Financial Reporting

Creating Financial Statements

A financial statement in an official report of a business's financial activities and position. A skilled bookkeeper plays a vital role in preparing a financial statement by accurately recording all financial transactions, which serve as the foundation for these reports. Financial statements include the income statement, balance sheet, and cash flow statement.

• The income statement provides an overview of a company’s revenues, expenses, and net income during a specific period of time. It is also known as the profit and loss statement.

• The balance sheet summerizes a company’s assets, liabilities, and equity at a certain point in time. It gives insight into the financial position of the business.

• The cash flow statement is an analysis of the flow of cash in and out of a company that takes into consideration operational, investing, and financing activities. This statement helps identify where the money came from and where did it go..

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Regulatory Compliance and Tax Filing

Bookkeepers play an essential role in taxation compliance. Books Done Right provides these tasks related to compliance and tax filings:

• Keeping informed: We stay abreast of constantly changing tax laws and regulations.

• Preparing tax filings: We will calculate, prepare, and submit sales tax returns and year-end 1099 returns on behalf of our clients. In the event of an audit, we will assist in providing the requested documentation to support these business tax filings.

• Timely submissions: We ensure that all tax filings are made on time to avoid late fees and penalties.