Every business requires basic bookkeeping and accounting services in order to keep track of income, expenditure and other financial transactions. Fulfilling this function on your own can be a time consuming task that prevents you focusing on the core needs of your business.
It is highly recommended to opt for professional basic accounting services. There are two ways to go about this, you can hire an in-house bookkeeper or accountant, however this can be a costly exercise. Alternatively, you can employ an accounting firm to provide you with the services that you require, as and when you need them, at a fraction of the cost.
At Vitale and Associates, we offer a range of accounting, tax and other advisory services to provide for differing financial recording, reporting and evaluation needs. Some of the basic accounting services that we provide include:
1. Record Keeping
Each financial transaction that your business enters into needs to be recorded in order to track income and expenditure. Different types of basic accounting methods are used to record these transactions such as a cash flow statement, bank statements and an income and expenditure statement. Other recording methods may also be used depending on their suitability for the unique requirements of your business.
2. Financial Statements
As part of basic financial record keeping, consolidation of the above mentioned records will be necessary on a regular basis, normally monthly. The process will use the recorded financial statements and integrate these into a balance sheet or other accounting sheet. This consolidation will point out any errors in the record keeping as well as ensure that all financial transactions have been accounted for.
Basically the process consists of ensuring that the recorded transactions reflect the bank balance as well as the amount of cash available at the end of every month or other cycle. Without this process, it can be difficult to ensure that the books balance.
Budgeting is an essential part of running a business successfully. It helps to ensure that the business does not overspend in certain areas and that expenditure is in-line with income, capital or profit. A specialist accountant will be able to assist your business with allocating funds to different areas of the business to ensure that the necessary running costs are covered before other expenses.
4. Other Services
Additional services may become necessary depending on the type of business you have. For example, a public company may require accounting for shares, dividends and stocks. It is essential to get professional advice regarding the additional services that you may require related to basic accounting as well as additional services.
It is important to provide all the necessary documentation to your accounting firm in order for them to provide accurate recording, reporting and analysis functions for your business. All invoices, receipts, checks and other paperwork must be submitted to the bookkeeper or accountant in a timely manner. These documents will be returned to you for safekeeping.
To find out more about the basic accounting services that can benefit your business, contact Vitale and Associates.