Accounting
Accounting is the recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements.
Whether you are just starting a business or have been operating for a long time, here is a listing of accounting services that may hel you:
Chart of Accounts: If you don’t yet have a chart of accounts, set one up! The chart of accounts is the foundation on which you will build your accounting system. Account numbers are used as an easy account identification system. After the chart of accounts, you establish a general ledger system, which is the engine that actually runs your accounting system on a daily basis.
General Ledger: A general ledger reflects a summary of transactions during the accounting period. It is set up like your chart of accounts, although not every single entry is included in this ledger. Generally, your checkbook register is a great source to set up this ledger. An important component of the general ledger is source documents like sales receipts and billings. Source documents are critical in that they provide an audit trail in case you or someone else has to go back and study financial transactions made in your business. This is where the record of debits and credits are of your business. The debits and credits of your business are actually what is considered to be your accounting system.
Financial Reports: Prepare and explain your financial reports, such as your Profit/Loss Statement, Trial Balance, Balance Sheet, Statement of Cash Flow, etc.
Consulting: Sit down with you, either in person or by phone and discuss what is needed to keep accurate records for your business.
Budgeting & Planning: It is critical to plan ahead and it is also critical to set up a budget plan. Any business needs to know where they are today and where they want to be tomorrow. Get the plan and budgets in focus.
Software Conversions-Accounting Software: What TSL has found through working with clients is that the best software for keeping records is QuickBooks Online Edition. Do all the work from our office or just part of it. Having a secure connection online allows both companies to interact and maintain accurate business data. However, if you have other accounting software, that isn’t a problem.
Non-Profit Companies: It’s important to know how to approach the Board with your ideas. It’s critical to be in compliance with non-profit guidelines and it is mandatory to prepare for an audit. Make sure you have plans, budgets, and forecasts as well.
Management Reporting: We have a series of reports to help you manage your business. Reports are based on client need.
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