Business of the Month: Ai International

By Dana Sadarangani


Ai International is an event planning company run by Reggie Pottukalam. Reggie, along with his team, works in unison to provide an exceptional event.

Ai International was established with a mission to believe that there is no such thing as a small occasion. It is their purpose to show you what is possible. They work with all budgets and will not compromise on style.

Ai International specialize in A-Z in weddings, marketing, corporate gala, grand openings, brokers open and charity galas.

 

Why Ai International?

Every event that I have attended with Ai International attached to it, have been better than other events. The way that the Ai International team sets up makes it feel like you are stepping into event made for movie stars. At the end of each event, everyone talks about the MC, Reggie Pottukalam, the style of the décor, the florals and the overall event. Reggie makes the event likable and more personable by getting the audience involved and hyped up. He ends up making every guest feel like they are part of the event.

The Ai International team are a genuine group of people and at Accounting Your Life that is the biggest thing we care about.

After talking to the Ai International Team, I figured out their price point. Everything is catered to what your need are. They are upfront on their pricing and will work with you to keep you on track and make sure to stick to the budget. They are Planning L.A.

Below you can watch a video that the Ai Team put together for my wedding. Enjoy(:


G E T   M O R E
from your events with Ai International

Please contact us if you would like to be considered for the business of the month.

Contact Ai International Woodland Hills/ Beverly Hills

Ai International
21900 Burbank Blvd. Suite 300
Woodland Hills, CA, 91367
310-734-5300
www.planningla.com

How to Read Financial Statements

By Dana Sadarangani



I constantly have clients that do not understand what accountants do and how they are saving the company money. The truth is, accounting has become such a necessity to businesses that accountants have stopped bothering to answer the question. However, I am not like that; I want to make sure to explain what is needed in running a smooth financial book for your company.

 

Back Story:

I had a client that I sent financial statements to every month. They never once bothered to open the attachment. They made their decisions based on the information I told them. Later, I learned he never opened the attachments. Not because he did not want to; but because he did not know what he was reading. He relied heavily on what I was advising him and relying on an application for his point of sale system, Square Up. He did not bother to read the expenses portion and did not understand the bottom line. Eventually, I taught him how to read his financials. He learned that his business expenses decreased, and his business made more money.

 

What is a Financial Statement?

 

A company’s financial statement is used to show a company’s performance over a certain period. Many larger companies look at this every fiscal quarter. Smaller businesses should be looking at their financial statement monthly. The components of the financial statements are the income statement, balance sheet and the statement of cash flow.

 

By being able to read a financial statement, you can determine whether a company has made or lost money, where the money went and where the company stands financially.

 

Income Statements

Income statements are also known as the Profit and Loss Statement or the P&L for short. This shows how much sales there were and the cost to acquire those sales. The Profit and Loss Statement also shows the company's bottom line after sales made minus all the cost taken. This is what you use to record and see all activities of the company.


Balance Sheets

What is the first rule of accounting?

It isn’t that we don’t talk about accounting, although sometimes it seems like it.

 It is:

 

ASSETS = LIABILITY + STOCK HOLDER EQUITY

The assets, liabilities and the shareholder equity of the company are everything that has happened to date.

 

Assets are all the property the company owns: cash in bank accounts, real estate, machinery, trademark and patents.

Liabilities is money the company owes others. This includes leases, loans, employee payroll, payments to suppliers of material, tax liabilities, obligations on non-delivered products and delivered products.

Shareholder equity represents the company's net worth if it were liquidated and what each shareholder would receive after paying the creditors of the company.

 

Statement of Cash Flow

The Statement of Cash Flow reports on money in and money out. It is divided into financing, operating activities, and investment activities. These categories show the change of money.

 

 

With Accounting Your Life, we can help train you on these elements and more, depending on your needs from hiring us. Reading Statements is one the fundamentals of business. If you need help, want to learn more or if you want to decipher your statements, feel free to contact Accounting Your Life.

G E TM O R E from your financial statement. Reading a financial statement gives you full control of your books. It gives you a clear picture of the financial position of a business. Past performances helps in reading the changes the companies can and should make, which in turn helps the business grow and succeed.

Photo by M. B. M. on Unsplash

Reaching Deadlines and Results

By Dana Sadarangani

One of the biggest failures that I see in companies is not accomplishing deadlines. When a business is unable to meet their deadlines, it causes failures in businesses on all levels.

To G E T  M O R E, you need to do what it takes. Here are a few key things that can be a driving force in completing your deadlines.

Make Realistic Deadlines

One of the worst things I see people do is underestimate the work and amount of time the smallest project would take. Give ample time and communicate a reasonable timeframe on when a project should be completed by your team. Remember, always leave room for a margin of error.

 Prioritize

It’s human nature to work on things that people enjoy first and procrastinate on ones that are disliked. However, remind your team to prioritize everything according to urgency. 

Create a Schedule

Rome was not built in one day; your project will not be completed in one sitting either. The project should be completed in pieces. Separate and divide the project into smaller goals. Smaller goals are scientifically proven easier to achieve than larger goals.

Take Breaks Early

When on a project for a long period of time, taking early breaks can keep you rejuvenated when the final hours come down to the deadline. Be sure to save your energy for those times. This does not mean to gossip with your co-workers. Go out and get fresh air, be alone for a bit.

Managing Lame Excuses

Employees often blame slow progress on lack of time on a project, what is never the case. The truth is, time management issues often results from an employee working outside their comfort zone. 

Most of the time the employee will tell their manager what they want to hear to get them off their back. This will never get the job done right. 

A good question to ask in this situation is “Are there any obstacles in your way that needs to be taken care of?” Making your employee accountable for their deadlines gives them a more incentive to complete them. Be sure to check back in with the employee and see what progress has been made. 

Feelings

Many people would disagree with this statement; however, I believe feelings will get hurt no matter what you do. When you have deadlines, focus on one goal, meeting your deadline efficiently and properly. Frustrations will grow and people will feel they are being trampled over but you can always mend the relationships after meeting your deadline.

 

 This is Accounting Your Life and once you follow these steps, you will G E T  M O R E.
 

Marijuana-Apocalypse of 2018 can give you a tax break

Your Tax Break Starts Here


 

By Dana Sadarangani

Beginning in January 2018, there was a lot of product left over before California legalized recreational cannabis.

Companies raced to grow and extract as much as they could until January 1, 2018, when the market expanded from medical-use patients to all adults. However, some dispensaries didn’t sell all the non-compliant marijuana before July 1, 2018, which marked the end of a six-month grace period to sell products that don’t meet testing, packaging, and contents. This meant there were deeply discounted cannabis sales, as much as a penny, to get rid of all stock prior to January.

Sometimes cannabis must be destroyed because it hasn’t been tested for chemicals and contaminants. Other reasons for destroying cannabis includes mislabeled products, not having child-resistant packaging or worse, more THC than permitted under state rules. Due to these reasons, only 21% tested are state regulated, making 79% of all cannabis non-compliant.

Per 280E, the businesses can deduct only the cost of goods sold (COGS). If you recorded your books correctly you can analyze and see where deductions can be made for all unsold and products that needed to be trashed. 

Warning: don’t go dumpster diving. There have been necessary precautions taken with products thrown in the trash. 

 

G E T  M O R E  from your thrown products.

 

The Era of Old School Accounting is Over

By Reggie Pottuklam & Dana Sadarangani

This generation is redefining all industries and accounting is trying to catch up with changes in business practices and tax laws. Accountants are known as boring and robotic bean counters, but change is coming. 

Many accountants start their careers in the public sectors. These accountants are working 60 hours as their superiors did before them. With no change or new techniques, accountants have been so busy balancing the books they forget to create a work-life balance for themselves. 

Other accountants that start their careers in the private sector understand a work-life balance but fail to understand all the complexities of what makes a business run.

When you have a skill set in dealing with numbers, reconciling and budgeting, it’s easy to start thinking only in a logical sense. As an accountant you can get engrossed in the logical side and lose the passion with the long-term goals. 

School taught goals:

Accurately record the measurement or disclosure about financial information that help managers, investors and executives make decisions about allocating resources. This shows you are thinking exactly the way that your parent’s accountants think. 

 

The true goal:

The goal is to be passionate about business and it should help you as an accountant guide the managers, investors and executives with multiple avenues of decisions. 

 

The Change:

As an accountant keep your logical side in tact but start understanding empathy as well. The employees, the clients and efficiency of the work load are all the things that make a business run. Efficiency comes through good relations.

 

There is no way of tracking human emotions, goals and ideas for an accountant. The only way is understanding all those different personalities, human goals, and human emotions. This understanding will help to create a human connection through empathy. 

 

When you create these connections, you will organically get your clients and employees attention. You will be surprised how much quicker your work gets completed and how easily a work-life balance is created. 

 

At the end, equip yourself with a diverse experience to strategically analyze proper operation of workflow, waste reduction, strategy, growth, profit initiatives, general business and empathy. Stop being your parent’s accountant. 

 

This is Accounting Your Life and the new way of doing accounting is to be passionate about the business and providing value to small businesses.