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Accounting Services

Our Services

Providing timely and accurate financial information to our clients is a commitment that we do not take lightly. Successful business owners do more than just sell products and offer services. Tasks such as bookkeeping, recording financial transactions, financial statement preparation, payroll processing, financial analysis, budgeting, and forecasting are critical to maintaining the financial health of your organization.

At GKR And Associates, P.C., our professionals will help you successfully manage these functions, allowing you to focus your limited time and resources on growing your business. We provide customized reporting and individualized advice to help your business maximize its growth potential and maintain financial organization.

Accounting Services

Our firm offers a full range of cost-effective accounting services including:

A. Financial Statement Preparation

Financial statement preparation involves compiling and presenting financial information in a structured format. This information typically includes an income statement, balance sheet, and cash flow statement.

These statements provide a snapshot of a company's financial performance and position, which is important for stakeholders such as investors, lenders, and management to assess the company's financial health and make informed decisions to ensure accuracy and compliance.

  • (1) Income Statement An income statement, also known as a profit and loss statement, is a financial statement that summarizes a company's revenues, expenses, and net income over a specific period of time, such as a quarter or a year. The income statement provides valuable insights into a company's financial performance and profitability. The income statement allows you
    1. Evaluate Profitability: By comparing revenues to expenses, you can assess the profitability of your business over a specific period of time.
    2. Monitor Performance: The income statement helps you track how well your business is performing financially. It provides insights into areas where you may need to improve or where you are excelling.
    3. Make Informed Decisions: The income statement provides valuable information that can help you make informed decisions about pricing, expenses, and investments in your business.
    4. Track Trends: By comparing income statements from different periods, you can identify trends in your business's financial performance and make adjustments accordingly.
    5. Attract Investors & Lenders: Potential investors and lenders often review income statements to assess the financial health of a business before making investment or lending decisions.
    6. Comply with Tax Requirements: The income statement is essential for calculating taxable income and complying with tax reporting requirements.
  • Overall, the income statement is a critical financial document that provides valuable insights into your business's financial performance and helps you make informed decisions to drive growth and profitability.
  • (2) Balance Sheet A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, usually at the end of a fiscal quarter or year. It presents a summary of the company's assets, liabilities, and shareholders' equity. Preparing an accurate balance sheet is important for several reasons, including:
    1. Financial Health Assessment: It provides a snapshot of a company's financial health at a specific point in time, showing its assets, liabilities, and equity. This information helps stakeholders assess the company's ability to meet its financial obligations and its overall financial stability.
    2. Liquidity Analysis: The balance sheet helps determine a company's liquidity, or its ability to meet short-term obligations. By comparing current assets to current liabilities, stakeholders can assess whether a company has enough liquid assets to cover its short-term debts.
    3. Debt Management: It helps in analyzing a company's debt levels and debt-to-equity ratio, which indicates the proportion of debt used to finance its operations compared to its equity. This information is crucial for creditors and investors assessing the company's financial risk.
    4. Investor & Creditor Decision-Making: Investors and creditors use the balance sheet to make decisions about investing in or lending to a company. A strong balance sheet with healthy assets and manageable debt levels is more likely to attract investors and creditors.
    5. Performance Evaluation: It provides a basis for comparing a company's financial performance over time. By analyzing changes in assets, liabilities, and equity, stakeholders can assess whether a company is improving its financial position or facing challenges.
    6. Regulatory Compliance: Companies are required to prepare and disclose their balance sheets as part of their financial reporting obligations. Compliance with accounting standards and regulations ensures transparency and accountability to stakeholders.
    7. Strategic Planning: The balance sheet helps management make informed decisions about the company's future, such as expansion, acquisition, or capital investment. It provides insights into the company's financial resources and constraints.
  • Overall, the balance sheet is a crucial financial statement that provides valuable insights into a company's financial position and helps stakeholders make informed decisions about the company's future.
  • (3) Cash Flow Statement A cash flow statement is a financial statement that provides an overview of the cash inflows and outflows of a business during a specific period of time. It helps to analyze the liquidity and financial health of a business by showing how changes in balance sheet accounts and income affect cash and cash equivalents. It reflects the cash inflow and outflow due to operating, investing and financing activities.

    The cash flow statement is important because it helps stakeholders, including investors, creditors, and management, understand how a company's operations are generating and using cash. It provides insights into a company's ability to meet its obligations, pay dividends, and invest in future growth.

B. Bookkeeping Services

Bookkeeping is the process of recording financial transactions and maintaining financial records for a business. It involves tracking income, expenses, assets, and liabilities to provide an accurate picture of a company's financial health. GKR And Associates, P.C. can assist you with bookkeeping services on a monthly, quarterly or annual basis basis according to your business' needs.

Bookkeeping tasks typically include:

  • (1) Reconciling Accounts This involves ensuring that the balances in the company's records match the balances in bank statements and other financial statements.
  • (2) Managing Accounts Receivable & Accounts Payable This involves tracking money owed to the company by customers and money owed by the company to suppliers and other creditors.
  • (3) Generating Financial Reports This involves preparing financial statements such as income statements, balance sheets, and cash flow statements to provide an overview of the company's financial performance and position.

C. Accounting System Setup for New Businesses

Setting up an accounting system for a new business is crucial for managing finances, tracking expenses, and complying with tax regulations.

We are available to assist you to perform the key steps involved in setting up an accounting system for a new business including:

  • (1) Choose an Accounting Method Decide whether to use cash or accrual accounting. Cash accounting records transactions when cash is exchanged, while accrual accounting records transactions when they occur, regardless of when the cash is exchanged.
  • (2) Select Accounting Software Choose accounting software that meets your business needs. Popular options include QuickBooks, Drake, Xero, and FreshBooks.
  • (3) Set Up a chart of Accounts Create a chart of accounts to categorize your income, expenses, assets, and liabilities. This will help you organize your financial information and track your business's financial performance.
  • (4) Establish a Bookkeeping System Determine how you will record and track financial transactions. This may include setting up a system for invoicing, tracking expenses, and reconciling bank statements.
  • (5) Implement Internal Controls Establish internal controls to protect your business from fraud and errors. This may include segregating duties, regularly reviewing financial records, and implementing security measures for financial data.
  • (6) Determine Tax Obligations Understand your tax obligations and set up a system for collecting and remitting taxes. This may include registering for a tax identification number and keeping track of tax deadlines.

D. Sales, Use Tax Payment

Sales and use tax payment refer to the process of remitting sales tax collected from customers to the appropriate tax authority. Businesses are required to collect sales tax from customers at the point of sale and remit these taxes to the state or local tax authority on a regular basis.

The frequency of sales tax remittance varies by jurisdiction but is typically monthly, quarterly, or annually. To make a sales and use tax payment, businesses must calculate the total sales tax collected during the reporting period, including any applicable use tax, and submit this amount to the tax authority along with a sales tax return.

Payments can usually be made online through the tax authority's website or by mail with a check or money order. It is important for businesses to accurately calculate sales, remit sales, and use taxes to avoid penalties and interest. We can assist you with the preparation and filing of your sales and use taxes.

E. Reconcile your Book Balance to Bank Balance

Reconciling your book balance to your bank balance is an important accounting process that allows us to ensure the accuracy of your financial records. We can periodically reconcile your bank balances to book balances. Allowing our team to reconcile your account each month ensures the following business benefits:

  • (1) Accuracy Ensures the accuracy of your financial records by identifying and correcting errors, such as incorrect entries or missing transactions.
  • (2) Fraud Detection Helps detect unauthorized transactions or fraudulent activity, such as unauthorized withdrawals or forged checks.
  • (3) Cash Flow Management Provides an accurate picture of your cash position, helping you manage your cash flow more effectively.
  • (4) Decision-Making Provides reliable financial information for making informed business decisions, such as whether to invest in new equipment or expand operations.
  • (5) Compliance Ensures compliance with accounting standards and regulations by maintaining accurate financial records.
  • (6) Audit Readiness Prepares you for audits by providing a clear trail of financial transactions and supporting documentation.
  • (7) Financial Health Provides insights into your financial health, such as identifying trends or areas where you can improve efficiency.
  • (8) Protect Yourself By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • (9) Sleep Better You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

F. Clean up your general ledger

The general ledger is the core accounting record that provides a complete record of all financial transactions of a business. It is a central repository for all financial data, organized by accounts, where each account represents a specific aspect of the business's finances, such as assets, liabilities, equity, revenue, and expenses.

Cleaning up your general ledger is an important accounting task that involves reviewing and correcting errors, reconciling accounts, clearing outstanding checks, deposits, or other items that have not yet cleared your bank or been recorded in your general ledger, and keeping a record of the cleanup process to ensure that your financial records are well-documented and transparent.

Having our team review your general ledger system every month allows us to hunt down any discrepancies. Once we have completed the cleanup process, we will reconcile your accounts again to ensure that all errors and discrepancies have been corrected.

G. Provide Unlimited Consultations

To provide value added services to our clients and build stronger relationships with them, we always provide unlimited consultations. It allows us to be more proactive in addressing our clients' financial concerns, leading to their satisfaction. If you need any help, feel free to ask!