When it comes to running a business, managing various aspects can be challenging. For those not specialized in accounting, handling this side of operations can be particularly tough. Consider these four essential services accountants offer to small businesses:
Accounts Receivable
Accounts receivable is the money your customers owe for goods or services provided but not yet paid for. It refers to outstanding invoices and the funds your business is entitled to receive.
Accounts Payable
Accounts payable is almost the opposite of accounts receivable. When a company buys goods on credit, it needs to pay it back in a short period of time. It’s treated as a liability, and it comes under the head “current liabilities.” Accounts payable is a short-term debt payment that has to be paid in order to avoid default. For example, the market value of property in NYC for 2017 grew for the sixth straight fiscal year. Your business will most likely owe property taxes, and you can default if you don’t pay them.
Payroll
Payroll encompasses the total wages paid to employees. It involves processing their pay, including insurance premiums, retirement plan contributions, social security, Medicare, and tax withholdings.
Business Bank Reconciliations
Bank reconciliations involve comparing your monthly bank statement with your internal accounting records. Ensure the closing balance on the bank statement matches your records. If discrepancies arise, adjustments may be needed to correct any errors.
Small Business Accounting Services NYC
If you’re looking for professional help with these processes, then you need the small business accounting services NYC relies on. We can help you with these areas of your business so you can go back to concentrating on running your business.
