Martin LeFevre - An Introduction to Managerial Accounting

Martin LeFevre is an accountant who has worked with many large organizations, including the largest produce growing operation in the state of Florida.

Accounting that helps decision-makers in organizations make better choices, be in control, and plan more effectively is called managerial accounting. Managerial accountants primarily deal with two kinds of business units. These two kinds are profit centers and cost centers.

Profit centers are separate units that generate sales revenue and have their own expenses. A profit center can be a store, territory, line of products, or distribution channel. Managerial accountants usually follow the organizational structure in creating statements and providing relevant information to the managers. It is up to a business to decide how it looks at its activities.

Cost centers are departments or units within the organizations that have costs and expenses but do not generate any revenue. Examples of cost centers include the human resources department, the legal department, and the security department. The managers in charge of these departments need accounting information to stay informed about the costs of running their units.

The reports for cost centers are usually very straightforward. They have a lot of detailed information, details of all the costs and expenses, budgeted targets, and comparisons with previous report periods. This does not necessarily mean that template creation for such reports is simple or easy.

However, things usually get much more complicated with reports for profit centers because even a small business can have a variety of sources of profit. There are no definitive rules for classification of costs or sales revenues with the objective of profit identification in business or accounting. Every business has to make its own decisions in regards to this matter. This is something experienced accountants like Martin LeFevre can often help them with by sharing their thoughts and best practices. 

Martin LeFevre - Accounting and Organizational Management

Martin LeFevre is an accounting professional who feels comfortable doing all-around accounting for businesses.

Business managers and C-level executives usually are responsible for making profits happen on the organizational levels. That’s what separates them from employees who work in operations, production, and customer service. They need to be innovators, lobbyists, creatives, and motivators. Competition in most markets in developed countries such as the United States is absolutely fierce. Changes take place all the time and businesses need to anticipate them and be ready for them.

A business can increase profits in one of two ways. It can either bring more revenues in or it can reduce its expenses. One of the most important roles of accounting in organizations is to provide management with critical financial information about profits and expenses. Income statements that are provided to investors and the public usually don’t include all the information that managers need to make decisions on a regular basis.

Small businesses would often have one person in charge of profits. As companies grow, they usually start adding more people who share this important responsibility. The first rule of accounting that helps managers make decisions is to follow the structure of the organization and report relevant information to parties that need it. This principle is also known as responsibility accounting. For example, if a manager is in charge of a department, an accountant like Martin LeFevre needs to prepare sales and expenses reports about the department for the person in charge.

Martin LeFevre - What You Need to Know about Business Financial Statements

Martin LeFevre is an accounting professional with over ten years of experience. He has prepared and audited multiple statements for business and individuals during his career.

There are three primary business financial statements.

The income statement shows the revenues from sales and other income. The statement of cash flows indicates cash inflows and outflows during a certain period. The balance sheet is a statement of financial condition that shows assets and sources of assets for a business at the end of a certain period.

To understand any of these statements for a business, you need to have an understanding of how the business functions. You first need to know whether the business sells products or services. For example, financial statements for a dry cleaning service are going to be different from the ones from a bank.

The form of a financial statement usually follows the function of the business and the way the business makes a profit.

Dollar amounts in financial statements are usually rounded off. They either do not present the last three digits or the last six digits. Many smaller companies choose to include amounts out to the last dollar or even the last penny. The more digits there are in a dollar amount, the harder it is to comprehend the amount. Financial statements are formal documents. They do not use professional slang or street language. They also rarely include any graphics or artwork in the statements themselves, even though many big public companies include a lot of visual information in their financial reports. This is done by graphic designers and experts once accounting professionals like Martin LeFevre finish preparing the actual reports.

Martin LeFevre - A Brief Overview of the Responsibilities of Accounting Departments

Martin LeFevre is a gifted accountant who has worked at a number of accounting firms during his career.
Accounting extends into many areas of life for both individuals and organizations. You may not realize that when you make entries in a checkbook or go over your online bank statements, you are doing accounting. When you get a personal loan or a mortgage on your home, you are dealing with methods that lenders use to calculate interest rates and fees, which is also accounting.

Accountants that work for organizations do not just prepare financial reports and statements. They also create internal control systems for the bookkeeping processes. The goal of such systems is to decrease the number of errors in the records of the organization’s activities. Internal control systems also detect theft, embezzlement, fraud, and other potential issues and problems.

 
Most people do not realize how important an accounting department is for any organization. Everyone understands that a business can’t exist without sales, but the necessity of accounting is often not obvious. Accountants create and control many of the back-end systems in an organization.
Here are some of the responsibilities of a typical accounting department:

Payroll. Accountants calculate or monitor systems that calculate total wages and salaries for all employees during all pay periods.

Cash processing. Accountants identify and record all cash from all business activities, including sales and other sources. They also make sure that cash is deposited into proper accounts and that sales people have enough cash to give change to customers.

Inventory. Accountants usually keep track of all purchase orders and inventory for an organization. They also track other products and services that the organization buys, from paper clips to warehouse trucks.

Many accountants, including Martin LeFevre, perform other functions as well.
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Martin LeFevre - The IRS Warns Tax Preparers

As an accountant who follows the IRS’s rules and regulations, as well as a reader of the IRS journals, Martin LeFevre understands how dangerous some of the new phishing scams are.

Phishing Scams Are Old
Most people who have Internet access and an email account know about the mysterious Nigerian prince who left most of his fortune to what seems to be the whole population. This email has been around for decades now. The latest bogus emails are similar in nature, promising great benefits in return for sensitive personal information.

The Reason Why the IRS Warns Against Scams
The reason why the IRS is concerned about phishing scams is simple: some of these emails are asking taxpayers to update their IRS e-services information and Electronic Filing Identification Numbers (EFIN). Now the IRS of course would never ask the taxpayers to do that, and certainly not through e-mail.

If tax preparers ever see an email that was seemingly sent by the IRS, and that asks for the update of any personal information within the message, or on a separate site, there is an extremely high probability that the email is part of an elaborate scam that tries to obtain valuable personal data. To help the IRS fight such phishing scams, you can send suspicious emails directly to the IRS, to the department that deals with scams.

Martin LeFevre is an accountant who likes to stay up to date with the latest accounting news, including the everyday activities of the IRS.

Sources:
https://www.irs.gov/uac/newsroom/irs-warns-tax-preparers-to-watch-out-for-new-phishing-scam

Martin LeFevre - The History of the US Tax System

As an accountant, Martin LeFevre is very interested in the American Tax System. He often reads about it and studies it. American tax laws have changed significantly in the last 100 years, but it’s important to understand the origins of the tax system.

Colonial Era

During the vast majority of American history, taxpayers did not really have much contact with the governmental tax authorities. The taxes came from tolls and customs duties. As ridiculous as this may sound today, the government did not really need to develop a way of obtaining financial resources.

The War

As usually is the case, war — the American War of Independence — has changed everything. England needed the money to fund their war against France, which led to the implementation of certain taxes that were imposed on American colonies.

After the War

After the adoption of the Articles of Constitution in 1781, the government realized that if they ever wanted to become a strong state, they could not rely on the help of foreign governments. They needed to create their own resources, which is why the Government came up with the very first version of an extensive tax system.

Another War, 16th Amendment

After the Civil War started, the Congress came up with the Revenue Act, which was basically the reintroduction of certain taxes to create additional revenue. Later, with the 16th Amendment, the government created the flat rate Federal income taxes. Many different tax rates were introduced since, as Martin LeFevre knows, and many more will likely be introduced in the future.

Sources: http://www.policyalmanac.org/economic/archive/tax_history.shtml

Martin LeFevre - Small Business Accounting

As Martin LeFevre so often experienced while working as an accountant for small businesses, the owners of these ventures make daily decisions that often influence the economics of their companies to a high degree. This is one of several reasons why, as a small business owner, it is important to know what you are doing, or else hire expert help in the form of an accountant who possesses the necessary expertise to clarify your financial situation.

Before You Start Your Small Business

Let’s presume you haven’t opened your business yet. This is the time when you can set your venture up for a straightforward and transparent financial future. For that to happen, you need to invest in certain areas of the business.

Open a Bank Account

This should be fairly obvious, but people often use their own, personal bank account to handle the finances of their business. This shouldn’t happen.

Help the Accountant Track Your Expenses

It is important to work together with your accountant, letting them know about your expenses. For best results, develop a system right at the start. You can go old school, using a notebook, or invest in a computer. The latter will happen sooner or later anyway, so you might as well start with a computer.

Determine Your Payment

When your business takes off the ground, you have to determine the way or ways in which you’ll accept payments. There are services today (like Shopify) that do not require you to set up a merchant account just for this purpose.

As an accounting expert who worked with several small businesses throughout the years, Martin LeFevre hopes that future business owners won’t ignore the tips above before starting a venture.

Sources: https://www.shopify.com/blog/15334373-small-business-accounting-101-ten-steps-to-get-your-startup-on-track

Martin LeFevre On Why Soccer is the Best Sport in the World

Soccer is the most popular sport in the world, and Martin LeFevre understands the allure quite well. He was one of the players who participated in the Dixon soccer team’s greatest season in team history, a record that still hasn’t been beaten. They won no less than 22 games out of 27, while scoring 110 goals and conceding only 20 throughout the whole season. They played at a very high level, winning the Sectional and qualifying for the State Championship.
 

Martin LeFevre

 

The World’s Most Popular Sport

While America is the exception that proves the rule, there is no doubt that soccer - or as they call it in Europe, football – is the most popular sport in the world. Played by more than 3 billion people for fun and a couple of millions professionally, the sport regularly beats attendance and viewership records while offering the biggest salaries in the sport world.
Top Reasons For Its Popularity

Traditions

Soccer is one of the oldest modern sports. It seems to have been around forever.

Best Announcers

Soccer has some of the best, most experienced announcers in the world. The sport that brings the most revenue in can offer salaries others cannot, and that lures in the best talent, not just among the players, but also among the commentators.

The Players Are Global Icons

In soccer, the best players are also global icons, capable of attracting tens of thousands of people to the stadiums every weekend.
While Martin LeFevre never had the opportunity to play soccer at a professional level, he remains a fan of the sport, and fully understands why soccer is the most popular sport in the world.

Sources:
http://www.thesportster.com/soccer/top-15-reasons-soccer-is-the-worlds-best-sport/

Martin LeFevre - How to Get Ready for Tax Season

Tax season is a hectic time for accountants as well as individuals and business owners. Martin LeFevre is experienced in tax preparation and is well versed in tax laws and regulations. He is an accountant and has worked with a variety of accounting firms. He is a competent professional who works hard to hone his skills and knowledge. There are several things you can do to get ready for tax season.

One thing you can do to prepare for tax season is keep records. If you are a business owner, you should track all of your expenses. If you work for a company, you should keep track of your travel and other work expenses. Keeping good records can help tax season go a little more smoothly. It is important to keep records in order accurately calculate your expenses and deductibles. You should also keep impeccable records in case you are audited by the IRS at a later point.

Another thing you can do to prepare for tax season it to work with an accountant. Tax preparation should be a continual practice. If you run a small business, you should meet with your accountant once a quarter. Your accountant can make sure that you have all of your information in order. An accountant can be a valuable resource for preparing for taxes. Martin LeFevre is a competent professional in the accounting industry. He is an accountant located in Florida and he has experience with helping his clients prepare for tax season. 

Martin LeFevre - The Importance of Following Professional Journals

Martin LeFevre is an accountant who works hard to supplement his knowledge and education. He follows multiple journals and blogs that focus on accounting practices. He is a professional who has experience as an accountant. He worked hard to develop his skills and looks forward to working with new clients. It is important for financial professionals to follow a variety of professional journals.

Professional journals are filled with current research and industry trends. Most professional fields advance and shift with changes in the economy and new research. Subscribing to these journals can help professionals stay educated and keep current on these trends. Journals that are related to accounting and the financial industry focus on the current financial market and new tax laws and regulations. These journals also make note of major firms and professionals.

It is also important to follow professional journals in order to network. When studying journals in your field, you should pay attention to the major players and the authors of the articles. This knowledge can help lead you to potential employers. It is important to know all of the major names in your industry.

These journals can help you improve your education. When you are networking at professional conferences or events, you should have a well-rounded and developed knowledge. If keep up with current publications in your field, it may be easier to make conversation with professional connections. Martin LeFevre works hard to stay current in his industry. He is a hardworking and dedicated accountant.

Martin LeFevre - What it Takes to Become an Accountant

Accountants are financial professionals who work hard to develop their knowledge and skills. Martin LeFevre graduated from Southern Illinois University in 2005 with a Bachelor of Science in Accounting. After he graduated, he moved to Florida and began working for an accounting firm. He worked hard to hone his skills and build his career. It takes a lot of hard work and dedication to become an accountant.

Accountants have a strong knowledge of financial planning, financial organization, taxation, and other topics related to finance. It takes years of study to become an accountant. If you plan on entering this profession, you will need an undergraduate degree in this field. You should also focus on studying on your own. You should follow publications such as the Journal of Accountancy.

It also takes a lot of hard work to become a professional in the financial industry. If you want to build a successful career, you will need to make an effort to build your reputation and to build your client list. Accountants frequently work with clients on a long term basis. Therefore, it is important to develop strong client relationships.

Accountants are dedicated professionals who work hard to help their clients and improve the firms for which they work. They earn a specialized knowledge in their field and then work with clients who need financial advice and help. Martin LeFevre went to school to become an accountant. He moved to Florida after earning his degree and then began working for accounting firms in the area.

Martin LeFevre - Supporter of the Journal of Accountancy

Martin LeFevre is an accountant in Naples, Florida. He has also worked as an Accountant for the Illinois firm Jonlyn and Associates CPA and the Florida firm Tubbs and Bartnick. LeFevre works hard and enjoys helping people and businesses balance their budgets and find new revenue avenues. Part of his secret to success was keeping up on the latest news from the national and global accounting community. One way he continues to do this is by supporting and reading the Journal of Accountancy.
 
Martin LeFevre enjoys the Journal of Accountancy because of its excellent offerings of accountancy news and advice for many subjects that accountants take very seriously with their clients, including taxes, technology, practice management, financial reporting, auditing, and management accounting. Every day, experts in the field break news and offer their advice on these issues for accountants and more. They also engage in online discussions with other accountants so they can bounce ideas off of one another and build a stronger, more connected and intelligent accountancy community. Martin LeFevre enjoys the Journal Accountancy so that he can engage in this community and help his clients in new and better ways.

Martin LeFevre built his reputation for accounting excellence not by himself but with the help of many other accountants throughout the United States who contribute to the Journal of Accountancy on a regular basis and create opportunities for clients and accountants to come to a greater understanding of new and emerging issues.

Martin LeFevre - How to Become an Accountant

Martin LeFevre is an Accountant based in Naples, Florida. LeFevre worked regularly with both individuals and small businesses in the area to sort out their financials and help them file the appropriate taxes. He has helped many clients in this capacity throughout his career as an accountant, and hopes to continue his career in the area for many more years. Here’s how you can be an accountant like LeFevre:

• Education. To sit for an Accountant’s exam, most states require would-be accountants to accrue a minimum of 150 hours of classroom instruction. Most Bachelor’s degrees in Accounting, much like the degree that Martin LeFevre earned from Southern Illinois University in 2005, only require 120 semester hours to complete, so many schools offer a fifth-year option for accounting students. You can also fulfill this requirement in other educational settings. Once you have this degree, you can consider getting a graduate degree, which would satisfy the educational requirement for the exam and prepare you for a long and successful career as a valuable accountant anywhere.
• Join the workforce. In addition to the educational requirements, most states also require aspiring Accountants to gain at least two years of experience in the workplace before they can take the exam. Martin LeFevre worked for the accounting firm Tubbs and Bartnick in Florida after he graduated from Southern Illinois.

Martin LeFevre has worked as an Accountant in Illinois and Florida.

Martin LeFevre - Follower of Accountant By Day

Martin LeFevre follows a blog for the Accountant community called Accountant By Day to help him with his day-to-day operations and for guidance in his professional career. LeFevre earned an Accounting and Business Administration degree from Southern Illinois University before going to work for several accounting firms in both Florida and Illinois. He worked for James Walker CPA in Naples, Florida and has also worked for the firm Tubbs and Bartnick in Florida. He provided tax help to individuals and small businesses in the local community, as well as personal finance assistance for people in all kinds of situations. LeFevre created opportunities for individuals to balance their budgets and to improve their financial health for the long and short-term. 

                                               

Accountant By Day offers professional advice to accountants in all walks of life across the country. It traces one accountant’s journey from school to a full-time job and his professional development. Martin LeFevre finds inspiration and comfort in the words of this blog, which caters to typical accounting issues that many professionals find in their normal operations. Martin LeFevre and many more accountants read the blog to stay up to date with issues in the accounting community. 

Martin LeFevre has built his career on his experience and considerable skill with accounting in all situations for all kinds of clients. He constantly tries to add to his knowledge in the accounting realm by reading accounting blogs like Accountant By Day so that he can better serve his clients.

Martin LeFevre-Helping Clients with their Taxes

Martin LeFevre-Talented Accountant

Martin LeFevre helped clients with their tax bills on a regular basis. LeFevre worked in Naples, Florida. LeFevre helped his clients navigate the sometimes obtuse and complicated tax codes as enumerated by the Internal Revenue Service. Unfortunately, most lay people can’t always figure out all of the tax language and regulations that the IRS imposes. Small businesses especially are often in a bind for tax help every tax season. LeFevre enjoyed helping clients sort their issues out and to relieve their stress concerning their taxes every year.

Martin LeFevre, as part of his duties, tried to sort out his clients’ unique positions and tax situations. Different sized companies, for example, not only pay different amounts in taxes every year, they also have to file different forms reporting different forms of income and deductions. Martin LeFevre is trained in how to navigate the IRS’ batch of regulations, codes, and forms that can bury a business or individual with little understanding of what is being asked of them. LeFevre, as a personal accountant, had to go through training in tax codes in addition to normal corporate finance and individual accounting services.

Martin LeFevre helped many clients as an accountant. LeFevre helped both individuals balance their check books and small businesses unravel the tax situation they are in to minimize payments and avoid penalties that could have caused problems later on.