Accounting Services

What is the difference between accounting and bookkeeping services?  Bookkeeping is your day-to-day record keeping that is done to keep your records current.  This can be simply making deposits, posting to your accounts receivable and accounts payable ledgers.  Bookkeeping is what you are doing without even thinking about it.  But what happens at the end of the year? That’s when our bookkeeping records need to be translated into accounting and financial statements.

Accounting is the preparation and summary of all your business activity in the form of financial statements.  If you want to know where your business really is standing, we can take your bookkeeping records and translate them into simple understandable financial statements.  An accurate Balance Sheet tells you what your company’s assets are, what your liabilities are at the end of the year and what equity you have in your company.  It is simply a ‘snapshot’ of your company’s financial standing at one point in time (year end).  This Balance Sheet is crucial when you need to secure financing.

Your Income Statement is just that! It tells you what you sold and what you expenses were during the year.  This can tell you many things you can do to improve your bottom line.  The Income Statement gives you a boat-load of information that, when presented in the correct format, will provide you with an outline to prepare a budget, analyze your priorities, and redefine your business goals.

We can prepare your Balance Sheet and Income Statement for you and present you with clear and concise numbers that are easy to understand.  Additionally we can prepare a Cash Flow Statement that tells you where your cash went last year!   Call now to meet with us to discuss your company’s specific needs and tax planning strategies.

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