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Alpha & Omega Support Service
Follows Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles represent the accounting standards that a payroll accountant must follow. These standards play a major role in how the payroll professional accounts for business and payroll transactions.
Why Do So Many Businesses Fail Each Year?
Statistics show the main reason for failure is the lack of accurate record keeping. Without this information, you may not fully understand your company's operations. Solid financial information will help you establish your goals for success.
Alpha & Omega Take the Extra Mile to Support Your Service
Your current financial information is the key to your success. That's why Alpha & Omega Support Service will complete your work quickly and efficiently. Whether you have in business 10 minutes or 10 years, you need up-to-date accurate records should alrrady be tellings you
Alpha & Omega Support Service provide a range of accounting services, including the preparation of financial statements and accounting reports, the development of budgets, and assist with setting up Accounting system.
Accounts Receivable - receiving payments from customers or grant monies.
Accounts Payable - paying the bills of the business.
Bank Reconciliation - A bank statement is reconciled by verifying that information on a bank statements and a checkbook are in agreement.
1099s and Texas
When a person is paid o the form, 1099-misc. all money earned by the individual is paid on an untaxed basis. It is then the responsiblity of the individual to file and pay the appropriate taxes. These taxes can be owed to federal. State and Local governments. Workers compensation and unemployment issues also must be addressed independently.
Budget- three-year projection of all revenue and expense of the business. Revenue is all monies received in the business and expenses are all monies paid out of the business.
Financial Statements
Income Statement- a report that presents revenue, expenses and net income or loss for a business for a period of time. Knonwn also as the profit and loss statement, the income statement shows all income and expense acounts over a period of time. That is, it shows how profitable the business is. This financial show how much money the company will make after all expenses are acounted for.
The income statement compares the revenue earned for a period of time with the expenses incurred for the same period. If the revenue exceeds the expenses. the excess is know as net income. If total expenses are greater than revenue, the resulting difference is known as a net loss.
Statement of Capital - reflects the change that takes place in the proprietor's capital account as a result of business activities of the firm. A change in the investment, the resulting net income or loss the proprietor's drawing in anticipation of profit each has an effect on the proprietor's capital account at the end of the specific accounting period.
Balance Sheet- provieds a detailed listing of the various assets that a business owns, the liabilities that are owed to creditors and other parties, and the proprietor's equity interest. The total value of the business assets must be in agreement witht he toal value of the liability and capital (total equity) of the business. The balance sheet is cumulative in that it reports the results of all the financial activities of the business since its formation.
The balance sheet relies on the preparation of the statement of capital for the determination of the new proprietors capital balance.
The statement of capital in turn relies on the income statement preparation for the determination of the change in capital for the particular period.
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