Accounting Williamsburg VA
We can manage all your accounting and bookkeeping needs from data entry to financial reporting. Our accounting services accurately track both your revenue and expenses, providing up-to date accounting information giving you valuable insight into the financial health of your business. Accounting Williamsburg VA. Our accounting services can include everything from data entry, to bank account & credit card reconciliation – we can even manage you bill pay & payroll. You can rely on timely and accurate accounting information and always know where your business stands. Here is a listing of accounting services we can provide:
- Bank Account Reconciliation
- Tracking fixed asset acquisitions and disposals, including keeping depreciation up-to-date
- Accounts Receivable recording and report management
- Accounts Payable recording and report management
- Payroll processing, including periodic payroll processing as well as federal and state tax reporting
- Month End close general journal entries
We can also provide financial reporting packages, which can include some or all of the following depending on your needs:
- General Ledger report
- Income Statement
- Balance Sheet
- Cash Flows Statements
- Aging reports for both Account Receivables and Payables
- Reconciliation Reports
- Custom reports – specific to your needs
Compilation & Review
Reviews are usually performed to satisfy third parties that want to be assured that the financial statements are not materially misstated. They provide a lesser degree of assurance to financial statement users than an audit. Also, unlike an audit, there is no expression of an opinion on the financial statements, testing of controls or financial data. Reviews essentially consist of inquiries of company personnel and analytical procedures applied to financial data.
Compilations provide the lowest level of assurance of the financial statements services. They are often required by outside third parties as well as internally by companies.
In a compilation we assist management in presenting their financial information as financial statements in the proper form. Compilations also require us to acquire an understanding of the client’s industry and to obtain specific knowledge about the client. Additionally, we read the financial statements and ensure they are free from obvious material errors. They provide no expression of an opinion on the financial statements.
Agreed Upon Procedures
Agreed upon procedures are performed when the parties involved concur that they want the accountant to perform a specific procedure or set of procedures. They can be useful when you or a third party wants some comfort about a specific area such as inventory or cash, but do not need the assurance and related time and expense of a full audit or review. Agreed upon procedures can deal with a diverse variety of subject matter such as the quality of collateral or due diligence related to a business acquisition. In all cases, agreed upon procedures are solely the responsibility of the parties who specify them and they never provide an opinion on the subject matter or financial statements.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child’s college tuition, and your mortgage or credit card calculations.
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