Accurate Accounting
Accountant in Grand Rapids, MI
A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall into two separate groups that are reported by an accountant. They are profit-making activities, which includes sales and expenses. This can be referred to as operating activities. There are financing and investing activities that include securing money from debt and equity sources of capital, returning capital to these sources, making distributions from profit to the owners, making investments in assets and eventually disposing of the assets.
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read moreBookkeeping is an incredibly old practice that dates back thousands upon thousands of years. It is basically the record of your financial transactions so that you can keep an accounting of the business you have been conducting. Of course, this sort of practice has become more important than ever in modern times. There are all sorts of tax implications and laws that one must abide by, and for many business people out there today, profit margins are so slim that a lack of proper bookkeeping could easily result in bankruptcy or worse.
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