Bookkeeping is the backbone of your business. It is important to keep a good financial record for your business and to stay within compliance. With good financial statements you are able to know your business growth, have the opportunity for strategic planning and cost management. We are known for keeping business records up to date and helping business owners with any accounting challenges such as maintaining their monthly bookkeeping.
The income statement, also called the profit and loss statement, is a report that shows the income, expenses, and resulting profits or losses of a company during a specific time period. We can prepare an income statement and calculate the net income of a company. The calculation will show you the overall profitability of the company as well as how efficiently the company is at generating profits from total revenues.
The balance sheet is the financial statement of a company which includes assets, liabilities, and owners’ equity. The purpose of the balance sheet is to reveal the financial status of a business as of a specific point in time. We can prepare a balance sheet at any time, but it is mostly prepared at the end of the accounting period.
Cash Flow Statement
A cash flow statement is an important tool used to manage finances by tracking the cash flow for an organization. This statement is one of the three key reports (with the income statement and the balance sheet) that help in determining a company’s performance. It is usually helpful for making cash forecasts to enable short term planning.ance and organization of the ledger is the best way to catch errors and oversights before they cause problems. I will sort every discrepancy and manage the books to keep them accurate.
Monthly bookkeeping include but are not limited to:
QuickBooks or Xero setup, training and support
Set up and maintain your Chart of Accounts
Bank and credit card account reconciliation
Bill payment and other banking functions
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 monthly basis and at year end
Provide financial statements to your tax advisor for the creation of tax returns