Why Small Business need Accounting Software?
Small business software’s are usually equipped with password protection, a graphical interface that is easy to understand, file maintenance, and an audit trail. Today’s Accounting Software also provides confirmation messages and error warnings with clarity to ensure that the user knows what is going on within the system. Accounting Software’s are compact, produce accurate results and involves all the calculation elements that funnels the data to the right accounts and prompts the execution and production of reporting, accounting software expedites and simplifies the accounting process.
What is a Financial Statement?
External entities are prospective investors, banks and lending companies reviewing your payment ability before granting a loan, working capital or making an investment with you. Tax authorities also use the financial statement in verifying if the taxes which were declared by a company are consistent and accurate.
The three major types of financial statements are:
Income Statement: Listing of sources of Income and all its expenses providing with a total of losses or profits obtained during the specific period.
Balance Sheet: lists liabilities, assets, and net equity of a business within a specific given period of time.
Cash Flow: shows how changes in balance sheet and income accounts affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.
What are the Services that an accounting company can offer me?
Accounting firms are professionals not only on handling the most crucial decisions that you are facing at a given time; accountants examine, assess, interpret and discuss the financial information and help you in the performing all the accounting tasks that bring value and affect the quality of your future.