KIM CLENNEY & COMPANY INC.

KIM CLENNEY & COMPANY INC.KIM CLENNEY & COMPANY INC.KIM CLENNEY & COMPANY INC.KIM CLENNEY & COMPANY INC.
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Start Filing Your Tax Return Now or Call 334-262-0424

KIM CLENNEY & COMPANY INC.

KIM CLENNEY & COMPANY INC.KIM CLENNEY & COMPANY INC.KIM CLENNEY & COMPANY INC.
  • Home
  • About Us
  • Services
    • Accounting Services
    • Tax Preparation Services
    • Other Services
  • Blog
  • Contact Us
  • Instagram Posts

Accounting Services

Bookkeeping

A man using his computer for work.

Bookkeeping is important for helping you maintain accurate financial records. However, many businesses fail to implement this integral process. You are required under law to maintain accurate books and records. Doing this will also save you from frustration later on!

In fact, "poor accounting" is one of the top reasons businesses fail. Without bookkeeping or accounting, you are blindly driving your business.

Still not convinced that your focus needs to be on bookkeeping? Below are just a few reasons why bookkeeping is important.

Bookkeeping Helps You Budget

When income and expenses are properly organized, it makes it easier to review financial resources and expenses.

Virtual Bookkeeping

We make it easier for you, by doing your bookkeeping virtually. You will never have to come in to the office!

Tax Preparation

You can have financial information ready for tax time. Instead of scrambling for receipts or invoices, all of your financial information is organized on one central system.

Organization

Being organized is a skill every business owner should have. You should be able to find information regarding your business at any time. there are a few parties that are interested in your company's financial records - the IRS, employees, customers, investors and lenders. Being able to provide the information requested by these parties are vital to your ongoing operation.

Analysis

Business analysist is a tool used by management to analyze business performance.  The product of bookkeeping is financial statements which should be regularly generated and used for analysis. While analyzing financial statements, you can track your cash inflows and outflows. 

Easy Reporting to Investors

 Investors want to know the financial performance of your business to be able to want to quantify the value of their investment. The balance sheet, income statement, and cash flow statement all present the value of your business. 

Financial Management

 Take control of your business’ finances. Bookkeeping paints a clear picture of how you spend money. It's this delicate balance of cash inflow and outflow that will keep your business going. 

Peace of Mind

 Disorganized books can weigh heavy on your mind as a business owner. With all of the other factors of running a business, your bookkeeping should not be keeping you up at night. 

Easier IRS Audit

 In the unfortunate circumstance, you are audited by the IRS, you want to make sure your books are in order. Messy books prolong the auditing process, making your business more susceptible to fees and penalties. 

Payroll Services

Our highly knowledgeable head bookkeeper can do much more than simply balance your books.

 During the growth of your small business you may have tried to cut cost by doing more on your own. However, you should think twice if you lack experience in managing books in a business. Managing your own accounting system incorrectly can hurt your business both now and in the long-term. 

We also:

 

  • Provide advice on the type of accounting software that’s best
  • Send you reminders and/or pay a variety of taxes
  • Communicate with your bank
  • Explain the importance of keeping business & personal expenses separate
  • Assist you with tracking expenses
  • Oversee payroll and payment processes
  • Create W2s & 1099s
  • Compile Financial Reports
  • Help prevent you from being audited by the IRS

Financial Statements

 The general purpose of the financial statements is to provide information about the results of operations, financial position, and cash flow of an organization. This information is used to make decisions regarding the allocation of resources. 

There are 3 main types of financial statements that are important to your business.

  •  Income Statement - shows revenues, expenses, and profit or loss for the period of times.
  • Balance Sheet - shows the balance of assets, liabilities and equity at the end of the period of time. 
  • Statement of Cash Flow - shows the movement of entity’s cash during the period.​​​

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