.png){kind=small}
bookkeeping
Proper bookkeeping goes well beyond just recording, organizing, and managing your business’s financial transactions and records, it forms the foundation for a business’s financial management and reporting, allowing business owners and stakeholders to monitor the company’s financial health and make informed decisions.
Spark will help you maintain accurate and detailed records of all financial activities, such as sales, purchases, expenses, and payments and we’ll help with a whole lot more including:
- Recording Transactions: Bookkeepers record every financial transaction that occurs within a business. This includes sales, purchases, payments, receipts, loans, and more.
- Categorizing Transactions: Transactions are categorized into various accounts, such as revenue, expenses, assets, liabilities, and equity. This classification helps organize financial data for accurate reporting.
- Double-Entry System: Bookkeeping follows the double-entry system, where each transaction affects at least two accounts. For every debit entry, there's a corresponding credit entry, ensuring that the accounting equation (Assets = Liabilities + Equity) is maintained.
- Ledgers and Journals: Transactions are recorded in journals and then transferred to ledgers. Ledgers summarize transactions for each account, providing a detailed record of financial activities.
- Balance Sheet and Income Statement: Bookkeeping generates essential financial statements like the balance sheet (providing a snapshot of the business's financial position) and the income statement (showing revenues, expenses, and net income or loss).
- Bank Reconciliation: Bookkeepers reconcile the business's bank statements with their own records to identify any discrepancies and ensure accurate financial reporting.
- Financial Reporting: Accurate and organized bookkeeping forms the basis for generating various financial reports, such as profit and loss statements, cash flow statements, and tax returns.
- Compliance: Proper bookkeeping ensures compliance with tax regulations and legal requirements. It provides the necessary documentation for audits and financial inspections.
Separate business from personal expenses. The IRS doesn’t like personal expenses mixed with business expenses, regardless of whether you reported business expenses correctly. Always get a separate bank account and credit card for your business and run only business expenses through those accounts.
How we can help
When it comes to bookkeeping, don’t rely on cheap software or a relative who claims to be an accountant “part-time”. Your business deserves better. Hire a professional bookkeeper like the team at Spark for reliable insight, accurate information, and efficient management of your important financial records.
Outsourcing bookkeeping to a professional business accountant like Spark offers numerous benefits including expertise in accounting, time savings for core activities, accurate and compliant financial record-keeping, insights into financial health, regulatory compliance, efficiency through specialized tools, scalability, cost savings, focus on core competencies, consistency in service, data security, and customized solutions.
Whether you’re a startup, a small business in Tucson, or a larger corporation in Southern Arizona, when you work with Spark you’ll receive best-in-class bookkeeping so you can work on your business and not in your business.
It Starts Here
Looking to build a new business, grow your current company, or need strategies and solutions specific to you?
Smart solutions start with a SPARK!