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Accounting and Bookkeeping Basics

Few businesses look forward to accounting and bookkeeping responsibilities. However, it is an absolute necessity if you want to stay in business. An accounting and bookkeeping service can allow you to focus your energy on growing your business while professionals take care of the financial details.

With this service, an accountant keeps comprehensive records of accounts payable and accounts receivable. This person will also keep track of how much you have invested in the business for things like equipment and inventory.

One of the most valuable services bookkeeping professionals offer is financial statement preparation. They undertake many of the essential tasks of responsible business accounting (such as balance sheets, cash flow statements, and income statements). They also take care of bank reconciliation.

Points to consider:

• What accounting or bookkeeping services do you need? (Financial statement creation? Accounts payable or receivable processing? Bank reconciliation? Tax reporting?)
• Do you have an accounting professional on staff?
• Do you need an accounting firm located in your area?
• How often do you need accounting reports created?
• How do you currently keep records?

Related articles - December 2008

Common terms:

• accounting services
• accounts payable
• accounts receivable
• bank reconciliation
• bookkeeping services
• certified public accountant
• payroll accounting
• tax accounting

Leading suppliers:

• AnswerSmart
• Deloitte & Touche
• Enrst & Young
• KMPG
• OSI Business Services
• PriceWaterhouseCoopers