Book Keeping is the art of systematically recording, classifying and summarizing the financial transactions of a business in a set of books in such a manner that the bookkeeping financial relationship of the business with other persons or businesses. Book keeping services maintain general ledgers, prepare balance sheets, financial and income statements, prepare gross receipt, payroll and tax repots, input of purchase invoices, input of payments, purchase reconciliations, input of sales receipts, input of bank transactions, month end procedures, accruals and prepayments, monthly profit and loss, year end procedures, cash flow forecasts, vat returns and bookkeeping services reconciliation etc. Book keeping helps you know the income and expenditure as well as help in making clear exactly how much is owed in taxes.
Book Keeping Services in New York:
In New York, there are many options available for people who are in need of a good book keeping service. There are several companies that offer to do on-site book keeping, there are several independent contractors who work from home, and there are online book keeping services, thus making it convenient for business to choose the kind of service that suits them. There are part time bookkeepers that charge less than a qualified CPA would charge. A CPA charges anywhere from $100 to $200 per hour. Some book keeping services in New York also offer tax planning service and tax advice making work a lot easier for small business owners.
With new business cropping up all the time, the opportunity to service them is also growing simultaneously. As law mandates accounting, bookkeeping services have grown as well. This is because small businesses want to concentrate on their business, so it is convenient for them to hire bookkeeping services to do the time consuming paper work.
In addition to book keeping services in New York there are several book keeping software’s available to make the process of managing the financial books of any small business easier. These software’s have excellent tools to manage the business financial processes, such as, recording financial information, financial reporting, invoicing, check writing, reconciling bank statements, payroll, and cost estimation etc. These softwares reduce the total cost of financial operations as well as keep accurate records.