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Administration & Accounting Academy

February 18, 2020 @ 1:00 pm 5:00 pm

Administration & Accounting Academy
This is a 12-hour series of courses taught over three days, February 18, 20 & 25; 1 pm to 5 pm. 

(Feb. 18; 1 to 5 pm) Financial Statements – Understanding the Concepts &
Audits — How to Navigate through the Process

  • Balance Sheet – the company’s statement of Net Worth
  • Income Statement (or Profit & Loss) – the report card on the company’s performance
  • Statement of Cash Flow – “Cash is King”
  • Basic Industry Ratios – Used by lenders, customers and suppliers
  • Insurance Audits – Worker’s Comp, Liability & Auto
  • Financial Audits – Required for larger contracts and certain public work qualification
  • Unemployment Audits – Routinely performed by the State of Md.
  • Sales & Use Tax Audits – Not frequent, but intense and laborious when they occur
  • Unclaimed Property – Often overlooked by businesses
  • Job Audits – Requested by owners, public agencies and other stake holders
  • DOL/DLLR Audits – Payroll, Worker Classification, Employee Records, Wage Restitution

(Feb. 20; 1 to 5 pm) Contractor Compliance – Record Keeping & Reporting &
Tax Reporting – What you need to understand to minimize cost and avoid excess taxation 

  • Lien Waivers
  • Wage Scale, Certified Payroll
  • Maryland Apprenticeship Training Fund
  • MBE Participation
  • Certificate of Insurance
  • Bonding
  • W-9 Forms
  • Personal Property Tax – planning ahead and accurate reporting
  • Payroll Taxes – Accuracy and timing are critical
  • 1099s – who should get one, and who should not
  • Work Opportunity Tax Credit – who qualifies and how to secure tax credit

(Feb. 25; 1 to 5 pm) Job Costing – Why it’s important and how to track costs &
Accounts Receivable and Accounts Payable

  • Measurement of job profitability
  • Organize costs by Job, Phase or Division, Cost Code and Cost Type
  • Construction specifications Institute Division Codes
  • Estimated cost compared to actual costs
  • AIA Progress Billings
  • Customer payment and cash flow
  • Common issues that delay AR processing
  • Purchase Orders, Confirmation & Approval, Invoice payments
  • Internal Controls and fraud protection
  • Avoid AP errors that can cause over-payment

Course Instructed by Verna Karolenko, CPA 
President, Contractor Business Solutions

ABC Baltimore

1220 E Joppa Rd, Suite 322
Towson, MD 21286 United States

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