A long-time financial executive, Charles Schara serves as the CEO and president of CGS Consulting, LLC, a firm based in Alexandria, VA. When needed, Charles Schara provides support to his company's management and board to ensure clients receive help in activities such as finance and accounting at their businesses in the Alexandria, VA, area.Here are three accounting mistakes businesses should avoid:1. Skipping a budget: A budget is essential for staying in operation. Unfortunately, many small businesses do not do proper budgeting and often overspend as a result. Having a solid budget in place keeps business accounts organized and prevents companies from losing money unnecessarily.2. Not including “no charge” items: When sending customers the invoice for free services, make the “no charge” items visible. This helps you justify charging for these services later, and it shows that you’re doing the customers a favor.3. Not saving all documents: Even if you use only one credit card for business expenses, do not rely on your online statements. Any time you make a business purchase, keep the receipt to prove it was a business expense. Along with the receipt, make a note of how the purchase helped your business so you can recall the details later on.
An experienced financial professional, Charles Schara leads CGS Consulting, LLC, in Alexandria, VA, as president and CEO. Prior to this position, he spent more than three decades at Geico in various positions. Charles Schara of VA graduated from College of the Holy Cross with a bachelor’s in accounting and is a certified internal auditor (CIA) and CPA.In the state of Virginia, professionals must complete at least 120 semester hours of education before they are eligible to take a CPA exam. These courses must be completed at an accredited institution recognized by the Virginia Board of Accountancy (VBOA). In addition to these 120 semester hours, professionals must hold a bachelor’s degree in accounting or an equivalent field.Professionals who meet these educational requirements can apply to take the Uniform CPA examination through the VBOA. This exam is divided into four parts: auditing and attestation (AUD), regulation (REG), business environment and concepts (BEC), and financial accounting and reporting (FAR). Professionals need to score at least 75 on each section to pass. If they score below 75 for one to three sections, they do have the option to retake the unpassed sections within 18 months.After passing the CPA exam, professionals must meet some additional requirements before applying for licensure. They are required to complete at least 30 additional semester hours of education and must have at least one year of full-time, relevant work experience. Until they become licensed, professionals cannot use the CPA title in Virginia.
