Recording Financial Transactions: Accounting and bookkeeping services involve recording all financial transactions, including sales, purchases, receipts, and payments, in an organized and systematic manner.
Financial Statement Preparation: Accounting and bookkeeping services involve preparing financial statements, including the balance sheet, income statement, and cash flow statement, which provide a snapshot of the company's financial position and performance.
Accounts Payable and Receivable: Accounting and bookkeeping services manage accounts payable and receivable, which involve tracking payments due to suppliers and payments owed by customers.
Payroll Processing: Accounting and bookkeeping services process payroll, which involves calculating employee salaries, taxes, and benefits, and issuing paychecks or direct deposits.
Tax Preparation and Compliance: Accounting and bookkeeping services help businesses comply with tax regulations and prepare tax returns, including income tax, sales tax, and payroll tax.
Budgeting and Forecasting: Accounting and bookkeeping services help businesses prepare budgets and forecasts, which provide a roadmap for financial planning and decision-making.
Financial Analysis: Accounting and bookkeeping services provide financial analysis, which involves analyzing financial statements and other financial data to identify trends, opportunities, and potential risks.