FEATURE PACKED
Even though we pride our self on simplicity, we do not lack in functionalities
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EVERYTHING AN ACCOUNTANT NEEDS
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Bookkeeping
Recording Transactions, Maintaining Ledgers and
Reconciling Accounts
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.
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Financial Reporting
Financial reporting provides insights into the financial health
of a business
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.
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Tax Preparation and Planning
This service ensures compliance with tax laws and helps
minimize tax liabilities
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.
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Payroll Processing
Managing employee compensation involves
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.
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Accounts Receivable and Payable
Managing incoming and outgoing payments
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.
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Audit and Assurance
Ensuring the accuracy of financial records
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.