Book Keeping Services
Bookkeeping is essential for any business. The more organized your books are, the easier it is to file your taxes. Through bookkeeping, an owner can identify if a business is generating profits or losses. Bookkeeping is the recording, storing, and retrieving of financial transactions for a company, nonprofit organization, or individual person.
Bookkeeping can include common financial transactions:
- Paying suppliers and vendors
- Billing for services provided or goods provided to clients
- Documenting receipts from customers
- Recording invoices
- Processing employees payroll
- Financial reporting
- Monitoring accounts receivable
- Recording depreciation
Most bookkeeping today is done with the use of computer software like QuickBooks. QuickBooks is a low-cost bookkeeping and accounting software widely used by small businesses in the U.S. Brian Moore, CPA is a certified QuickBooks instructor. He can help you select the right version of software for your needs. We can also teach you how to operate your new software and help establish good habits to ensure your business records are thorough and complete.
Bookkeeping requires knowledge of debits and credits as well as a basic understanding of financial accounting, which includes the balance sheet and income statements as well as profit and loss statements or P&L’s.
Bookkeeping and Accounting are not the same things. Both are very necessary for any business, but there are differences between the two. Bookkeeping is the recording of financial transactions, whereas accounting is the interpreting, classifying, analyzing, reporting, and summarizing of financial data. Moore Accounting Services offers both services.
There is no interpreting or analyzing of data in bookkeeping, it is simply recording and classifying data as it is in day to day activities within your business itself. Bookkeepers handle the recording aspect and accountants handle all parts of the accounting process.
We would set you up with bookkeeping software, most likely QuickBooks. The benefits of using software are these:
- Increasing reporting accuracy
- Provide necessary accounting reports
- Process accounts more quickly
- Streamlines filing your business taxes
- Your data is backed up
- Well kept books can help reduce stress and last-minute scrambling during tax time.
Accurate bookkeeping can help you track cash and credit records. Compilation of daily records of sales, receipts, payments, and purchases is critical to your overall business numbers. Bookkeepers compile and record things in a supplier’s ledger, customer ledger, and general ledger.
Bookkeepers generally keep records of the following:
- Accounts receivable
- Accounts payable
- Loans payable
- Payroll expenses
- Owners’ equity
- Retained earnings
If these items are recorded correctly, bookkeeping can be your best friend and the reason a business runs effectively.
We are confident we can assist your small business with your accounting and bookkeeping needs. Our associates have years of demonstrated expertise you can rely on.