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The Balance Sheet Inc., owns a team of expert accountants, tax specialists, administrators, and bookkeepers who offer business accounting and tax services for your business. Our accounting services support your organization in balancing the cash flow, customers, and suppliers, and help you manage your business effectively. Our bookkeeping service is accurate, comprehensive and tailored to suit your specific business needs. We assist you in managing and controlling your finances, devising plans for future growth and ensure that your accounts are completed more efficiently, thus helping you avoid late filing penalties. Our tax services help you deal with all your tax affairs including employment income, pensions, benefits, expenses, capital gains, and investments. We also analyze your self-assessment tax return to see if any tax savings can be made.<br><br>
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Book Keeping The book keeping is a process for creating a detailed financial record of a company’s business transaction especially its sales and purchases and preparation of statement concerning assets and liabilities.
Why Book Keeping? Bookkeeping requires careful records of every expenditure as well as all the income that the office makes. These records should always be kept up to date and carefully balanced regularly to ensure that no errors have been made. It is also used to keep track of any losses that the business incurs, as well as yearly profit. This information is also used for tax purposes.
Better Book Keeping gives better financial analysis & management
Accurate Book Keeping • Yearly loss and profit report is used for tax purposes. So should be very careful to do office bookkeeping for tax purposes as this determines the amount of tax that the business owes. The Internal Revenue Service may request the bookkeeping records to resolve any discrepancies on a filed tax return. It will lead to serious legal consequence if the records are not accurate.
Single Entry Book Keeping A simple methods of accounting, in which a single line is used to record each transaction. This system of recording does not separate the revenue and expenses by headings or columns.
Double Entry Book Keeping In Double Entry book keeping, every transaction has two parts and it will affect two ledger accounts. The transaction includes a credit entry in one account and a debit entry in another account. The sum of debits and sum of credits must be equal always. If the sum of credits and debits are not equal, then an error has occurred. Error detection is easier in this method of book keeping.
What is a Day Book This is a simple journal that is used to record day-to-day financial transactions and it normally includes details such as time, date, and the basic data regarding an event.
Different Types of Day Book • Cash Daybook • General Journal Day Book • Purchase Day Book • Purchase Debit Day Book • Sales Day Book • Sales Credit Day Book
A Ledger is a book used to input accounting records. There are three types of Ledgers. • General Ledger • Purchase Ledger • Sales Ledger
Cash Day Book • Cash Day Book is categorized as follows. • 1. Receipt Day Book – to record received money 2. Payment Day Book – to record money paid out
What is a Journal • A journal is a chronological record of financial transactions before their values are accounted as credits and debits.
Petty Cash : Used to record small value purchases such as postage, maintenance, office stationery etc.
Business Planning and Reporting to investors easy with proper book keeping
The Balance Sheet Inc. (Accountants In West Palm Beach) 801 Northpoint Parkway, Suite 6 West Palm Beach, FL 33407 Tel: (561) 501-3080 Fax: (855) 460-1629
