Should I do it myself or is it actually cheaper to have a professional handle it? What is cloud-based Bookkeeping and is it secure?
Our Bookkeeping Services Include:
- On-site or "cloud-based" services
- Monthly bank reconciliations
- Financial statements – management use profit and loss, balance sheets
- Adjusting journal entries and general ledger posting
- Virtual CFO accounting and advisory services
Information About Sales Tax for New Business Owners
Bookkeeping is the recording of daily financial transactions. Transactions include sales, purchases, receipts, income and payments in your business or organization. Daily routine transactions such as entering bills and recording sales are usually performed by the business owner or the staff. An accountant or independent bookkeeper can also help with this "bookkeeping" function. In the past most accountants performed the work onsite at the clients; business location, but more and more accountants today are providing these services remotely.
The accounting system can be maintained on the computers located at the client's business location, at the CPA office's location or "in the clouds". In all three cases, the bookkeeping files can be retrieved remotely and securely.
The "accounting process" is not the same as the day to day bookkeeping and it is usually performed by a CPA at various intervals. The CPA creates reports from the recorded financial transactions recorded by the bookkeeper, makes adjustments as required in the set of books and prepares tax forms for government agencies and reports for management based upon these set of books.
The accountant reviews this unadjusted trial balance and makes a number of adjustments and changes the balance amounts of some of the accounts. These adjustments must still follow the double-entry rule. Other adjustments such as posting depreciation, prepayments and payroll adjustments are also done at this time. This results in a listing called the adjusted trial balance. It is the accounts in this list and their corresponding debit or credit balances that are used to prepare the income statement and balance sheet (and possible a cash flow and retained earnings statement).
To learn more about using bookkeeping in your business, contact Rosedale & Drapala, CPAs.
Request a Consultation
Speak With An Accountant
Whether you have a business or are thinking about starting a business, let Rosedale & Drapala handle all of your, tax and accounting needs. We have been working with local businesses just like you for over 25 years.
We can help you with new business setups, bookkeeping services, QuickBooks, S Corporation, partnership and LLC tax preparation services. Tax compliance services including payroll and sales taxes.
Rosedale & Drapala, CPAs is a member firm in the Private Practice Division of the American Institute of Certified Public Accountants (AICPA).