We are hiring an Accounting Team Lead!

hiring accounting

Do you have what it takes to manage a team of accountants? The Accounting Team Lead will be responsible for general closing activities (revenue recognition, preparing and posting journal entries, variance analysis, and account reconciliations), establishing and maintaining accounting policies and procedures, determining the accounting treatment for specific accounting issues, assisting in the preparation of financial statements and supervision of junior and senior staff accountants.

RESPONSIBILITIES:

  • Assess the accuracy of source data used to prepare adjusting journal entries; prepared and process adjusting entries.
  • Prepare and maintain balance sheet reconciliations and supporting documentation, including flux analysis and timely research and resolution of reconciling items
  • Build and maintain strong working relationships with other teams in support of cross-functional tasks.
  • Assist in the preparation of analytics provided to senior management
  • Ensure financial records are maintained in compliance with established policies and procedures
  • Assist in the preparation of financial statements and/or supporting schedules
  • Assist in the identification and resolution of technical accounting issues
  • Identify areas where improvements will lead to efficiencies and communicate suggestions to Management
  • Supervise team of 4 junior and senior accountants
  • Special projects and all other duties as assigned

DESIRED SKILLS AND EXPERIENCE:

  • 4-6 years of experience in Accounting environment
  • Bachelor’s degree in accounting, CPA or working towards CPA preferred
  • Public accounting experience a plus
  • Strong analytical and financial skills
  • Strong PC skills with strong knowledge of Excel including pivot tables and vlookups.
  • Excellent organization and time management skills
  • Ability to work independently as well as part of a team
  • Ability to handle multiple tasks while meeting deadlines
  • Excellent oral, verbal and analytical skills required with the ability to communicate with
    all levels of the organization effectively
  • Very well organized, detail oriented, will need to track own progress on a number of monthly tasks
  • Able to work in a fast-paced environment

Interested? Send your resume and qualifications to Ramona Cedeno at rcedeno@fibrickfinancialservices.com

October 2nd, 2018|Uncategorized|0 Comments

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Entrepreneurs: The top 3 financial statements you must know about

Entrepreneurs: The Top 3 Financial Statements You Must Know. As entrepreneurs, one of the things we need to understand is our finances. Check out this crash course to make sure you’re prepared. #entrepreneurs #finances

As entrepreneurs, it pays to be financially literate instead of relying solely on an accountant. Why? Eventually, it will fall to you to explain the numbers to your shareholders, your investors and yourself.

Even the sole proprietor of a mom-and-pop needs to understand these numbers as a readout on the business’s financial health to make key day-to-day decisions such as whether to increase prices, how much inventory to purchase, or whether to hire an employee.

While your bank statements might be a yardstick for whether you are in the red or turning a profit, they don’t provide in-depth metrics such as how long your business could survive on cash alone, known as burn rate, or how quickly sales turn into cash, known as the cash conversion cycle.

Without getting too much into the weeds, here are three financial statements which you, as entrepreneurs, need to understand:

  • Balance sheet — shows what you own versus what you owe.
  • Income statement — indicates profit or loss over time.
  • Statement of cash flow — combines the income statement and balance sheet to show overall cash activities over time.

These three statements interrelate, meaning you’ll find items from your balance sheet in your cash flow statement and income statement and vice versa.

1. Balance Sheet

The balance sheet shows the value of the assets your company has accumulated, the money you owe lenders and other creditors and any other initial investments plus equity built up over time.

The balance sheet must “balance” — money you borrow is considered both an asset and a liability and appears on both sides of the equation.

For example, if you take out a five-year, $4,000 loan from a bank, your assets (cash in this case) will increase by $4,000 as will your liabilities (such as a loan), thereby balancing both sides of the equation.

The entire balance sheet is based on the following equation:

Assets = Liabilities + Shareholders’ Equity

More simply, think of the balance sheet in personal terms. You have one, as does everyone else. Your personal balance sheet would be how much you owe on the mortgage for your home, your cash in the bank, and interest accrued on your student loans and credit card bills.

It’s the same idea for your business. Cash is money you have on hand, while accounts receivable is money you are entitled to receive for your product or service. Pay attention to this number — if, for example, you’re paid on a 60-day lag, your accounts receivable will be high relative to your cash.

Or perhaps you have clients who default on payments, in which case you should consider charging a retainer, particularly to first-timers.

Inventory (an asset) is relevant to you if you sell a product and prepaid expenses (also an asset)  include prepayments for expenses such as rent and marketing.

On the other side of the equation, liabilities are what you owe. The most common items for my small-business clients are lines of credit and accounts payable. These are amounts owed to vendors and suppliers.

Finally, your equity is your net worth: the difference between what you owe and what you own. This is why you can tell a lot about a company from its balance sheet. Is its debt higher than its assets? How quickly do sales convert to cash?

Some Important Indicators in the Balance Sheet:

  • Debt ratio — the ratio of debt to assets
  • Working capital — how much money you spend on day-to-day operations, calculated as current assets minus current liabilities
  • Cash conversion cycle — how quickly you can convert sales into cash. This is very important for businesses that accept prepayments or do not trade in cash, such as e-commerce.
  • Sales and inventory ratios — for companies that hold inventory, how quickly your inventory converts into sales and into cash.

2. Income Statement

Your income statement tells you at a glance whether you made a profit or a loss by comparing what you spend with what you earn in revenue. It itemizes sales, cost of goods sold (costs directly related to your sales) and operating expenses.

Entrepreneurs: The Top 3 Financial Statements You Must Know. As entrepreneurs, one of the things we need to understand is our finances. Check out this crash course to make sure you’re prepared. #entrepreneurs #financesThe income statement records two sets of transactions: operating revenues and expenses (directly related to business operations); and nonoperating revenues and expenses (what you charge or owe that isn’t related to operations, such as taxes).

You can tailor the income statement to suit your needs — be it month to month or year to year — and apply various filters to better home in on where your profits and expenses originate. Using accounting systems software like NetSuite or QuickBooks makes this very easy.

Say you have two revenue streams — one for selling hair products and one for cosmetics. A lot of small-business owners separate the two, and the cost directly associated with each. They can then analyze the source of their revenue and profits.

Some Important Indicators in the Income Statement:

  • Net profit margin — the ratio of net profits to revenues
  • Revenue growth rate — measures percentage increase (or decrease) in revenue per time period
  • Net profit growth rate — measures percentage increase (or decrease) in profit per time period
  • Burn rate — measures how quickly you spend money on your business

3. Statement of Cash Flow

Entrepreneurs often neglect the statement of cash flow and focus primarily on the income statement and balance sheet.

Cash flow is highly useful as a way to map how cash and cash equivalents enter and leave the business.

It merges the income statement and balance sheet to show your company’s true net cash flows rather than the transactions it has made, which are shown in the income statement.

Some Important Indicators in the Statement of Cash Flow:

  1. Sources of cash — investors and lenders will want to know how much money you make from selling your product, selling stocks, fundraising or getting loans.
  2. Positive or negative cash flow — negative cash flow immediately signals to investors to back away, stat. Remember, investors and lenders will look for more than just revenue. They’ll want to know that in the event of a loss, you have a cash cushion just in case.

So How Do Entrepreneurs Know When to Use Which Financial Statement?

When applying for a loan, lenders will ask to see your income statement and balance sheet. Investors, on the other hand, may ask for a statement of cash flow. As a small-business owner, you’ll need to understand all three to make informed decisions for the short- and long-term survival of your company.

This article was originally published on Centsai.com. Click here to read the original piece.

September 10th, 2018|Uncategorized|0 Comments

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The three mindsets that are stopping you from reaching your full potential

Entrepreneur mindset

At a recent event I hosted with cognitive psychologist Amanda Crowell, we discussed the default mindsets that can hold us back as entrepreneurs.

As an entrepreneur, you are faced with a twofold challenge: 1) Running a business; and 2) Deepening your expertise in your field. You could be the world’s most incredible pointillist or project manager, but if you can’t close sales or keep up with invoicing, your business suffers.

At a recent event we hosted with a small group of startup founders, cognitive psychologist Amanda Crowell discussed the three mindsets that could be holding you back and how to overcome them using brain science.

  1. Getting comfortable with “productive failure”

There are two kinds of failure: one is productive, the other destructive. “Productive failure is when you try something new and you suck at it,” explained Crowell. “But then you do it a little better the next time, and over time you become the person people come to for advice about that thing.”

Crowell says she spends half of her time as a coach for entrepreneurs helping them to engage with productive failure — minus the drama. But a willingness to fail and learn is key. The brain is an efficiency machine: it will not let you engage in activities where failure is more likely than success.

This means you actively sideline yourself when it comes to things that aren’t your forte — it can manifest as procrastination or self-sabotage, such as postponing a much-dreaded sales call until 5:15pm when you know your potential customer just left the office.

To be continued…

This article was originally published on Medium.com. Click here to read it in full. 

September 7th, 2018|Uncategorized|0 Comments

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Are you an MWBE? Here’s why you’re having trouble winning government contracts

By Kindra Cooper

Unsurprisingly, women and minorities are still vastly underrepresented in city and state contract awards despite an increasing number of women-owned businesses filing for Minority Owned Business Enterprise (MWBE) certification. At the recent State of Women in Business 2018 conference hosted by the New York Women’s Chamber of Commerce, elected officials, members of the chamber and female entrepreneurs discussed legislation at the city and state level designed to get more MWBEs hired.

Running the numbers on MWBEs: The journey is long 

 

MWBE certification

Even though the city seems on track to achieving its goal by 2021 (which includes prime and subcontracts with mayoral and non-mayoral agencies), assemblywoman Roynese Bichotte said the data is not very transparent, nor is it categorized by government agency.

“Many of us are questioning whether 27 percent is accurate,” she said. “We’re still getting a lot of complaints in terms of women and minorities not getting contracts.”

Governments like to trumpet the percentage of contracts being awarded, but it’s not the most important figure, Bichotte warned. Rather, it’s the dollar value of each contract that counts.

“The reality is a lot of these small businesses run by women in particular are not getting paid,” she said. “And usually toward the middle of the contract by the big prime contractor you don’t have an MWBE participating.”

Bichotte has been working to pass legislation that would penalize contractors who abruptly drop MWBEs, while giving businesses the chance to win the contract back. But there’s an important caveat: the MWBE participation goal only applies to contracts worth $25,000 and up for labor and services; OR in excess of $100,000 for construction contracts.

Currently, through the New York State Contract System, certified MWBEs can search for certified firms and interact with state agencies – but it’s a hit-or-miss process with no consequences for contractors that don’t meet the participation goal, meaning it’s just that – a goal. 

MWBE certification

Furthermore, the MWBE programs bars women entrepreneurs with a net worth in excess of $3.5 million from being included in the MWBE participation goals. Bichotte, together with the NYWCC, has been fighting to have this seemingly arbitrary provision eliminated. “We’ve got support from the city, the Senate and the assembly, Republican and Democrat,” she said. “And guess what? Governer [Andrew Cuomo] vetoed the bill. So now we’re trying to put it back in the budget. “

A new program to help MWBEs win government contracts

At the conference, the New York Women’s Chamber of Commerce announced the launch of ContractHER, a contract readiness program to prime MWBEs across all industries to win more government contracts. By providing industry knowledge, expert support, mentorship and tools, the NYWCC will help prepare MWBEs for the competitive bidding process.

If you’re an MWBE, here’s where you can find funding

Through the City Contract Loan Financing Program, MWBEs have access to loans of up to $500,000 capped at a 3 percent APR, the lowest of its kind in the entire state among government-funded programs.

Helpful Tips For The Upcoming Tax Season

tax season tips

Most of us approach taxes as something to put off thinking about until absolutely necessary. Most people want to lock up the part of their brain that deals with taxes until it needs to be brought out again next year. However, with a bit of forethought and preparation, you can make next year’s taxes go much more smoothly.

Fibrick Financial Services in NYC will work with you to guide you through with proper tax season tips to make the upcoming tax season as smooth as possible. They will also advise you on key accounting processes to complement their strategic financial and operational objectives.

October 27th, 2017|Uncategorized|0 Comments

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Is Networking Dead?! – How to Hack the Process of Building Meaningful Connections

Is Networking Dead?! – How to Hack the Process of Building Meaningful Connections

“I hate networking… It’s so exhausting and generates no results.”

“I feel awkward talking to people I don’t even know how they can help me.”

“I can’t stand being at networking events where everyone is trying to sell me something.”

“I can’t help but think how fake & unauthentic the world of networking is.”

Have you ever felt like this before about networking? Do you want to steal the secrets from insanely successful master networkers? Then you are at the right place. Come & join us for our FREE panel discussion event at WeWork Grand Central location, focusing on the topics around effectively building a strong & meaningful network.

Podcast: How Startups Can Integrate Effective Accounting as Part of their Launch


I had the pleasure of joining Bruce Hurwitz on The Voice of Manhattan Business from the Manhattan Chamber of Commerce to discuss how startups can integrate effective accounting as part of their launch.

Check out the conversation here!