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Best Irvine & Orange County Bookkeeping

Business Bookkeeping

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Bookkeeping is one of the first essential parts of recording business income and expenses which is normal for bookkeepers. However, to complete best professional financial services is not just recording and providing business statements periodically and giving to business owners. Each business owner needs to know more if their business recorded transactions are properly reported or if they are in compliance with GAAP (Generally Accepted Accounting Principles), tax laws or if there are missing expenses that may save business large tax amounts. At this time the bookkeeping review and accounting adjustments with CPA roles to correct, reclass, or adjust transactions to ensure synchronized Profit & Loss statement and Balance Sheet will start. The last part of the processes is tax advisory, if needed, to be done by CPA, CAA, EA or tax experts from tax perspectives and strategies to minimize taxes in the most optimal ways allowed by tax laws. Our Firm does not do short cuts and have provided our specialized bookkeeping for many years. If you are not happy for your current bookkeeping services for any reasons, contact us. Working with our Firm, you experience our specialized services:          

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  1. We cover all or partial of the financial process

  2. Your business books are well completed 

  3. You save taxes in compliance with tax laws

  4. We work with you throughout the process

  5. We answer your questions at current phase

  6. We will help prepare your taxes  

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1. Essential Bookkeeping

Bookkeeping is one of the essential parts of gathering data to prepare business financial statements. Bookkeeping roles are to categorize, record and report total income and total expenses for a business. This is generally bookkeeping job. With online linked accounts, bookkeepers may need less time to report since after the account is opened, bank account and credit cards transactions or others are refreshed and then the financial reports are provided to owners. Business owners somehow may not know well their books or why their Profit & Loss and Balance Sheet are not in synch. Automatic flows of online transactions may cause potential issues due to missing, misclassified and incorrect reporting transactions. Tax or other possible issues start from here. With many years in this area, our services do not stop here. Our essential bookkeeping includes:

 

  • Customize Business Chart of Accounts

  • Record Income & Expenses

  • Generate & Post to General Ledger

  • Reconcile Bank & Card Transactions

  • Bookkeeping Clean Up     

2. Bookkeeping Review

Bookkeeping review is the second part after recording and reporting financial data through financial statements. The goals of bookkeeping review are too crucial to ignore. The review goal is to ensure posted transactions are reported in the right accounts and categories. If any transactions are posted to incorrect accounts or financial statement, either Profit & Loss or Balance Sheet, the financial statements are reported incorrectly and they are not in synch. Most business owners focus mainly to the Profit & Loss and pay little or no attention to their business Balance Sheet. The business Balance Sheet is so importance because it is the business financial status including total Assets, Liabilities and Equities of the company. In case transactions are misclassified, those ones must be reclassified to the right accounts and categories. Our Bookkeeping review includes:

 

  • Review Posted Transactions & Details   

  • Identify Misclassified Transactions

  • Identify Potential Missing Transactions

  • Identify Potential Pointless Transactions

  • Correct And Reclass Transactions

3. Accounting Adjustments

Accounting adjustments are the last part and should not be missed before the periodic business financial statements are completed and issued. The accounting adjustments should be done by CPA or Accounting Tax Professionals. At this stage accounting transactions such as depreciation or amortization expenses, etc., will be calculated, adjusted and added, if applicable. This phase, if recorded properly, will be tax savings for business owners. On the side of Balance Sheet statement, equities or other related elements might be adjusted to reconcile the financials, if needed, between Profit & Loss and Balance Sheet. With transactions that have been corrected, reclassed and adjusted, the two financial statements should be in synch and reconciled completely per book after accounting adjustments. Business owners may be able to know their tax saving estimates. Our Accounting Adjustments include:

 

  • Review Posted Transactions & Details   

  • Review Depreciable Business Assets

  • Calculate Depreciated Expenses

  • Add And Correct Depreciated Expenses

  • Reconcile Both Financial Statements  

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