Accounting is the process of tracking income and expenses. An accountant is responsible for offering strategic financial advice in addition to being aware of the company’s financial situation.
Bookkeeping and payroll services Florida is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In day-to-day operations, a bookkeeper would make sure employees are filing invoices and expenses correctly and handling payroll.
A bookkeeper of bookkeeping companies Gainesville FL is the official record keeper of our business’s financials. An accountant is our financial strategist. This professional is responsible for preparing for audits, helping us with tax planning, and offering business financial analysis and advice.
Keeping clear business records of managed payroll services Gainesville is important. It helps us understand how much money is owed to us, how much we owe and will prevent us from making costly – not to mention illegal – errors. It can also help us monitor our business and identify sources of income.
Below is a list of records that we should keep accurately and orderly:
- Payroll and employment taxes
- Sales and purchases
- Expenses
- Bank statements
- Profit and loss statements
- Cash flow analysis
Accounts receivable and accounts payable are also two important records to keep. Accounts receivable is a claim from an uncollected amount, usually from a sale on credit. For instance, a sale has been made but the money hasn’t been collected – only credited.
Accounts payable is an amount owed to a vendor or credit for completed goods or services. For instance, a small business might have short-term payments to banks.
For more details on this, please browse www.wilsmanfinancial.com.