15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Three Ways Accounting Firms Support Small Businesses

Small businesses are constantly juggling multiple responsibilities and trying to get everything done. They are often in charge of the marketing, financials, product managements, data analysis, and much more. Fortunately, accounting firms in Los Angeles provide support to these small businesses that enable them to focus on the tasks that matter most. With the help of an accountant, a small business does not have to hire an additional employee. Instead, they can outsource the following three important tasks that are necessary for success.

1 – Financial Reporting

Most accounting firms in Los Angeles perform financial reporting for their clients. The traditional reports provided by an accountant include an income statement and a balance sheet. Sometimes accountants will also provide small businesses with a statement of cash flows. These reports help companies to understand how they are performing so they can make better strategic decisions for the future.

2 – Data Entry

If your business is very small, you might not have time to perform your own data entry. This is necessary to prepare financial reports and understand your business costs. Fortunately, a bookkeeper can help you input this data. It is helpful to have this on file for your records before you file your taxes and if you get audited.

3 – Reconciliation

A lot of accounting firms in Los Angeles also help their clients with bank reconciliation and credit card reconciliation. This process ensures that your company has the same balance on the books that the bank shows. If the balance is different, then there should be a record that offsets it so that it equals out. Reconciliation can be time consuming if your company has large accounts. If you fail to reconcile, your books can easily get messed up. This means that your financial records might not be accurate.

If you are a small business, contact an accounting firm in your area today. These small tasks are important for business success. They will make a huge difference on your performance.