a retail store with a computerized bookkeeping system I believe you should run a set of “Pseudo Financials” on a weekly cycle. Otherwise, you will be comparing 4-weekend months to 5-weekend months — and in retail that doesn’t work too well.

Financial vs Management Accounting

Financial accounting is based on a set of conventions established by the IRS, lending institutions, and large investors. Their use enables those who established the conventions to compare businesses in order to determine which ones are reporting spurious results and to have a common standard applicable to businesses in widely diverse fields.

Management accounting is based on providing you with the information you need to run your business. Unlike financial accounting which is based on reporting what happened in prior accounting Periods management accounting deals with both the present (inventory levels) and the future (cash flow projections) so that you don’t get blindsided by unanticipated events.

Both have their place in the scheme of things. Financial accounting satisfies the perceived needs of the outsiders who have an interest in your business while management accounting satisfies your needs as the operator of the business.

The Bottom Line

The duration of your Accounting Period should be dictated by the nature of your business. If it makes sense to use weekly Periods instead of the traditional month — do it!

Immediately at the end of the Periods run a “Pseudo Accounting” set of financials to give you a rough idea of how you did instead of having to wait several weeks to get the polished and finished financial statements.

In my opinion, the nature of your business, not convention, should dictate the length of your accounting Period.

Accountants in Miami

The Accounting Periods is the length of time between the Closing the Books in order to prepare the Financial Statements. There are three (sometimes four) Periods of interest in most businesses; the fiscal year, the quarter, and the month. In some highly volatile businesses, the fourth Periods -- the week -- may be of interest.

Welcome to the Gutenberg Editor

The goal of this new editor is to make adding rich content to WordPress simple and enjoyable. This whole post is composed of pieces of content—somewhat similar to LEGO bricks—that you can move around and interact with. Move your cursor around and you’ll notice the different blocks light up with outlines and arrows. Press the

Read More »
Robopragma pkv Bandarqq Robopragma Robopragma upgrade akun pro PKV Games http://s3.ascp.org/index.html Parlay pkv games situs parlay bola terpercaya Sbotop dominoqq
pkv games
bandarqq pkv games mix parlay pkv Pkv Games