What Bookkeeping Services Can Do For You
What can bookkeeping do for you? Bookkeeping is a service that businesses have needed since the earliest times of merchants and money. Specifically, bookkeeping is the process of recording, categorizing and analyzing every financial transaction that occurs in an institution, whether such institution is personal or business in nature.
There are many tools for bookkeepers to use in tracking finances. However, Papillon House Bookkeepers use QuickBooks to help keep track of a business' transactions and run the financial reports necessary to assist a business in its organization and planning. This software allows us to keep better track of important records without requiring our business clients to spend hours preparing and organizing documents. This bookkeeping software also allows us to run financial reports on demand, and keep in contact with our clients at the click of a button.
Basically, our job as your bookkeeper involves us handling your day to day financial records to remove the hours of time and effort on your part. The records we use include receipts, invoices and bank feeds - all of which can be quickly and painlessly set up for you. We use the information obtained through your transaction records to create reports for your business planning, help you organize for tax filings, and apply for loans or certifications.
Key financial statements prepared by a bookkeeper can help you understand what your finances are, and help guide you to make better and more informed decisions on how best to take the company where you want it to go. There are many different reports to choose from, but the most common are:
Profit & Loss Statements
The Profit and Loss report, also known as an Income Statement, shows the revenue and expenses of your business over a particular period of time. Typically, these reports are produced monthly, quarterly and annually.
A Balance Sheet is a snapshot of your companies finances at any one point in time. This report is used for business planning.
Cash Flow Statement
A Cash Flow Statement is a record of the money (cash, electronic payments, etc.) entering and leaving your company. This can help you identify and budget particular categories of income and expenses.
Statement of Changes in Equity
The Statement of Changes in Equity is the retained earnings report. It shows how the capital, reserves and retained earnings have changed across a specified reporting period. Usually, these reports are run monthly, quarterly or annually.
In addition to the reporting services mentioned above, Papillon House Bookkeepers will manage your business' accounts receivable and accounts payable. This means that we can track and organize moneys owed to you by customers, and moneys you owe to suppliers, vendors and employees. We do this through invoice and receipt tracking, in addition to monthly bank reconciliation in order to verify the recorded transactions and the bank statements match.
Our bookkeeping services also include organizing and sending your records and reports to your Certified Public Accountant when tax season comes around. We can communicate and resolve any other needs the CPA may have for tax preparation, taking this responsibility and headache off of your plate. Additionally, we offer payroll services for some of our clients.
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