To end the cycle, you prepare the financial statement, that means getting the balance sheet, income statements, and cash-flow statements ready to review.
That can be quarterly or annually, depending on how it works best for your company.
Expanding on using double-entry, we set up different accounts to track specifically where your money goes.
Making it easier to make financial decisions in the future because you know exactly what you spend your money on.
So when you’re setting up all the accounts, in the end, you want all the numbers to make sense, known as balancing the books.
To balance the books you need to have proper double-entry and a good account system set up. Otherwise, it’ll become too confusing to use.
To truly know what’s going on, you need to track each expense as debit (decrease) and credit (increase).
If you don’t add the amount spent or gained twice, there won’t be an accurate of tracking where it went.
Track how much each owner spends
Meet reporting requirements
With cash receipts & cash disbursements
Bookkeeping is one of the most important aspects of your business and you don’t want to mess it up. When it comes time to talk to the IRS, you want all documents recorded and organized to perfection. That’s what we do for you. We reduce your financial costs long-term.
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