Recording Transactions – Every financial transaction is recorded
in the books (sales, purchases, receipts, and payments)
Maintaining Ledgers – The general ledger summarizes all transactions,
while subsidiary ledgers track specific accounts like receivables
and payables.
Reconciling Accounts: Ensuring that the records match the
bank statements and other financial documents.

Balance Sheet – Shows the company’s assets, liabilities
and equity at a specific point in time.
Income Statement – Also known as the profit and loss statement, it shows
the company’s revenues and expenses over a period.
Cash Flow Statement – Tracks the flow of cash in and out of the business,
highlighting operating, investing and financing activities.

Tax Returns – Preparing and filing federal, state, and local tax returns.
Tax Planning – Developing strategies to reduce tax liabilities, such as
taking advantage of deductions and credits.
Tax Compliance – Ensuring that the business adheres to all tax regulations
and deadlines.

Calculating Wages – Determining gross pay, deductions, and net pay
for each employee.
Withholding Taxes – Deducting the appropriate amount of taxes from
employee wages and remitting them to the government.
Issuing Payments – Ensuring timely payment of wages to employees.

Accounts Receivable – Tracking money owed to the business by customers and ensuring timely collection.
Accounts Payable – Managing the business’s obligations to suppliers and
ensuring timely payments to avoid late fees and maintain good relationships.

Budgeting – Creating a financial plan that outlines expected revenues and expenses.
Forecasting – Predicting future financial performance based onhistorical data and market trends.

Internal Audits – Conducted by the business to assess the effectiveness of
internal controls and financial reporting.
External Audits – Conducted by independent auditors to provide an objective assessment of the financial statements.

Financial Strategy – Advising on long-term financial planning and investment strategies.
Business Planning – Helping with business plans, financial projections,and funding strategies.

Inventory Tracking – Monitoring stock levels to ensure optimal inventory.
Cost Management – Analyzing inventory costs and implementing strategies to reduce them.

Ratio Analysis – Using financial ratios to assess the company’s performance and financial health.
Trend Analysis – Identifying patterns and trends in financial data to inform strategic decisions.