RT Accounting Services

Expert Bookkeeping & Tax Services at an Affordable Price

by RT Accounting Services

Small Business Bookkeeping | Small Business Bookkeeping | RT Accounting Services

Small Business Bookkeeping

Discover the essentials of Small Business Bookkeeping, a vital process that ensures financial accuracy and growth. Trust us with recording transactions, invoicing, payroll management, bank reconciliation, financial reporting, tax preparation, and tracking accounts payable and receivable for your business.

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What is Small Business Bookkeeping? | Small Business Bookkeeping | RT Accounting Services

What is Small Business Bookkeeping?

Small business bookkeeping is the process of recording, storing, and retrieving financial transactions for a small business. It’s a key part of managing a business, as it enables the business owner to keep track of income and expenses, thereby ensuring the business is profitable, identifying opportunities for growth, and meeting regulatory requirements.

Small Business Bookkeeping Services We Offer

  • Recording Transactions
    Every financial transaction that takes place within the business needs to be recorded. This includes sales, expenses, salary payments, and any financial transactions that the business engages in.
  • Invoicing
    Invoicing is another essential part of bookkeeping. This process involves creating invoices for clients, recording them, and ensuring they’re paid in a timely manner.
  • Payroll
    If the business has employees, then the bookkeeping process will also involve managing payroll. This means tracking hours worked, calculating wages, and making sure taxes and other deductions are correctly taken out.
  • Bank Reconciliation
    This involves matching the balance on the business’s books to the actual balance in the business’s bank account. Any discrepancies need to be investigated and rectified.
  • Financial Reporting
    Bookkeeping also involves generating financial reports, such as profit and loss statements, balance sheets, and cash flow statements. These reports are crucial for understanding the financial health of the business and making informed business decisions.
  • Tax Preparation
    One of the most important roles of bookkeeping is ensuring that the business is prepared for tax time. This involves keeping track of all tax-related documents and transactions, calculating the business’s tax liability, and ensuring that taxes are paid on time.
  • Accounts Payable and Receivable
    Keeping track of what the business owes to vendors (accounts payable) and what customers owe to the business (accounts receivable) is a crucial part of bookkeeping.

We offer free consultations to discuss your business needs and goals.