Bookkeeping serves as the backbone of your business. It is crucial to maintain accurate financial records and stay in compliance. Through well-maintained financial statements, you gain insight into your business's growth, enabling strategic planning and cost management. We are recognized for our expertise in keeping business records up-to-date and assisting business owners with various accounting challenges, including monthly bookkeeping maintenance.
Monthly Bookkeeping may include but is not limited to:
QuickBooks setup, training and support
Set up and maintain your Chart of Accounts
Bank and credit card account reconciliation
Categorize transactions into proper accounts
Reconcile accounts payable and accounts receivable
Issue financial statements to be reviewed in quarterly meetings
Close the books on a bi-yearly, quarterly, or monthly basis
Provide financial statements to your tax advisor for the creation of tax returns
The income statement, also known as the profit and loss statement, is a report that displays a company's income, expenses, and resulting profits or losses for a specific time period. We can prepare an income statement and calculate a company's net income. This calculation reveals the company's overall profitability and efficiency in generating profits from total revenues.
The balance sheet is a financial statement of a company that encompasses assets, liabilities, and owners' equity. Its purpose is to provide a snapshot of a business's financial status at a specific point in time. While we can prepare a balance sheet at any time, it is typically done at the end of the accounting period.
Cash Flow Statement
A cash flow statement is vital for financial management, tracking an organization's cash flow. It's one of three key reports, alongside the income statement and balance sheet, for assessing company performance. It's especially useful for short-term cash forecasting. Maintaining an organized ledger is crucial to catch errors early, and I'll diligently review discrepancies to ensure accuracy.