Bookkeeping is the recording of financial transactions. That includes transactions (sales, purchases, income, receipts and payments) by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by an accountant. The accountant creates reports from the recorded financial transactions recorded by the bookkeeper and files forms with government agencies.
We aim to:
Budgeting and forecasting process is an event that most companies go through every year. The ultimate aim of performing budgeting and forecasting process is to established a financial target which set the company’s future direction.
Most companies prepare a master budget every year. The master budget is used to compare against the company’s interim performance which could be in monthly or a few months interval. Some companies prepare interim budgets or forecasts in between the years. The forecast is a combination of actual results of the passed months together with the budgeted figures of the future months to give a projected results for the year end.
Financial reports are the documents and records you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business. If someone else is supporting part of your business, financial reporting must be part of the essential contract between you and them. Your lenders and investors have the right to know if their money is being spent wisely and returning a profit.
This is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (59.2% of individual tax returns in 2007 were filed by paid preparers).
Leave the tedium to us, so you can focus on your business.
We can help you in the tracking, analysis and forecasting of individual and team sales pipeline and contacts.
The revenue recognition principle is a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realised or realisable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting – in contrast – revenues are recognized when cash is received no matter when goods or services are sold.
Cash can be received in an earlier or later period than obligations are met (when goods or services are delivered) and related revenues are recognized that results in the following two types of accounts:
Whether working with an outside payroll company, or providing the service, every effort is made to ensure that the correct paperwork is on file for each employee. Documents are reviewed and updated. Employee records are maintained offsite in a locked cabinet for added protection to employees of identity theft. Timely remittance of withholding. Tracking and posting of employee deductions. Compliance with Section 125 and POP plans. Regular and correct payroll functions are a basic necessity to instill and maintain employee confidence and morale.
Accounts payable is the amount owed for the purchase of goods or services at a specific date. Accounts Payable is presented in the Liability section of the Balance Sheet (a component of the Financial Statements). An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouchered for payment. Vouchered, or vouched, means that an invoice is approved for payment and has been recorded in the General Ledger or AP subledger as an outstanding,or open, liability because it has not been paid.
Job Costing, employee time and expense tracking can be of great value to your small business. Please be in touch to find out how we can prepare a tailor-made solution for your small business.
Preparation of employee manuals. Review of current benefit packages. We work with an outside team of Benefit consultants to meet your needs and those of your employees. Maintaining compliance with Federal Labor Laws. Experience with coordination of visas for talent hired from outside of the United States.