Grow Your Business with Bookkeeping and Accounting
There are many facets to a business. Most owners want growth or envision their business on a newer, broader level of success. That’s why choosing your team wisely is essential. This includes bookkeeping and accounting specialists. Learn how these professionals benefit the growth of your company!
What is Bookkeeping?
Bookkeeping is the financial record keeping for businesses and individuals. This includes bank statements and credit cards. Some business owners attempt to manage their own bookkeeping. However, bookkeeping is a detail-oriented task that can result in errors if not maintained properly. We recommend hiring a professional bookkeeper to maintain your financial records. Below is a list of common services that bookkeepers provide.
Generate and Explain Financial and Balance Sheets
Learn about your revenue, expenses, profits, and cash flow. Your bookkeeper can also provide helpful tips that benefit your needs.
Manage Accounts Payable and Receivables
Your bookkeeper will manage accounts that need to be paid, including payroll. In addition, they will generate invoices and send them on time. This assures that your cash flow is uninterrupted.
Maintain Bank Account Reconciliation
Itemize each transaction for tax purposes and prevent fraudulent activity. Proper reconciliation is helpful during tax time. Also, should be audited by the state or IRS, this information is key.
What is Accounting?
Accounting defers from bookkeeping but is just as essential. In short, accounting evaluates your bookkeeping records to understand your financial health. The accountant can determine ways to improve your finances based on your monthly generated reports. More often than not, business owners are interested in partnering with investors or adding a second location. These decisions require the insight of an accountant. They will be able to inform you of how any business decision may impact your finances. In addition, they can guide you on the best way to achieve your goals.
Accounting also includes the following services:
Receive financial guidance based on current market trends.
Properly incorporate your business to save on taxes. In other words, not every business should be an LLC. There are many incorporations and you should know which ones are best for your needs.
Tax Audit Representation
Have professional representation during a tax audit. Your representative is on your side and will work hard to defend your case.
Plan for your taxes to legally reduce your tax liability.
Tax Preparation and Filing
Professionally prepare and file your taxes to avoid errors and red flags.
Learn More Today
Bookkeepers and accountants are important for all businesses, small and large. Learn more with a complimentary consultation today. Ash CPA has over 20 years of experience guiding businesses. Call (617) 462-6651 or book online here. Our team would be delighted to assist you and create a financial plan that meets your short and long term goals.