Accounting Services
Sample of Services
- Charts of Accounts – Creation & modification
- Compliance (GAAP)
- Contribution reporting (Managerial Accounting) and profitability
- Cost Segregation (accelerated depreciation) studies and submissions
- Financial Statement – Analysis/interpretation/recommendations
- Inventory Costing (Avg. Cost, FIFO, LIFO) and application of Overhead
- Month-end, Quarter-end, Year-end close
- Payables/Payroll/Receivables reporting
- Reconciliation of Accounts
Accounting Services (Two Main Categories – We Offer Both)
Financial Accounting (For Compliance)
Laws, principles, rules and regulations need to be followed to ensure that (financial) statements or (tax) forms reflect the proper accounting treatment. Some examples – Revenue recognition for accrual-basis businesses, inventory cost flow assumptions (average cost, LIFO, FIFO) or the deductibility (or non-deductibility) of certain expenses for tax purposes vs. expenses that are deductible for book purposes. Compliance is concerned with reporting past activities.
- Adhering to laws, regulations and accepted principles
- Maintaining business standards and proper protocols
- Regulatory oversight
- Codes of conduct
- Concerned with reporting past activities
Managerial Accounting (Improves Decision-making)
Managerial Accounting is concerned with taking existing accounting/financial data and analyzing it to only include information that has an ECONOMIC IMPACT toward making future decisions. Examples – Depreciation on assets. Depreciation, in many cases is an expense that just reflects the passage of time, it does not have any bearing on the productive capacity of an asset for future decision making until the remaining productive capacity is measured.
- Includes only data that has an economic impact
- Is NOT part of compliance
- Is for (internal) management decision making
- Focused on providing information to aid future decision-making
