Accounting and Bookkeeping Services
If you are searching for the best “Accountant“, “Accounting Firms“, “Accounting and Bookkeeping Services”, “Bookkeepers Near Me“, “Accounting Services Near Me” or “Bookkeeping Near Me” in Scottsdale or Phoenix, Partridge Associates can help!
Our Scottsdale Accounting & Bookkeeping Firm offers a full range of affordable accounting and bookkeeping services to help your company grow. The list below represents many common services we offer, but is only a small part of what we can do.
Accounting & Bookkeeping Services
- Preparation of Financial Statements – monthly, quarterly or annually – including Balance Sheet and Statement of Income (Profit & Loss).
- Complete Bookkeeping (monthly, quarterly or annually).
- Accounting system setup and support.
- QuickBooks review and computer up-date adjustments.
- Payroll support.
- Accounting software selection and training.
Accounting Reports Help With Business & Financial Decision Making
Partridge & Associates can set up accounting reports for your use as a management tool to streamline your business and save you valuable time. These reports are important tools that can guide you in making financial decisions, business planning, evaluating performance for your business and provide you valuable information for tax planning.
Monthly Or Quarterly Accounting/Bookkeeping We’ll Take Care Of
Business owners in Scottsdale have more important tasks to complete than having to do your own accounting and bookkeeping. We take care of all of that for you so you can focus on the daily operation of your business.
Whether you select monthly or quarterly bookkeeping and accounting, we will take care of the following tasks for you:
The process of bank account reconciliation for your business includes verifying that your business bank account(s) matches what the bank thinks you have in your bank account.
Monthly reconciliation of your business checking accounts allows us to ensure your accounting, business taxes and bank account are all up-to-date.
Bank account reconciliation will help you:
- Identify unauthorized transactions, lost deposits and lost checks
- Find and stop unjustified/excess bank charges and ensure the bank posts transaction correctly
- Know your current financial situation by having all of your accounts reconciled and accounted for on financial statements
- Proper management of cash saves money and makes it for you
- Business protection. With reconciling and prompt objections to your company’s bank about any fraudulent, unauthorized or forged checks, can transfer the shortfall risk to the bank
- Rest easy knowing a professional is handling your accounting and bookkeeping. You can rest assured your accounts will be reconciled and in balance. Ensure that all checks, accounts, dispersed funds and escrow funds are accounted for
A profit and loss statement, also known as a income statement, keeps an itemized list of revenues versus expenses for the period.
Profit & Loss Statements help your business:
- Track expenses and revenues so you know the financial stance of your business at any time
- Find which areas of your business are under-budget or over-budget
- Find where your unexpected expenditures are coming from (supplies, mail, fax, phone etc)
- Track big increases in cost of goods sold or product returns as a % of sales
- Determine the total amount of taxation your business will incur based on current tax laws
A statement of financial position, also known as balance sheet, is basically a summary of the financial balances of your business. A balance sheet will summarize your company’s liabilities, assets and equity of shareholders at any specific point in time.
A Statement Of Financial Position will help your business:
- Gain better control of the capabilities and financial strength of your company
- Find trends and make them work for you in areas of payables and receivables.
- Quickly get a handle on the financial strength and capabilities of your business.
- Make a better determination if your company is ready to expand or not
- Make a better determination if your business needs to strengthen cash reserves
- Find out if your company is slowing payables to avoid a cash shortage
Statements of financial position, along with profit and loss statements, are the most important ingredients for financial reporting to vendors, investors and banks who are determining the amount of credit to give you.
A general ledger is the main accounting record for your business. These accounting records are used to store and sort income statement and balance sheet transactions. For example: General ledger accounts usually include asset accounts like land, investments, inventory, accounts receivable and cash.
If there is a problem with the ledger it could throw off your books. We will find any problems in your ledger system and fix to ensure there aren’t any unrecorded payments or double billing and that your books are accurate.
- Employment Agencies
- Interior Design
- Data Management
Retail & Wholesale
- Software Development
- Food Distribution/Brokerage
- Title Loans
- Construction Materials
- Dental Labs
- Real Estate Brokers
- Property Management
- Mortgage Brokers
- Building Construction/Acquisition
- General Building Contractors
- Home Builders
- International Tax
- Trust and Estates
- Non-Profit Agencies
What Is Accounting?
Accounting, in the simplest form, is recording of financial transactions. Different types of accounting include: Financial accounting, certified public accounting, public accounting, government accounting, cost accounting, forensic accounting, cash-basis accounting, management accounting, tax accounting and internal auditing.
Why Is Accounting Important To My Business?
- Helps Gain Trust From Banks & Lenders – Banks and lends must consider the financial health of your business in order to grant loans. Getting a loan is not possible if you don’t have a proper accounting system.
- Provides Info To Investors – Before investing in your company’s shares, an investor would want to watch the company’s performance first. Accounts and financial statements act as representation to investors and shareholders, who are impacted by a company’s financial position.
- Helps With Budget Planning – Budgets can help a business save money for expansions, plan strategies, etc. Accounting is the foundation of planning and making budgets.
- Profit Reporting – The main goal of almost any business is to make profit. You also have to pay taxes on any profit you make. Accounting helps make tax preparation easier.
What Is Bookkeeping?
Bookkeeping is the occupation or activity of keeping records of a business’s financial affairs.
Common financial tasks and transactions involved with bookkeeping include:
- Billing for services or goods sold to clients
- Recording customer receipts
- Verification and recording of invoices from suppliers
- Supplier payments
- Process pay for employees and other related government reports
- Monitor accounts receivable
- Recording of depreciation and other adjustment entries
- Provide financial reporting
Most bookkeeping services done today are done with computer software like QuickBooks. Performing bookkeeping requires that you have a knowledge of credits, debits and an understanding of accounting, which includes income statements and balance sheets.
Why Is Bookkeeping Important To Your Business?
Bookkeeping is important to your business because:
- Helps you avoid a IRS Audit – Messy books and records are one of the quickest ways to get audited
- Quicker audits – In the case that you do get audited, having you books in good order will allow the IRS to do their job quicker, saving you more money.
- Avoid IRS Sanctions and Penalties – Having your books in order will help you avoid facing sanctions or penalties from the IRS.
- Keeps You From Missing Tax Deductions – Having your books in order will help discover tax deductions that may have been overlooked.
- Saves Time When Filing – Keeping your books organized will make tax season less of a headache.
- Always Know Where You Stand Financially – If you don’t have an accurate idea of your business’s income and expenses, how can you be sure that you are actually making money? Keeping records helps you make better financial decisions.
What Is A CPA or Certified Public Accountant?
A Certified Public Accountant or CPA is a financial adviser or accountant that has passed the CPA certification exam, fulfills all work experience requirements and stays up to date on state educational courses required to maintain their CPA certification.
CPA’s are capable of many different financial tasks including financial statements, financial planning, forensic accounting, internal auditing and income to name a few.
What Does a CPA Do?
According to AICPA, “A CPA, or Certified Public Accountant, is a trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals. Whatever those goals-saving for a new home, opening a new office, or planning a multi-billion dollar merger-CPAs can help.”
Do I Need A CPA?
Yes, absolutely you need a CPA if you want to save money, prepare your taxes correctly, plan your retirement & more.
Here are most of the reasons why you need a CPA:
- To Stay Current With Tax Law
- To Lower Your Audit Risk
- To Report Income Correctly
- For Starting A Business
- Filing Taxes
- To Reduce Taxes
- To Stay Current With Tax Benefits
- To Avoid Making Mistakes
- For Help With Filing Back Taxes
- To Save Lots Of Money
Learn more about why hiring a CPA is a good decision.
Hire The Best Bookkeepers & Accountants In Scottsdale & Phoenix, Arizona
For the best Accounting & Bookkeeping services in Scottsdale or Phoenix please provide your information below for a no cost accounting review for your business. Email or call us at 480.990.2727 today!
For more information on related business tax services, visit our Small and Mid-Sized Business Accountants page.