Successful businesses are ones that take care of the small details, especially when it comes to accounting and record keeping. Not having good accounting procedures is one of the top five reasons why many new businesses fail. At Pool and Associate, we can help you establish and implement a system of procedures that will ultimately contribute to your business’ success.
Some of the services we offer to your business are:
- Accounting, Bookkeeping and Reporting
- Payroll Services
- Budget Planning and Management
- Financial Services
- Internal Auditing
- Strategic Planning
- Management Information Systems Consulting
After meeting with you, our Associate will gather information about your business to get a thorough understanding of how it runs and what would be best for your company. We can advise you on which systems would be the best fit for your business. This may include computers, software or a manual system that has all the proper checks and balances. If we recommend software, we will offer technical support after the purchase. The most important concept is for your company to have the right system to meet the needs of your business, big or small.
At Pool and Associate, we want to work with you to help you keep the best possible records. Below is a list of records that are important to keep for tax purposes:
- All income received records
- Expense items, especially work related one
- Investment purchases and sales
- Interest and taxes paid
- Charitable Contributions
- Medical Expenses
- Inherited Property Documentation
- Refinancing Records
- All deferred programs such as IRAs or 401(k) plans
- Any taxable concerns that come up throughout the year
It is important to keep all your tax information together so it is easier to find at that end of the year. It is also harder to lose important information when it kept in one place.
Along with helping you set up a records system, Pool and Associate can help you prepare financial statements for you or your business. There are several different types of financial statements, but the three main types are:
- Income Statement - shows all items of income and expense over a specific period. It is also known as a profit and loss statement
- Balance Sheet - will show the health of the business from day to day. It is a summary of the business’ financial situation at a specific point in time and shows the assets and liabilities of the business.
- Statement of Cash Flow - shows how the cash flows in and out during a specific reporting period. It includes not only the income and expenses, but also any cash fluxes fro, investing and financing.
Many of the statements can be complicated to put together and our Associate can prepare or aid in the preparation of any of the reports. The important thing to remember is that the statements must accurately reflect your business, so they can help you effectively manage your business. If you would like help in developing a record keeping system or help with preparing a financial statement contact our Associate.