Key Accounting Factors to Know and Record in Books

Cash Basis or Accrual Accounting:

It’s important to understand what type of accounting system your business requires. We will help you in identifying whether your business needs a cash basis or an accrual accounting system.

Specifying Cost:

We will not only help you in accurately evaluating the costs, but our bookkeeping process will also help in identifying and streamlining your cost structure and business operations.

Accounts Payable:

It’s key to know how much your business is liable to pay and at what time you are required to clear bills. Our bookkeepers will create a separate account for all the short or long-term liabilities to help you in making timely payments. 

Accounts Receivable:

Your cash flows could get a big hit if you don’t timely receive the money. The proper management of accounts receivable could significantly improve how your businesses manage invoicing and collection activities. Our bookkeepers ensure you are paid in a timely fashion and we will also let you know about which receivables are turning into bad debts. 

Cash Reconciliations:

Knowing the cash position of the business is key for business expansion strategies or paying off debts. Our bookkeepers will track each transaction and reconcile it with the bank statements.

Payroll & Human Resources Administration:

It involves tracking and identifying the costs associated with employees, including employee compensation, benefits, payroll taxes, and recruiting and training costs. Our bookkeepers will create a separate report related to the costs of payroll & human resources administration.  

Fixed Assets Management:

It is the process of identifying, tracking, and booking your business equipment and physical assets. Our bookkeepers will ensure that each asset is monitored and tracked accurately to help you know the real value of your business. The bookkeepers will also help you know how much your assets depreciate every year.

Inventory Reconciliations and Management:

Inventory management is really important and it can make a big difference in your actual earning potential. It plays a key role when it comes to manufacturing, winery, retail, department store and a few other businesses. Our bookkeepers make sure to keep track of all your inventory and we will provide periodic inventory reconciliations to help you making sure that the inventories in the financial record match with the on-hand inventory stock.

Income Statement.

Our experts will help you in tracking and knowing the actual cost of your inventory along with its impact on the income statement.

Month-end and Year-end Accounting Reports:

Our bookkeepers will show the financial health of your business on a weekly, monthly, and yearly basis, with a full set of financial statements, including income statements, balance sheet, and cash flows.

Tax Management:

Our advanced bookkeeping standards will make tax reporting easier for you by managing sales tax codes, consolidated rates, and import tax.

GAAP Reporting:

Our bookkeepers follow regulators’ accounting guidelines. We work within accounting guidelines set by Generally Accepted Accounting Principles (GAAP). We also follow the generally accepted procedure when compiling financial statements.

Bookkeeping Exclusively for Wineries

Wineries bookkeeping is largely different from other sectors because winery operations highlight unique issues in the costing system, the allocation of costs to cased goods and depletion allowances, as well as many of its other procedures, require particular attention to find out the real profits or losses.

The bookkeeping team at Protea Financial has particular expertise in the winery industry, with decades of experience in winery bookkeeping services. Once you really know how to manage inventory, expenses, and sales in accounting books, you will be in a better position to successfully operate your business and enhance your profits. 

We are Just One Step Away from You

Whether you are a manufacturer, managing a vineyard, or running a shop, dealing with accounting looks like a complex and time-consuming process. Your business could suffer losses if you spend time on recording every transaction in accounting books.   

Don’t worry, we are just one step away from you. We will completely remove your accounting and bookkeeping workload. Protea Financial is using the expertise of professionals that are specialized in the range of industries. These experts know how to handle complex financial and accounting issues. Our experts will also assist you with issues related to regulations both at the state and federal level. Just send us a request for evaluation and our account manager will respond to you instantly.

Three Big Benefits To Outsourcing Your Bookkeeping