accounting-firm

Accounting Services

Accounting is the production of financial records for a company or organization. Accountancy generally produces financial statements that show in money terms the economic resources under the control of company management by selecting information that is relevant and representing it faithfully. The principles of accountancy are applied to accounting, bookkeeping, and auditing.

Our accounting services consist of practice, experience and knowledge concerned primarily with methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing financial information to the management, and advising on taxation matters. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information.

Profit or loss is reported for a given period as well as the value and nature of a firm’s assets, liabilities and owners’ equity. Accounting also provides information on the resources available to a firm, the means employed to finance those resources, and the results achieved through their use.

Financial Reports Available

Accounting services includes the creation of reports to represent a company or business.  Below are some major financial reports with  others not listed here but available for different purposes.

Balance Sheet

This is one of the major financial statements used by business owners and accountants that represents a company’s financial position.  This is used by bankers for loans, investors, suppliers, and others.

Profit and Loss

The Profit and Loss Statement reports the revenues, expenses, gains, losses, net income and other totals for a specific time period.  If a company is publicly traded, earnings per share appears on the face of the statement.

Statement of Cash Flows

The Statement of Cash Flows reports the cash generated and used by operating activities, financing activites, investing activities, and other supplemental information for a specific time period.

Statement of Owners Equity

The Statement of Owners Equity shows all the changes that have occurred in capital, drawings, and profit to the owner’s equity during a twelve month period.  An owner’s equity is the owner’s share of the business.

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