CJL Accounting Solutions LLC

03/10/2025

Do you know your financial statements? GAAP requires the balance sheet, income statement, and statement of cash flows although many companies also prepare and use a statement of changes in equity.

CJL Accounting Solutions offers financial statement and reporting services and assistance. Reach out for your free consultation!

03/06/2025

Contact us for all of your accounting needs!

03/05/2025

Do you know the difference between the cash and accrual methods of accounting?

Cash method: revenue and expenses are recognized when paid or received.
Accrual method: revenue and expenses are recognized when earned or incurred.

Example: ABC Company orders office supplies on credit on July 25th. They received the invoice for the order and paid it on August 6th.
Cash method: the expense is included in the company's costs for August (the date actually paid).
Accrual method: the expense is included in the company's costs for July (the date incurred).

***Public companies must use the accrual method to adhere to the Generally Accepted Accounting Principles (GAAP) set by the Financial Accounting Standards Board (FASB).

If you need help determining which method is best for your business, feel free to give us a shout!

03/03/2025

What exactly is the accounting equation? The accounting equation, also known as the balance sheet equation, is the basic principle of accounting.

Assets = Liabilities + Owners' Equity

The equation can also be stated or thought of as:
Owners' Equity = Assets - Liabilities

This equation must always be in balance.

Assets are things that are expected to provide an economic benefit such as cash, inventory, plant, property, and equipment.

Liabilities are obligations that are owed such as wages, utilities, and purchases.

Owner's Equity is what is left if a business were to sell all of its assets and pay all of its liabilities.

03/01/2025

02/27/2025

Contact us for a free consultation! We specialize in small and medium size businesses.

02/24/2025

We focus on handling your books and financials so that you can focus on growing your business. Our services can be tailored to meet your specific needs. Reach out today to schedule your free consultation!

www.cjlaccountingsolutions.com
[email protected]

At CJL Accounting Solutions, we provide expert accounting solutions tailored to your needs. Discover how our dedicated services can help you manage your finances effectively and achieve your financial goals.

02/19/2025

W-2 employee or 1099 contractor?

One of the most common mistakes businesses make is misclassifying employees and independent contractors.

The IRS establishes some guidelines to help businesses determine the correct status. They typically look at three categories: behavior, financial, and type of relationship, but it does require some judgment.

If you are unsure of how you should classify a worker, you can submit Form SS-8 to the IRS and let them decide for you. You can also reach out to us, and we would be glad to help!

02/18/2025

Accurate Bookkeeping is vital to business success. CJL Accounting Solutions offers the following services for small and medium-sized businesses, which can be tailored to meet your needs:

*Full bookkeeping services
*Accounts receivable and payable
*Payroll
*Financial reporting
*Tax consulting
*Business consulting
*Financial consulting

Please reach out to us today to set up your free consultation.
www.cjlaccountingsolutions.com
[email protected]

At CJL Accounting Solutions, we provide expert accounting solutions tailored to your needs. Discover how our dedicated services can help you manage your finances effectively and achieve your financial goals.

02/17/2025

Exciting things are happening here at CJL Accounting Solutions! Our website is now live, and we have a new email address!!

cjlaccountingsolutions.com
[email protected]

Give us a shout to schedule your free consultation!

02/13/2025

Welcome to CJL Accounting Solutions LLC. I am a freelance accountant offering a variety of services such as bookkeeping, accounting and consulting. I specialize in small and medium size businesses and am passionate about seeing the smaller folks succeed. I offer free consultations so that we can get to know each other and ensure that my services are what is best for your business. Prices vary depending on the services requested but I will provide a full estimate after we meet and discuss.

I am based in Winnebago, IL but with the power of technology, can serve clients in a variety of areas. I have a bachelor's degree in accounting and an MBA along with being a QuickBooks Pro Advisor. I am an honest and dependable person who will strive to add to the success of your business!

Please feel free to reach out on Facebook or through email or phone and let's chat about your needs.
Email: [email protected]
Phone: 815.298.4101