FEATURE PACKED
Even though we pride our self on simplicity, we do not lack in functionalities
EVERYTHING AN ACCOUNTANT NEEDS
1. Bookkeeping
Bookkeeping is the foundation of accounting. It involves:
- Recording Transactions: Every financial transaction is recorded in the books. This includes sales, purchases, receipts, and payments.
- Maintaining Ledgers: Ledgers are used to summarize all transactions. The general ledger is the main ledger, while subsidiary ledgers track specific accounts like accounts receivable and payable.
- Reconciling Accounts: Ensuring that the records match the bank statements and other financial documents.
2. 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.
3. 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.
4. 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.
5. 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.
6. Budgeting and Forecasting
Helping businesses plan their finances:
- Budgeting: Creating a financial plan that outlines expected revenues and expenses.
- Forecasting: Predicting future financial performance based on historical data and market trends.
7. 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.
8. Consulting Services
Providing expert advice on financial matters:
- Financial Strategy: Advising on long-term financial planning and investment strategies.
- Business Planning: Helping with business plans, financial projections, and funding strategies.
- Performance Improvement: Identifying areas for cost reduction and efficiency improvements.
9. Inventory Management
Tracking and managing inventory levels:
- Inventory Tracking: Monitoring stock levels to ensure optimal inventory.
- Cost Management: Analyzing inventory costs and implementing strategies to reduce them.
10. Financial Analysis
Analyzing financial data to support decision-making:
- 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.