Accounting Services - BRB Business Solutions
Running a business requires a lot of accounting. It is essential to how businesses function. Accounting is involved when you document a transaction, prepare tax returns, or plan a cost. Running a business requires some level of accounting, regardless of the circumstances. However, the quality is the issue. Fortunately, you can hire accounting services to perform a wide range of tasks expertly and effectively. That has a significant impact on your firm. Accounting is a broad subject. Hence the services that fall under it may vary.
If you want a company that will pay close attention to your unique requirements and always treat you and your business like a client who matters, look no further. While our company has a robust variety of professional services, BRB Business Solutions assures you that we can give you the one-on-one attention you need.
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What is Meant by Accounting Services?
Accounting services involve financial accounting, management accounting, auditing, cost containment, auditing services, taxation, and accounting information systems. Accounting services also measure, process, and communicate financial information about economic entities.
Accounting Services for Small Enterprises
There is a distinction between financial and general accounting services. Financial accounting makes strategies for future growth, whereas general accounting refers to routine tasks like recording transactions. For example, you can deal with a CPA who offers financial counsel or hire a bookkeeper to enter data and generate reports.
The following responsibilities are handled by part-time or full-time employees hired by small businesses:
Bookkeeping: Enter information, like invoices from clients and suppliers and credit card transactions, into your accounting program or general ledgers. They might also record payments and reconcile bank statements.
Financial Reporting: Create financial reports that include income, cash flow, balance sheet, and profit and loss (P&L) statements. These are employed in decision-making, obtaining funding, and other processes.
Payroll Processing: involves keeping track of working hours, calculating wages, deducting taxes, issuing employee checks, and ensuring correctness. Making payroll tax payments is another accounting function that may be provided.
Additionally, you can employ consultants to help with financial planning, financial statement interpretation, and the design and setup of your accounting system. A chief financial officer (CFO) provides services like succession planning, while merger and acquisition oversight can be outsourced.
Why You Should Outsource Professional Accounting Services
Your company’s financial health, including matters like bookkeeping, payroll, and tax preparation, is crucial if you own a business. Although it is technically possible to do all these tasks internally, it is wise to use professional accounting services like those we offer here at BRB Business Solutions to achieve the greatest outcomes. Here we outline some factors that make professional accounting services a wise choice for any business owner.
Peace of Mind
You’ll have more peace of mind if you hire qualified accountants to manage your bookkeeping or taxes. You may rest and have confidence that our team has everything under control rather than stressing out about the potential for making a mistake on basic tax forms. Your business will be able to expand thanks to expert accounting services. When your business started and you only had a few employees, keeping up with taxes, payroll, and bookkeeping may have been manageable. However, once your operation grows beyond that initial stage, it becomes impractical for you to keep track of all of that yourself.
Better Business Decisions Will Be Made
Accounting work is necessary for running a small business. However, using expert accounting services can decrease errors, boost productivity, and ultimately assist owners of small businesses in making wiser choices and investments.
You’ll Be Up-To-Date on Compliance
Accounting services are essential for small businesses to produce accurate financial records, offer expert tax advice, and guarantee compliance with state and federal tax law and other business requirements.
Standard Accounting Reports
Every company needs to know how to create a few essential financial reports as part of its financial accounting procedures. These statements provide proof of your company’s earnings and outlays to creditors, lenders, and investors.
A Profit and Loss (P&L) Statement
Your P&L statement, which lists your sales, costs, cost of goods sold, gross margin, profit, and other vital indicators during a specific period, provides an overview of your company’s profitability (e.g., monthly, quarterly, annually). When tax season arrives, you’ll need to file your business taxes with the IRS. Accountants and tax preparers most frequently ask for a profit and loss (P&L) statement. In addition, if you apply for funding, you can also be required to share it with lenders.
A balance sheet summarizes your company’s financial situation at a certain period. It includes a list of your company’s capital, liabilities, and assets, all of which can be utilized to estimate the value of your enterprise.
A Cash Flow Statement
This tracks and classifies each spending and revenue stream, line by line, allowing you to keep track of your business’s financial activity. Almost all your cash flow statement items will fall within the operating, investment, or financing activity categories. You will also prepare a stockholders’ equity statement if your company has shareholders or investors who have stock in the business. This statement, a component of your balance sheet, details any changes in the value of your stockholders’ ownership stake over time, usually from the start of the year to the end.
Essential Accounting Vocabulary
Every small business owner should be familiar with the following words used in accounting:
Generally Accepted Accounting Principles (GAAP)
Most American businesses are expected to adhere to generally accepted accounting principles (GAAP). These principles offer suggestions for monitoring, assessing, and presenting your business’s financial health to external parties.
Cash Basis Accounting
One of the two most popular accounting approaches, cash basis accounting, requires you to record income and costs as they are received and paid. Due to its simplicity, this is frequently used by small enterprises even though it may paint an inaccurate picture of your cash flow (e.g., if you receive payment for a bill the month after you issued it).
Accounting on an Accrual Basis
Companies with more than $25 million in annual revenue must use accrual basis accounting. This is because you must report income when it is billed rather than when it is received, which may result in you paying taxes on funds that you have not yet received. However, compared to cash basis accounting, it does offer a more precise long-term picture of your financial situation.
This category includes unpaid invoices with suppliers for goods and services. To effectively estimate cash flow, these liabilities must be weighed against your company’s assets and earnings.
All of the money owing to your company by its customers or clients is included in your reports receivable. Invoices are often used to keep track of these accounts since they include payment terms (such as within a certain period following receipt) that let you know when to anticipate receiving money.
Frequently Asked Questions
What Is the Role of Accounting Services?
The role of accounting services is to create and keep up with significant financial reports. They prepare tax returns and guarantee timely and accurate payment of taxes. Assessing financial processes to make recommendations for best practices, spot problems, develop remedies, and aid organizations in functioning effectively.
What are Tax Accounting Services?
In contrast to financial accounting, tax accounting services only concentrate on activities that may impact or affect your company’s tax liability. The tax accounting method is frequently employed to assist businesses in doing accurate calculations before the filing season when compiling tax paperwork.
What Does a Bookkeeper Do vs. Accountant?
While accountants give insight, analyze the data, and produce accounting reports, bookkeepers perform the daily responsibilities of recording financial transactions.
Your Full-Service Chartered Professional Accounting Firm in Savannah, GA
To fully comprehend our client’s financial objectives, we collaborate with them when providing accounting services at BRB Business Solutions. We offer the knowledge and solutions required to accomplish them. Our staff specializes in serving the accounting of both individuals and organizations of all sizes. Strong customer relationships and trust, as well as our emphasis on providing excellent service and communication, distinguish our firm from others. We serve our clients with passion, honesty, and excellence to grow and succeed. We take pleasure in establishing a reputation for always being available to respond to client inquiries and guaranteeing that each client receives the attention and priority required to make timely business and financial choices.
Looking for Accounting Services Near You?
Call BRB Business Solutions Today at
BRB Business Solutions
212 Quail Hollow Rd
Savannah GA 31419