Accountants prepare a variety of financial statements, audit financials and can prepare taxes. The reports they develop can offer a big-picture view of a company’s financial health. Accountants may also be consulted on an array of topics, from benefits packages and supply chain optimization to loans and debt consolidation. An entrepreneur just starting out isn’t required by law to have an accountant – but having one can help a lot, especially for businesses with complex financials.
Bookkeeping is the day-to-day financial record of a business’s operations. Accounting can be thought of as being informed by bookkeeping, like a compilation of all the bookkeeping into big-picture statements (often on a quarterly or annualized basis). The financial statements an accountant prepares are a way to analyze the figures recorded in bookkeeping.
A company’s controller is generally the chief accounting officer (CAO). They would be the person in charge of the bookkeeping and accounting practices of a company. A company could have a controller and still utilize third party bookkeepers and accountants.
QuickBooks is considered the gold standard for bookkeeping software by many accountants thanks to its robust set of features and reporting capabilities. At H&H Accounting Services we have QuickBooks ProAdvisor Certification and can sync QuickBooks bookkeeping with Gusto for payroll services.
Business owners can invest in QuickBooks themselves, but the software is complex and utilizing all of its capabilities for maximum accuracy and analysis does take training and experience. A new QuickBooks user may not have the experience or training to translate the available analytical functions into actionable advice.
There are a variety of QuickBook tiers for different sized businesses and different types of professionals, but the more expensive tiers utilized by professional bookkeepers and accountants provide significantly more customization and analytical output.
If you have questions about QuickBooks or want to know why you may want to consider working with a professional, certified bookkeeper or accountant in the Phoenix, Scottsdale and Tempe areas, don’t hesitate to contact our team at H&H Accounting Services.
The National Association of Certified Public Bookkeepers (NACPB) offers some certification and licensing options to people who are interested in pursuing a career in bookkeeping, but certified public accountants (CPAs) like those at H&H Accounting Services and professionals with QuickBooks certifications also excel at providing bookkeeping services to businesses of all sizes.
Yes, it’s not uncommon for business owners to schedule their free initial consultation specifically to discuss ways to get their accounting and bookkeeping in order. We can take what you do have, organize it and compile your existing records in a platform like QuickBooks to provide the accuracy and transparency your business needs in an accounting system.
Although it’s a feasible for a dedicated business owner to take on this task themselves, getting your bookkeeping on the right track isn’t always fast or easy. The sooner you take steps to rectify the situation the easier it will be to accomplish.
If your current system isn’t cutting it, we encourage you to call us for a free one-hour consultation. One of our CPAs would be happy to come to your place of business or meet wherever is most convenient for you to discuss the best solutions for your business.
Newton’s third law of motion, “For every action, there is an equal and opposite reaction,” applies surprisingly well to accounting. For example, if a company borrows money their cash increases and their debts increase on the opposite side of the ledger. A properly updated balance sheet should have assets that equal liabilities plus equity. Any entry on one side requires an entry on the other.
Utilizing double-entry bookkeeping systems enables an accountant or bookkeeper to provide better analysis and reporting materials, like income statements, balance sheets, cash flow statements, etc. If you really want to have a transparent, comprehensive view of your business’s financial health, utilizing double-entry systems are integral.
If you’re concerned that your current DIY bookkeeping processes don’t qualify as double-entry bookkeeping, our team can help.
At H&H Accounting Services we value transparency and (unsurprisingly) accountability. Providing thorough and accurate bookkeeping services is an important part of what we do.
If you want to know how your business is doing, understand various production or cashflow bottlenecks and get a better sense for where and how your business can improve, bookkeeping is indispensable.
Our team would be happy to explain your various bookkeeping options and set up a system that will help you better monitor the health of your business and make it a lot easier to do your business’s taxes.
We have the know-how and capabilities to providing bookkeeping and accounting services for all types of businesses, from entrepreneurs and sole proprietorships to larger SMBs and organizations.
Call us at (480) 561-5805 to schedule you free one-hour in-person consultation.
