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1. Bookkeeping:
Recording Transactions: Accurate and consistent recording of daily financial transactions, such as sales, purchases, payments, and receipts.
General Ledger Management: Organizing and categorizing financial data in the general ledger for easy tracking of all financial activities.
Bank Reconciliation: Reconciling business bank accounts with financial records to ensure accuracy and detect any discrepancies.
Accounts Payable and Receivable: Managing accounts payable (money owed by the business) and accounts receivable (money owed to the business), ensuring that bills are paid on time and payments are collected promptly.
2. Financial Reporting:
Income Statement (Profit & Loss Statement): Preparing financial statements that show the company’s revenues, expenses, and profits over a specific period.
Balance Sheet: Compiling a snapshot of the company’s financial position by listing assets, liabilities, and equity.
Cash Flow Statement: Tracking the flow of cash in and out of the business to assess liquidity and financial stability.
Financial Analysis: Analyzing financial statements to understand key performance indicators (KPIs), profitability, and financial health.
3. Tax Preparation and Compliance:
Tax Filing: Preparing and filing business tax returns, including income, sales, and payroll taxes.Tax Planning: Developing tax strategies to minimize liabilities and ensure compliance with all local, state, and federal tax laws.Tax Deductions and Credits: Identifying potential tax deductions and credits to reduce taxable income, ensuring that the business takes full advantage of available tax savings.Handling Audits: Assisting with internal or external audits and responding to any questions from tax authorities.
4. Payroll Services:
Employee Compensation: Managing payroll by calculating employee wages, withholding taxes, and ensuring that employees are paid on time.
Payroll Tax Compliance: Ensuring compliance with tax laws regarding employee wages, benefits, and deductions (e.g., Social Security, Medicare, unemployment taxes).
Employee Benefits Management: Managing benefits packages, including health insurance, retirement plans, and bonuses.
Payroll Reports: Generating payroll reports for management and tax filing purposes.
5. Accounts Reconciliation:
Reconciliation of Accounts: Ensuring that all accounts are balanced by comparing internal financial records with bank statements and other external records.
Discrepancy Resolution: Identifying and resolving discrepancies between records, ensuring all errors are corrected and financial reports are accurate.
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