Are you involved in a business or an income-generating activity and have not found the time to formalize it into an official business? Set up an appointment with our accountant for a free analysis of your business. During the consultation, we will classify your business and advise you on proper setup, free of charge. Some of the accounting services include bookkeeping, reconciliation, sales tax quarterly, incorporation, and track of customer sales as a part of our accounting.
There are a number of benefits of Financial Accounting such as:
- It allows people to evaluate the profitability and solvency of a business
- It allows sound economic decisions
- Helps in preparation of financial reports that provides information about the company to external parties.
- Helps stockholders, suppliers, banks, and government agencies in investment decision making
- Measures and monitors agents' performance
The key to being able to use your financial information to benefit your business is to develop an efficient and effective bookkeeping process. An efficient process is one that is consistent, organized and timely. The process becomes effective when it results in information tailored to your business which you can easily access and which you understand how to use to make financial decisions.
Here is a list of just some of the business management tools and benefits provided by an efficient and effective bookkeeping process:
Cash management (projections and reconciliations):
- Cash flow - paying bills and making deposits
- Managing customer and vendor accounts
- Budgeting
Business analysis (financial statements):
- Identification of opportunities to increase profitability
- Financial decision-making
- Business loan applications
- Tax planning
Regulatory fulfillment (compliance):
- Income taxes
- Payroll taxes
- Sales taxes
- Workers' compensation
Risk reduction (internal controls):
- Audit preparation
- Embezzlement and fraud protection
- Penalties and interest minimized