Fort Lauderdale accounting firms - the trusted one for small business accounting

“Making accounting easier for small companies- and saving them the need to report some losses that big companies can face-has become the new preoccupation of the accounting profession. The American Institute of Certified Public accountants, a trade group, will announce on Monday that it has created a “framework” that would simplify accounting for such companies. It would differ from the “generally accepted accounting principles” or GAAP, that public companies must follow in a number of ways, large and small.” This article has been published on The New York Times online website www.nytimes.com on June9, 2013by Floyd Norris. This shows that small business accounting plays a pivotal role in shaping the economy and it takes quite a tedious effort to maintain the accounts of such companies as a whole. The small business owner has much more important things to do in business than keeping a track of their own books. The accounting firms that keep a track of their business accounts provide a gamut of services which can easily help them in putting their concentration on business and profits and not on petty things like bookkeeping and accounting.

The accounting firms which have dedicated bookkeepers and accountants provide a range of services which include reconciling their bank accounts, generating an income statement, generating a balance sheet, cleaning up the general ledger, and providing unlimited consultations. These provide the rock solid foundation for any accounting system. The companies that enroll with the accounting firms can even customize the package services provided by the accounting firms like payroll, tax planning, tax preparation and any other outsource services. When one talks about bank reconciliation it allows the small businesses to identify lost checks, lost deposits, and unauthorized wire transactions. It includes detection and prevention of excess or unjustified bank charges and ensures correct posting of transactions by the bank. It allows detects and prevents embezzlement of funds within the company. It also helps in the efficient management of cash for the company too. The preparation of the income statement of the accounting firms allows you to track revenues and expenses which help you in determining the operating performance of the business. It keeps a tab on the product returns or cost of goods sold as a percentage of sales and determines the income tax liability of your company too. The accounting firm prepares the balance sheet for the company which gives you a snapshot of the businesses condition at the specific moment of time.  It also maintains the general ledger which is the core of the company’s financial records.

So, consult a trusted Fort Lauderdale accounting firm in Florida today!