Many business owners ask….What is the difference between bookkeeping services and the accounting services our firm provides? The best way to explain that is bookkeeping is the number crunching part and making sure all the money that goes in and out of your business is recorded in the proper places and balances. The accounting part is taking all of that information and putting in a final format, which is listed below, in order to make wise and profitable business decisions through the course of the year. Both are equally important. If the numbers aren’t correct, how can you make good business decisions and stay compliant with all the IRS reporting requirements and any audit challenges that may occur? By having a current, accurate financial picture on a timely basis can mean the different between success and an “out of business” sign posted.
Century Accounting & Financial Services located in both Timonium and Friendsville, Maryland offers simplified monthly reports and statements to provide a quick and accurate picture of your business activity.
Monthly Operating Statements. . . Presents your monthly breakdown of sales, cost of sales and expenses; also called a Profit and Loss Statement.
Balance Sheet . . . Summarize your total business assets, liabilities and net worth at a given point in time so you can make decisions about capital expenditures or how to improve profits.
Bank Reconciliation . . . Careful comparison and proof of your bank account statement with your checkbook balance each month to ensure you are working with the correct total.
General Ledger Report . . . A record of the dates, check numbers, payees and amounts of all expenses within each of your business accounts. Whether you prepare your records by hand, or using one of the computerized accounting systems, this report will provide you with the assurance that your reports have been properly prepared.
Request a FREE initial consultation today. Call our office at 410-560-2667 and speak with Donna Stokes to learn how you can feel more comfortable when looking at your business’ financial picture. The Century team of experts are ready to guide you down the path of running a successful business.