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Accounting Services and Bookkeeping
We understand that as a small business owner, you have enough on your plate without having to worry about your bookkeeping and accounting.
Whether you are trying to obtain a business loan, add capital through investors, or need to satisfy certain filing requirements (i.e. imposed by a supplier or customer), we have two important words for you;
we offer comprehensive accounting and bookkeeping services tailored specifically for small businesses and individuals.
What sets us apart from other accounting firms is our personal touch. We take the time to get to know you and your business so we can tailor our services to meet your specific needs. We’re also always available to answer any questions you may have – no matter how big or small.
helping you All the Way
Financial Statement Preparation
Set of Financial Statements
A set of financial statements for external use generally will include the balance sheet (a statement of the assets, liabilities, and capital of a business or organization at a particular point in time), profit and loss statement (a statement of revenues and expenses of a business or organization during a particular period of time), cash flow statement (a statement that shows how changes in balance sheet accounts and income affect cash by breaking the analysis down to operating, investing, and financing activities).
Generally Accepted Accounting Principles
Financial statements can be prepared using generally accepted accounting principles or an other comprehensive basis of accounting (OCBOA) based upon your needs and intended use of the statements.
Financial statement engagements that our firm can provide to you include that of compilations, reviews, interim and personal.
helping you with What Count the Most
Small Business Accounting
Perhaps, you do not need an external set of financial statements prepared, rather you would like to track your income, expenses, assets and liabilities on a consistent basis to be able to make crucial business decisions, minimize the risk of errors or be ready for tax time.
At Adam M. Domow CPA, we believe that the key to running a successful small business, from a financial perspective, is in the building a strong foundation comprised of your books and records. Therefore, we offer our clients the following services, among others:
Bookkeeping (“Write-up”) Services
Running your business takes an enormous amount of time and effort in this ever-changing financial environment. Perhaps you do not have the additional time it takes to handle the “necessary evils” (as some business owners like to say) such as bookkeeping. In its simplest form, bookkeeping is the recording of financial transactions. Proper bookkeeping, businesses are able to track all information on its book to make key operating, investing, and financing decisions. Proper bookkeeping provides the information needed for a business to measure its own performance, bench-marking for its revenue and income goals, and ultimately peace of mind for the owner. We are able to tailor such services to meet your specific needs, as well as, performing such services in the time frame (i.e. monthly or quarterly) you desire.
Implementation and Streamlining of Accounting Systems
Are you new to the business world? Never having previously implemented an accounting system. The thought can be a daunting one. Or perhaps you have an existing business with an accounting system that isn’t providing you with the information in a timely and manageable way. Whether your business needs to keep close track of receivables, payables, inventory, fixed asset additions, numerous debt sources, revenue/expense on a job-to-job basis, etc., through our years of experience, knowledge and know-how, we can build and/or modify an accounting system that is tailored and suited to your specific needs.
One of the pre-eminent accounting software packages for small businesses is Intuit’s QuickBooks. Offered both in PC (or Mac) and Online, QuickBooks has the capabilities to handle all of your small business accounting needs. For those businesses that wish to handle their own books and records, we are able to provide our QuickBooks Pro Advisor services in training you the proper way to use the software, as well as maintaining and expanding your books and records as your business continues to grow.
The recording of financial transactions, preparation of financial statements is a vital step in running a successful and growing business. But to perform these steps and not follow through with the utilization of such information to its fullest, is tantamount to putting together a complex puzzle and stopping before putting in the last piece.
In providing accounting consulting services, we help you to understand what the various prepared reports mean and how the data you’re seeing affects your company. For more detailed examples of accounting consulting services provided please click here.
Frequently Asked Questions
What is the difference between bookkeeping and accounting?
Bookkeeping is the process of recording, storing and retrieving financial transactions for a business, while accounting is the process of interpreting, classifying and reporting those transactions to provide information to decision-makers.
The main difference between bookkeeping and accounting is that bookkeeping is mainly concerned with recording transactions while accounting is mainly concerned with interpretation, classification and reporting of those transaction.
Bookkeeping is a subset of accounting. All the information that bookkeepers record are used by accountants to prepare financial statements and reports.
What is Small Business Accounting and what services does DomowCPA offer?
Small business accounting is the process of tracking, recording, and analyzing a company's financial transactions. The goal of small business accounting is to provide information that can be used to make decisions about how to manage the company's finances.
There are a number of different services that we offer in relation to small business accounting. These services include bookkeeping, financial analysis, and consulting. Bookkeeping is the process of recording all of a company's financial transactions in a system that can be used to track income and expenses. Financial analysis is the process of reviewing a company's financial statements in order to identify trends and assess the health of the business. Consulting services are designed to help businesses improve their financial management practices.
What types of small businesses can use the services offered by a CPA firm like DomowCPA?
DomowCPA offers a wide range of services that can be useful for small businesses. These include bookkeeping, financial statement analysis, and consulting.
Bookkeeping is an important service for any business, but it can be especially helpful for small businesses. This service can keep track of all the financial transactions of a business, which can be helpful in ensuring that the business is run smoothly and efficiently.
Financial statement analysis is another service that can be beneficial for small businesses. This type of analysis can help a business to understand its financial position and make informed decisions about its future.
Consulting is also a valuable service that DomowCPA offers. This can help businesses to get expert advice on a variety of topics, including financial planning and management.
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