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Financial Statement Preparation

Financial statements show how well a company has performed over the year and the level of profit achieved. Investors and regulators may make decisions about a small business based on the information provided by financial statements. Financial statements must be prepared in sequence because the information in one is needed for the next. The sequence of financial statements is: income statement, statement of retained earnings, balance sheet and statement of cash flows.

Income Statement

The purpose of the income statement is to report the company's income and revenue for the year, including net income. Net income is revenue less expenses. Some companies use a single-step method while others use a multi-step method when preparing the statement. The multi-step method would be used by companies with a more complex financial situation while the single-step method by small companies with uncomplicated finances.

Statement of Retained Earnings

The statement of retained earnings explains the changes in retained earnings for the company from net income or loss during the year. Retained earnings are income that is retained by the company to be reinvested instead of being paid out as dividends to stockholders. The steps in the process are listing the beginning retained earnings, subtracting or adding net income or loss and then subtracting any dividends paid out. The result is the retained earnings statement for the company.

Balance Sheet

A balance sheet summarizes and lists the organization's assets, liabilities and shareholder equity at a particular point in time. It is a snapshot of a company's overall financial situation. The formula for a balance sheet is: liabilities plus equity equals assets. The balance sheet lists a total of all assets, including cash, accounts receivable, inventory and fixed assets. Liabilities such as bank notes and accounts payable are listed, along with the owner's capital invested. The last line of the balance sheet gives the total amount of liabilities and equities, which must be equal to the total assets.

Statement of Cash Flows

The statement of cash flows identifies changes in cash flow generated from operating, investing and financing activities. These three activities, along with any noncash investing and financing activities, make up the statement of cash flows. The statement of cash flows is used to measure a company's financial stability and its ability to pay its creditors.

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Certified QuickBooks Proadvisor

Certified QuickBooks ProAdvisors are experts who have been tested and certified by Intuit (makers of QuickBooks) on a range of QuickBooks products.

QuickBooks Set Up and Training

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

Business Tax Return

A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business.

Personal Tax Returns

An individual tax return is a form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes.

Quarterly & Monthly Filings

Quarterly & Monthly filings include key accounting and financial data for a company, including gross revenue, net profit, operational expenses, and cash flow.

Financial Statement Preparation

Financial statements show how well a company has performed over the year and the level of profit achieved.

Consulting Services

Another tax season is here! I suggest making an appointment as soon as possible after you have received all the necessary paperwork. Form 1040 for US Individual Income Tax Return Annual income tax return filed by citizens or residents of the United States.

Payroll Preparation

Preparing payroll involves a series of basic calculations to determine each employee's base pay as well as deductions for state and federal taxes, and employee contributions to retirement funds and health insurance plans.

Bookkeeping Services

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management.

Bank Financing

CPA consulting services to help small business owners to take bank financing. If you are growing your business and you need money, bank financing can be a good option.
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