Professional bookkeeping consists of collecting, compiling, and reporting transactional data for your business. To better obtain a clear concise view of how your business is doing financially, a licensed CPA firm is necessary. At North Star tax and accounting we collect required data to create financial statements for your business. We help you analyze and report this data to the required controlling agency whether that is the IRS or state entities. This whole bookkeeping process is known as accounting.
Whenever your business collects or spends money, a transaction occurs. An understanding of how you report that transaction, and the ways in which it affects your business are vital to running a successfully and efficiently. These transactions can happens thousands of times a day, 7 days a week. Keeping track of everything can seem like a daunting task for many business owners.
The amount of information that runs through your business on a daily basis can be staggering. We not only keep track of all these transactions for you, but we provide easy to understand reports so you know which direction to take your business. Our accounting team members are professionals. They are each equipped with the knowledge to help businesses understand their financial documents so owners can make the best decisions regarding their business.
Professional Accounting Company, North Star Tax And Accounting, Helps To Grow Your Profits
A professional accounting company will help you understand the transactions made, how they affect your bottom line, and what you can do to run more efficiently so your company can become more profitable.
North Star Tax And Accounting Follows Generally Accepted Accounting Principles (GAAP)
North Star tax and accounting follows the Generally Accepted Accounting Principles (GAAP) as is required by certified public accounting companies. What this means to you as a business owner, is regardless of whether North Star Tax and Accounting does some, or all of your accounting, the practices we use will be the same as any other trusted accounting company you might work with. The reporting will be the same. The methods of inputting transactions will be the same. The rules and regulations followed will be the same. It ensures every entry is input correctly using the double-entry method to make sure your balance sheet and income statements are understandable. This allows your business the flexibility required to be successful, whether you do all, or part of your accounting, with North Star Tax and Accounting.
The three main types of accounting are: Financial accounting, managerial accounting, and cost accounting.
What is financial accounting?
Financial accounting encompasses all accounting transaction data, for a given time period, to generate the balance sheet, income statement and cash flow statements for a company. These statements are used as a sort of “big picture” view of how a company is doing, where they are making money, how they are spending money, and what improvements a company can make as a whole to become more efficient and profitable.
What is managerial accounting?
Management teams need streamlined information reporting to enable them to lead their teams. Managerial accounting gives CEOs, CFOs, directors, and company leaders an understanding of budgets, forecasts, and financial analysis pertaining to their specific departments. This information is usually broken down to monthly and quarterly reports, that company managers can use to make good leadership decisions.
What is cost accounting?
Cost accounting is used by businesses to price their services or products. This accounting method takes into account all aspects of producing a product and uses that information so that managers and decision makers can price their products accordingly. The main difference in financial accounting and cost accounting is the view on money. In cost accounting, money is viewed as a factor of production. In financial accounting it is looked at more in terms of company financial health.
Trust North Star Tax and Accounting for all your business accounting and bookkeeping needs.
If your business would benefit from professional accounting services, give North Star Tax and Accounting a call today. We can provide a detailed cost estimate based on the services you need. One of our team members would be happy to show you just how much more efficient and profitable your company can be with proper accounting, bookkeeping and reporting.
We offer full service business bookkeeping, with information and assistance available to you when you need it. Included in your business bookkeeping package, we do a comprehensive review of your books and ensure that all your accounts are accurate. We then clean up and restructure your information in the most effective way for your business. We will complete the following services on a regular basis according to YOUR timetable.
- Accounts Payable
- Accounts Receivable
- Journal Entries & Adjustments
- Human Resources
- Sales and B&O Taxes
- Generate Month/Year-end Financials
- Balance Sheets
- Income Statements
- Custom Financial Reports
- Job Costing
- Analysis of finances by crew, geographical location, marketing tier, type of work, etc.
- Employee Productivity Reports
- Overhead Analysis
- Budget Overview and Comparison
- Financial Analysis and Consulting
- Other Custom Reports
How Bookkeeping With North Star Tax And Accounting Works
We set up a remote connection to your office and enter all of your information on that computer. With this connection we can save to your files and print to your printer. We use a combination of email, fax, mail, scanning, and personal visits to your office to retrieve your information and coordinate your accounting system. This is really about you and what works best for your business. We will create a system and procedure that will best fit your needs.
We offer a monthly rate that is competitive to what you would pay for a traditional in-house bookkeeper, but you get the knowledge and expertise of a seasoned accounting team.