Bookkeeping

Peace of mind through stress-free bookkeeping.

We offer a hands-on level of service and checks and balances that you won’t find with large outsourced payroll processing services and large bookkeeping firms.

The accounting cycle.

Everything in business revolves around people, products and processes. Proper bookkeeping is no exception.

A sound bookkeeping foundation.

Accounting cycle is a step-by-step process of recording, classification and summarization of economic transactions of a business. It generates useful financial information in the form of financial statements including income statement, balance sheet, cash flow statement and statement of changes in equity.

The time period principle requires that a business should prepare its financial statements on periodic basis. Therefore accounting cycle is followed once during each accounting period. Accounting Cycle starts from the recording of individual transactions and ends on the preparation of financial statements and closing entries.

A sound bookkeeping system.

A sound bookkeeping system is the foundation on which all of this valuable financial information can be built. Having an expert third-party review your records means you’ll be alerted to problems with your record-keeping methodology or just plain computational errors. Better to have your Accountant tell you this, rather than the IRS.

Monitoring the success or failure of your business.
It’s hard to know how your business is doing without a clear financial picture. Am I making money? Are sales increasing? Are expenditures increasing faster than sales? Which expenses are too high based on my level of sales? Do some expenditures appear to be “out of control?”
Providing the information you need to make decisions.
Evaluating the financial consequences should be a part of every business decision you make. Without accurate records and financial information, it may be hard for you to know the financial impact of a given course of action. Will it pay to hire another salesperson? How much will another production employee cost? Is this particular product line profitable?
Obtaining bank financing.
A banker will usually want to see financial statements: a balance sheet, income statement, and cash flow budget for the most current and prior years, as well as your projected statements showing the impact of the requested loan. A banker may even want to see some of your bookkeeping procedures and documents to verify whether you run your business in a sound, professional manner.
Obtaining other sources of capital.
If your business has reached the point where you need to take in a partner, any prospective partner will want to become intimately familiar with your financial picture. If you need capital and are thinking of taking in an outside investor, you will need to produce a lot of financial information. Even your suppliers and other creditors may ask to see certain financial records. Such information may be produced by your outside accountant, but it is based on your day-to-day recordkeeping.
Budgeting.
All businesses should use a budget for planning purposes. A budget will help keep your business on track by forecasting your cash needs and helping you control expenditures. In addition, if you are seeking bank financing or other sources of capital, a banker or prospective investor will probably want to see your budget as evidence that your business is well-planned and stable. You must have solid financial information to prepare a meaningful budget.
Preparing your income tax return.
Whether your business is a sole proprietorship, partnership, or corporation, you must file an income tax return and pay income taxes. With good records, preparing an accurate tax return will be easier and you’re more likely to be able to do it on time. Poor records may result in your underpaying or overpaying your taxes and/or filing late (and paying penalties). If your accountant prepares your income tax return, poor records will almost certainly result in your paying higher accounting fees. If your business is a The content of this report are to be held completely confidential as it includes sensitive company and employee information. partnership, not only will you have to prepare a partnership tax return, but partnership return amounts will pass directly to the tax return of each partner. So your record keeping will directly affect the tax return of each partner.
Complying with federal and state payroll tax rules.
If you have employees, you are aware of the myriad rules and regulations relating to payroll taxes. Payroll tax deposits must be made according to strict deadlines. Late payment of payroll taxes results in severe, and unnecessary, penalties. Also, you must file a payroll tax return every quarter, which you must reconcile with the payroll deposits made during the quarter. Then at the end of the year, you are required to give your employees and the government W-2 forms, which must agree with your quarterly payroll returns. Sound bookkeeping practices will make compliance with all these payroll rules easy. Poor records will make it impossible.
Submitting sales taxes.
If you collect sales tax from your customers, good records will make it easy for you to compute the tax due and prepare the required reports.
Distributing profits.
If your business is a partnership, you will need good records to determine the correct amount of profits to distribute to each partner. If you are operating as a corporation, you must determine the company profits that you will be paying out as dividends to the shareholders.

Bookkeeping services we offer.

Reporting

Generate customized reporting as often as needed given your stage of business development

Collections

Collect sales taxes from customers and remit them to the government

Monitoring

Monitor debt levels and compliance with debt covenants

Payroll

Process payroll in a timely manner.

Reconciliations

Monthly reconciliations of all accounts to ensure their accuracy

Cash Disbursements

Pay all invoices in a timely manner.

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Find an office nearby and make an appointment for a time that works for you.

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Peace of mind through stress-free bookkeeping.

The accounting cycle.

A sound bookkeeping foundation.

A sound bookkeeping system.

Monitoring the success or failure of your business.

Providing the information you need to make decisions.

Obtaining bank financing.

Obtaining other sources of capital.

Budgeting.

Preparing your income tax return.

Complying with federal and state payroll tax rules.

Submitting sales taxes.

Distributing profits.

Bookkeeping services we offer.

Reporting

Collections

Monitoring

Payroll

Reconciliations

Cash Disbursements

Would you like to make an appointment?

Download Today

Our Commitment To You!

Brinkley Financial LLC (Virginia Office)

Brinkley Financial LLC (New York Office)