Bookkeeping in Huntsville, AL
Successful businesses say that working with an accountant is a key factor in their ability to prosper. At Insight Accounting, our mission is to be a resource and an advocate for businesses. One way we fulfill that mission is by providing monthly bookkeeping and accounting services that free up your valuable time and allow you to concentrate on operating your business.
As our client, you gain peace of mind that the bookkeeping and accounting tasks are handled. You are free to pursue your business goals without any burden of worrying about finding the time to do the bookkeeping.
Accounting Tips From Our Seasoned Team
As a new business owner, one of the first things you need to do is to make sure that you are keeping your personal finances separate from your business finances. This means that you need to establish bank accounts and credit card accounts in the business name and make certain to only run business transactions through those accounts. Here’s why:
It makes your life easier
If you have combined personal and business transactions into your bank or credit card accounts, your accountant will have a lot more questions for you as they work to do your accounting and bookkeeping. You will have to go through each account and separately identify all of the personal transactions for them. This would be an enormous time drain and one that can be easily avoided.
It protects you in case of an audit
If your business were ever to have to undergo an audit by the IRS, you don’t want any personal transactions mixed in with business transactions in your accounting records.
It gives you clean reporting
You need your business accounting records to be clean and accurate for reporting purposes. This makes certain that you and your accountant can run reports and use the information to make good business decisions.
It’s important if you are an LLC
We are accountants, not lawyers, and this is not legal advice, but common sense says that if you formed an LLC, you want to maintain all the liability protection afforded to you through that business structure. You can’t do that if you mix personal transactions into your business.
Solutions That Give You Clarity and Peace of Mind
Bookeeping Information at Your Fingertips
You need accurate financial feedback in order to make sound decisions about the future course of your business. We understand that, and our bookkeeping process will allow you to have that kind of business information readily available. When you need reporting on sales or expenses, you will have accurate data to give you those reports. When you need a Balance Sheet and a Profit and Loss Statement to provide as part of a loan application process, you can run those reports with confidence.
When it’s tax time, guess what? You are already set to get your business information to your tax preparer – your books are done.
Reconciled Bank, Credit Card, and Loan Accounts
One of the crucial steps that business owners often miss is reconciling accounts. As part of our process, we reconcile the bank accounts and credit card accounts for you so that duplicate transactions or missing transactions are discovered. We want to make certain that each transaction is captured and recorded in your books correctly, and that nothing is entered twice by mistake. This is also true with loan accounts.
We enter the correct amount of interest paid with each payment, thereby ensuring that you have an accurate balance owed on each loan, as well as the correct interest expense carrying to your income statement.
Fixed Asset Tracking
Have you ever heard the terms fixed assets, capitalized assets, or depreciation? Those are words that CPA’s, accountants, and bookkeepers use to talk about large purchases that you may make to invest money back into your business. For instance, you may purchase a piece of equipment or a delivery truck. Those are examples of money spent by your business that will help you earn revenue over several years to come. As such, it will need to be tracked as a fixed asset and depreciated over time.
No worries – we have you covered on this! Our bookkeeping processes make sure that all of your fixed assets are tracked and recorded correctly.
Accurate Accounts Receivable and Accounts Payable
In order to run a business well, you need to manage your cash flow. An important part of that is making sure that your accounts receivable and your accounts payable balances are correct. The day-to-day workload of running a business can make it hard to keep up with receiving customer payments, entering bills, and paying your bills on time.
As our client, you can rest assured that your books are giving you accurate information about who owes you and who you owe. We make it easy to see your future inflows and outflows, giving you the knowledge that you need to plan ahead.
The Secret to Bookkeeping for Businesses
Do you get a pit in your stomach when you think about bookkeeping? Or do you feel intimidated when someone wants to talk to you about your business finances? So many business owners feel this way because they have never had anyone to come alongside of them on their business journey and help them gain an understanding of accounting or get comfortable with their books.
The secret to bookkeeping is realizing that it is not something to be scared of or to be avoided. Once you find the right professional to help you, the embarrassment and fear fade away. The right accountant as part of your team becomes a guide on your path to success, helping you learn and grow and empowering you as a business owner.
Contact Insight Accounting
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