BOOKKEEPING
Bookkeeping services are the basis for financial statements. Keeping good books is essential to accurate record-keeping, ensuring compliance with laws and regulations and identifying errors, overpayments and missed payments. Some business owners feel comfortable maintaining their own records and engaging a tax professional to prepare their multitude of tax returns and reports. If finance and accounting are not your areas of experience, you may want to consider a professional bookkeeping service to ensure that your records are sound and accurate.
We can provide many areas of bookkeeping services
including:
-
Cash Application and Deposits
- Accounts Payable and Bill Paying
- Payroll Calculation and Deposits
- Expense Tracking
- Sales Tax Calculation
- Bank Reconciliation
- Inventory Tracking
- Depreciation and Amortization
- Financial Statements
Financial Statements
The Balance Sheet is a statement of:
-Assets (Cash, Accounts Receivable, Investments, Equipment, etc.),
-Liabilities (Loans, Payroll Withholding, Accounts Payable, etc.)
-Equity (Stock, Capital, Retained Earnings, Shareholder Value, Income, etc.)
This statement shows your financial position on the given date. It helps you to manage your asset-to-debt ratio and is a determining factor in obtaining loans or other financing.
The Income Statement is a statement of:
Revenue (Cash Received or Due from customers)
Expenses (Cost of Goods sold, operating expenses, wages, etc.)
This statement shows your income (or loss) as of the stated date. Otherwise known as the "bottom line" this will tell you how much of your income is
expended for certain costs. It can help you to eliminate or reduce unnecessary or especially costly aspects of your business.
Retained Earnings
Statement of income (or loss) accumulated over a
period of time (years) minus money "taken out" or redistributed.