The financial statements of the company include the profit and loss statement (P&L), balance sheet, and statement of cash flow. The annual statement summarizes revenues, expenses, and benefits for a year. The balance sheet includes assets, debt & equity. The formula is Assets = Liabilities + Owner's Equity Cashflow statement and summarizes cash inflows and outflows. The presentation of the financial statements are important as well.
Consistent bank reconciliation on each bank accounts and even credit card Creating and reviewing bank reconciliation report each month Reviewing accounts receivables and ensuring that they are recorded and also the accounts are collectable. Reviewing and recording investment accounts and its earning Reviewing and recording capital assets and its proper depreciation Reviewing accounts payable and ensuring that they are recorded Proper recording of employee wages payable Proper recording of taxes Proper recording of shareholder loans Reviewing long term loans and debt and ensuring that they are recorded - Differentiate between the debt and interest on long term debt Same logic on all revenue and expenses.
Consistent review of monthly reports ensure that there are no errors in data entry. Furthermore, automation will reduce human data entry errors. For example, when using QuickBooks Online (QBO) and connect to your bank account, data flows through it automatically and error free. At Numetrica, 100% of our clients are on cloud accounting, QBO. Their financial statements are ready in record time which enables them to make timely decisions, pay taxes on time and even pay their employees through direct deposit.
Glance at the financial statements and ensure the accounting formula is correct. For example, Assets actually equals liabilities plus Equity. Also ensure that no asset accounts are recorded as negative and vise versa. When an asset is negative it means it is a liability. For example, taxes receivable are stated negative, well this is a liability then and it will belong to the liability section. Same logic for revenues and expenses. While looking at your statements, analyse accounting ratios and compare them with your industry standards to determine how you are performing. If you need advice looking at your financial statements let us know
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I highly recommend Moe Tabesh. His service is phenomenal, to say the least. His tax knowledge is extensive and he’s been able to save me a substantial amount of money by following his recommendations. In addition, he is warm, kind, understanding, positive, and flexible, which are qualities I find rare in most accountants I’ve worked with. You’re in good hands with Moe, I can’t recommend him enough.
Moe and everyone at Numetrica have been incredible at helping with my new corporation and corporate and personal tax returns and my other small business. Their accounting skills are out of this world and the technology they use makes everything so simple and fast. The time you will save will be worth every penny. Thanks again Moe for all your help!
Mr Tabesh (Captain Number Cruncher) and his perfect team are not only professional in their fields, they are extremely passionate about their clients! Numetrica City continues to support us with corporate and personal tax returns, bookkeeping (thank you so much Sherry ) and We are so happy and appreciative for you and your responsible team, Moe!!!
I really recommend these guys to everybody.
I did my first Corporate tax return and cloud accounting with Numetrica City and I am very satisfied with the work they did. The team was very responsive and answered all my questions. I 1000% recommend their services.
I would highly recommend Numetrica City-Accountants, Tax and Bookkeepers. Exceptional customer service. I am assured that all my company tax services and payroll are taken care of because of the great team that Moe has. I like the fact that I do not have to worry about driving to a physical location for my accounting services, my company's accounting tax preparations are done online due to the excellent cloud service Numetrica City has. Definitely score a10/10. Thank you for all the good work that you guys do. Greatly appreciated!