Bookkeeping
Accounting begins with current books. Transactions are recorded, categorized, and reconciled each month, and supporting documents are collected and stored. Once bookkeeping is complete, the books are ready for accounting.
Your books closed and your financial statements prepared each month.
Bookkeeping captures what happens. Accounting shows you what it means. With it, you can see how your business performed, where it stands, and how it compares to other reporting periods. Cash in the bank tells you what you have today. Your financial statements tell you whether your business is actually profitable or losing money.
Our accounting services generally include the following.
Accounting begins with current books. Transactions are recorded, categorized, and reconciled each month, and supporting documents are collected and stored. Once bookkeeping is complete, the books are ready for accounting.
Balance sheet and profit and loss accounts are compared against supporting documentation and prior periods. Categorizations are checked so each transaction is recorded consistently and according to its nature. Unusual balances and significant changes are researched, and any items requiring adjustment or clarification are resolved before the period closes.
Adjustments and journal entries are recorded for accruals, deferrals, prepaid expenses, depreciation, amortization, loan activity, and reclassifications. Each entry is documented, and schedules are maintained to tie to the related account balances. Once all entries are recorded, the trial balance is checked and the accounts are ready for reconciliation.
Each account is compared to its balance at the end of the prior period. Changes during the month are documented and explained, so every balance can be traced from where it started to where it ended. Once reconciliations are complete, the books are ready for reporting.
Financial statements and custom management reports bring together your assets, liabilities, equity, revenue, and expenses for the period. Reporting is based on the needs of each client, so you see the information that matters most to your business. As your business grows, your reporting can expand to meet new needs.
After reporting is complete, the period is closed and locked so the month's results are final. Each close follows a set monthly schedule, subject to timely documents and responses. Every closed month provides a consistent starting point for the month that follows.
Financial statements organize the activity in your books into a consistent monthly view. That gives you a basis for comparing periods, understanding your financial position, and following how cash moves through your business.
Accounting is a fit for businesses ready to build on their bookkeeping. As a business grows, its finances become more complex, and owners begin relying more on their financial statements to make decisions. Accounting provides those statements each month, prepared from reconciled financials.
Each month, you see how the business performed, how it compares to prior periods, and where it stands heading into the next. Decisions about pricing, hiring, and expansion start from real numbers instead of estimates. Over time, accounting also lays the groundwork for sustained growth.
Bookkeeping keeps your records current. Accounting turns them into monthly financial statements. Controller services oversee the entire process, maintaining the controls and procedures that keep it consistent as your business grows.
Schedule a consultation to discuss your accounting needs and how we can help.