For most private small businesses, separate financial reporting is not necessary and bookkeeping can be performed on the same basis as tax, meaning two sets of reports are not required.
For very large companies or those with lenders or investors who require financials be presented in accordance with the U.S. generally accepted accounting principles (“US GAAP”), there are items such as depreciable lives and revenue recognition which must be calculated differently from tax.
Let ITA’s accounting specialists walk you through when and what type of financials may be required for your business. We believe a single firm should develop your overall strategy and then stick by you to execute it. Having different service providers creates a risk that items are lost in translation and aspects of your overall strategy are not reported properly or are reported inconsistently.
With advances in technology such as cloud-based bookkeeping and portal communication software, you no longer have to set aside time to discuss your books as the process is woven seamlessly into your business.
- Updated & current general ledgers;
- Monthly operating & expense reports, including profit & loss statements & cash flow; and
- Bank & credit card reconciliations that accurately track all of your financial transactions.