Efficient Small Business Accounting in Pembroke Pines
Proper and accurate accounting is the heartbeat of any successful small business. Not only does it allow you to see your company's financial workings on a granular level, but it also provides the IRS, investors, and future partners a way to view your finances from a top-down perspective. Our team is excited to meet you and help your small business find the economic success it deserves.
We're proud to offer our accounting services to small businesses in Pembroke Pines and the surrounding communities. At Janette L Davis, CPA, LLC, our skilled accountants have spent years improving our processes to provide you with an unmatched finished product. From creating a chart of accounts to tracking expenses, we're ready to help you achieve your goals. Contact our office today to set up your initial consultation!
Do I Need Professional Accounting Help?
As a small business owner, tasks like taking stock of inventory and helping customers take up most of your time. Unfortunately, it can be challenging to give accounting the level of attention it needs. When you enlist the help of our professional accounting firm, we create customized solutions perfect for you.
Our Pembroke Pines small business accountants have an eye for accuracy and will double-check that information is correct across reports and statements. If we find any inaccuracies, we will not only alert you, but we'll also show you how to correct them and prevent mistakes from happening in the future. Each member of our staff is skilled at breaking down complex accounting concepts into understandable terms so that you're never in the dark about your accounts. If you're ready to gain an experienced financial ally you can trust throughout the year, we're the firm for you.
Your Experienced QuickBooks® ProAdvisors
QuickBooks offers a convenient and user-friendly way to simplify complex accounting tasks. Although countless small business owners depend on it to run their back offices, they may not know just how extensive its features are. As QuickBooks ProAdvisors, we are uniquely qualified to maximize its full potential.
We'll customize QuickBooks to fit your company's unique needs, as well as train you and your employees on how to use it. Our ProAdvisors understand how to work with formulas to automate functions, including maintaining ledgers, preparing financial statements, processing letters of credit, and tracking revenue. Additionally, we enjoy troubleshooting problems, and we encourage you to come to us with any questions you may have.
Cash vs. Accrual Accounting
An often misunderstood and overlooked aspect of accounting is determining whether a company uses cash or accrual accounting. It may seem like a minor detail, but it can have a significant impact on your business. Our Pembroke Pines small business CPAs will discuss the benefits of both and which accounting form puts you in the best position to reach your financial goals. If you decide to change your accounting type, we'll file Form 3115 with the IRS to get approval.
Cash Accounting: The basis of cash accounting recognizes revenue when it's been received and expenses when they've been paid. Cash accounting does not recognize accounts receivable or accounts payable. Many small businesses rely on cash accounting for its simplicity and the absence of tracking receivables or payables. Also, you can look at your bank balances and know precisely how much cash you have at any one time, as you don't have to account for delays.
Accrual Accounting: This accounting method is where revenue and expenses are recorded as soon as they're earned, regardless of when payment is received. Accrual accounting provides a realistic idea of your income and expenses during a given period, providing an accurate long-term picture of your financial health. Companies that regularly move large amounts of inventory may benefit significantly from accrual accounting.
Ensuring Accuracy with Reconciliation Reports
If you operate a small business, your bank statements must reflect your transactional history. Reconciliation reports serve to ensure the money you spend or earn matches the money going in and out of your accounts during a fiscal period. Our Pembroke Pines small business accountants have extensive experience creating comprehensive reconciliation reports, no matter how complex your finances may seem.
For businesses that create their reconciliation reports, we'll examine them and suggest points of improvement. Our team will explain what it entails and how it benefits your company. Through our reconciliation reports, you can spot identify fraud, validate data entry, and confirm the validity of financial statements.
3 Common Chart of Accounts Mistakes to Avoid
Our Pembroke Pines small business CPAs have extensive experience tracking expenses through charts of accounts. A chart of accounts indexes your financial transactions during a specific period. Although it may seem simple on the surface, we can assist you with some of the details that can cause challenges for small business owners. Some common mistakes include:
Skilled Financial Statement Preparation
Financial statements aren't just a way for you to get a sense of your company's financial performance, but they're the primary way for external agencies, like the IRS, to ensure the legitimacy of your dealings. There are numerous financial statements, and all of them provide valuable information. Some of the financial statements covered by our Pembroke Pines small business accounting services include:
Income statement: This serves to summarize your company's revenue and expenses either quarterly or annually. An income statement factors in different profit measures, including gross, operating, pretax, and after-tax.
Balance sheet: A balance sheet is a way to report your assets, liabilities, and shareholders' equity. It's a financial statement that shows what your company owns and owes, as well as the total amount of money invested by shareholders.
Cash flow statement: The lifeblood of your company is its cash flow. A cash flow statement is a way to monitor how your company generates cash and pays its debt.
Statement of shareholders' equity: As part of a balance sheet, we'll produce a statement of shareholders' equity. It shows you changes in value to shareholders' or stockholders' equity.
Excellent Accounting Services for Pembroke Pines Small Businesses
Our team of professionals at Janette L Davis, CPA, LLC has the experience and work ethic to turn any company's accounting from a weakness to a strength. We've spent years providing quality accounting services to small businesses in Pembroke Pines and the surrounding areas, and we want to do the same for you. Call our office today to gain a CPA you can trust for years to come.