Bookkeeping
Service description
Bookkeeping is the recording, organizing, and maintaining of a business's financial transactions. Bookkeeping does not involve the analysis, interpretation, and reporting of financial data, which falls within accounting services. Bookkeeping is not Accounting, Tax Accounting, Financial Reporting, or Tax Preparation.
Benefit
Accurate, up-to-date books — categorized transactions, reconciliations, and monthly financials — so you always know where the business stands.
ROI
Clean books cut time and fees at tax season, surface problems early, and are essential for financing or a future sale.
Further research
(i) The Financial Accounting Standards Board (FASB) sets accounting and reporting standards for public and private entities following Generally Accepted Accounting Principles (GAAP) in the U.S.. (ii) The Governmental Accounting Standards Board (GASB) establishes GAAP for U.S. state and local governments. (iii) The International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS), used globally to enhance financial reporting. (iv) The Federal Accounting Standards Advisory Board (FASAB) issues standards for the U.S. federal government. (v) The Securities and Exchange Commission (SEC) has the authority to set and enforce accounting standards, particularly for public companies adhering to GAAP. (vi) The Public Company Accounting Oversight Board (PCAOB) oversees audits of public companies. State Boards of Accountancy regulate licensed accounting professionals within their states. (vii) The American Institute of Certified Public Accountants (AICPA) develops standards for audits of nonpublic entities and sets ethical requirements for its members. (viii) The National Association of State Boards of Accountancy (NASBA) coordinates state boards and promotes uniform regulations.
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