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Why Is Raleigh Bookkeeping Necessary?
Logging all your transactions, maintaining your general ledger, and running financial statements are all essential to tax preparation, understanding your business’s financial health, and planning for the future. Up-to-date, accurate bookkeeping is essential to both large and small businesses for two main reasons: making informed decisions based on your financial data and tax preparation. Even with accounting software, bookkeeping is also an exhausting process that you probably don’t have time for as a business owner.
In addition to tax services, we offer comprehensive bookkeeping services for both large and small businesses in Raleigh so you’ll have accurate, comprehensive records of your financial data and transactions. We understand that each business has different needs and goals, so we can customize our services to ensure you get exactly what you need.
Financial Analysis
When you have accurate records of your daily sales, incoming revenue, expenses, and other details, you can use this information to create your financial reports. This gives you insight into how much cash you have on hand, the net worth of your business, and how profitable your business is.
All of these financial reports work together to create a picture of your financial health, allowing you to determine how prepared you are to pay your bills, weather emergencies or downturns in your business, or create budgets and forecasts for upcoming periods. Lenders and investors also look at these reports to determine if your business is a safe investment or a liability which can affect your ability grow.
Tax Preparation
You are legally required by the IRS to keep records of your business transactions, including sales, purchases, expenses, and employment costs. Regular bookkeeping tracks all of this information, making financial reporting and tax preparation more accurate and efficient. This reduces how much you’ll pay in taxes as well as eliminate the risk of penalties and fines related to inaccuracies on your tax return or late filing.
Why Outsource Your Bookkeeping?
If you have a small business or a start-up, or even if you want to save money, you may be considering doing your own bookkeeping. However, outsourcing this task to our CPA firm offers a variety of benefits:
You’ll free up your time so you can focus on growing or improving your business.
Professional bookkeeping services eliminate expenses caused by improper record keeping, including overpaying taxes.
Working with our bookkeepers and certified public accountants are significantly less expensive than hiring an in house bookkeeper.
You’ll have an experienced financial professional on your side to provide you with personalized service, guidance, and advice.
Most of all, we are dedicated to the success of our clients. We will work with you to ensure you’re making the right financial decisions, preparing for the future, and can move forward with confidence in your finances.
Reach out to McNeill Financial Services for bookkeeping services in Raleigh so you can have accurate financial records while having more time to focus on growing your business.
Our Raleigh Bookkeeping Service
General Ledger And Tax Management
Our most common bookkeeping service is maintaining and managing your general ledger. Your general ledger is the main accounting record of your company and is used to track every financial transaction and account in order to create reports. We will maintain your general ledger to track all of your incoming revenue and outgoing payments, specifically:
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Accounts receivable, or assets you are owed.
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Accounts payable, or liabilities you owe,.
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Cash and bank account balances, including money you have on hand
We will also provide monthly reconciliation with your bank statement to verify the accuracy of your ledger and look for discrepancies or areas of concern
Payroll Processing
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As part of our other bookkeeping services for your large or small business, we can manage your payroll processing. This includes:
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Setting up direct deposits or drafting paychecks.
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Determining deductions and withholding
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Payroll taxes
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Generating W-2s
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Keeping records for independent contractors or 1099 employees
Financial Statement Generation
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Your financial statements give you insight into the financial health of your company, but they are also necessary for tax preparation and securing financing or a loan. We can generate your financial statements on a monthly or quarterly basis:
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Cash Flow: This shows how cash is flowing in and out of your business and whether you have enough liquid assets to cover expenses.
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Balance Sheet adds up your assets (cash, inventory, equipment) and your liabilities (payroll, debts, accounts payable) and uses them to determine your overall net worth.
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Profit & Loss is an in-depth income statement that shows whether your business is operating at a profit or loss and by how much.
Cash Flow Management
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Our accountants can assist you with cash flow management, helping you better understand how much cash your business needs to operate, where you can cut expenses or increase your revenue, and set forecasts and budgets to improve your incoming revenue.
Schedule A Free Consultation For Bookkeeping Services In Raleigh
Better yet, see us in person!
Our CPA firm offers comprehensive large and small business accounting services that we can customize to best suit your needs and meet your goals.
At McNeill Financial Services, we are dedicated to removing the burden of accounting and bookkeeping from our clients so they can focus on building their businesses.
Whether you’re just starting your own business or you have an established company, our accounting services will not only save you time and reduce your costs in the present, our financial
McNeill Financial Services LLC
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