Book Keeping in Yorktown Will Save You Trouble and Provide You With Valuable Data
Your business requires good book keeping because this is the foundation of all the financial reports you will want to manage your business better. The full-charge bookkeeper will handle all daily entry of accounting transactions which include:
* Vendor bills
* Customer invoices
* Bill payments
* Customer payments
* Deposits, other disbursements and withdrawals.
The bookkeeper maintains:
* Complete and up-to-date detailed accounts receivable
* Accounts payable
* Cash account ledgers
* Provides daily or weekly reports on these critical areas of business management
The bookkeeper at Book keeping in Yorktown may process payroll or provide data entry to enable preparation of the payroll by a third-party.
* The payroll entries will include:
* Complete recording of gross wages
* Employer tax and other payroll expenses
* Payroll liabilities
Each data entry aligns with the formation of a financial report which will help the business management do a thorough job of analyzing the business financial picture and make better decisions knowing where the finances are at in the overall picture. A cash picture drawn from the up-to-date accounts receivable status will help manage inventory purchasing, accounts payable, and payroll preparation. This data will help discern whether a short-term loan is needed.The bookkeeper can alert management to problems when the receivables are behind or the customer payments are falling short of projections. The records which Book keeping in Yorktown maintains are vital to the business for several reasons:
* Income tax planning
* Cash forecasting
* Payroll planning
* Inventory planning
* Feeds the Balance Sheet
* Feeds the Profit and Loss Statement
The bookkeeper can see problems before they become serious. For example, if inventory purchases are running ahead of sales, then the flag must be raised alerting management that Purchasing is doing what they always do but sales is not. This type of alert can be very helpful to a business. A bookkeeper can do forward planning simply by looking at the numbers for receivebales and sales. Both should be timed closely together. The bookkeeper is the key to data being available when needed.
The accountant at Carmines, Robbins & Company, PLC will rely on the bookkeeper for up dated information so an analysis of the business performance can be made. The accountant will use the data for tax planning, forecasting cash needs, analyzing the timeliness of payables and the timely receipt of receivables.