Account Clasification |
Bookkeeping starts with account classification to determine your expenses and income according to accounting rules. All expenses are not deductible. Capital expenditures must be deprecated, by taking a small expense each year. There are accounting rules for this process.
In order to do a tax return you need expenses and income. There are other accounts for liabilities and bills you owe that are not paid yet as well as account for assets, things you own. Assets needs depreciation and liabilities needs a payment structure which includes another expense for interest which is an addition expense. |
Recordkeeping |
Record keeping is needed to do a tax return. Tax returns are not fiction and each deduction you do on a tax return has to be backed up with fact.
Transactions include your purchases, sales, receipts, and payments on a monthly basis. When a transaction occurs we would need your original paperwork such as invoices, receipts, or petty cash vouchers.
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Bank Statements |
You need to reconcile your bank statements with your reocrdkeeping. This will tell you whether you paid everyone and whether everyone paid you.
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Accounting Service |
We take pride in our bookkeeping skills with many local small business clients. Helping you to record your financial transactions is part of the process of our accounting service.
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Data Entry |
For data entry you can use up-to-date programs such as Quickbooks, Peach Tree Accounting or other accounting software. To save money it is useful to do these yourself.....
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Entry and Classifying Accounts |
If you would prefer to hire someone to do it correct from the start I can help.
I use quickbooks because it is consistent and easy to use. When hiring a professional you can be sure that all accounts will be tracked and classified correctly. Quickbooks also provides a balance sheet and profit and loss statement that could can understand. A good solid balance sheet to present with your business proposal is how you can get money to expand your business. I would need an original book of entry to record data entries of all your transactions that is helpful to have recordings of your cash book, purchases, sales, returns and so forth. The details will then be easier to transfer to an online ledger using up-to-date technology and accounting software such as Quickbooks. |
