Friday, March 29th 2024

Business Accounting Information

Accounting, the reconciling of the expenses, income, assets and liabilities of a business, takes on all forms depending on the size and structure of the business.

At the smallest end of the spectrum, the sole owner often does his own books throughout the year either by hand or using a software program like Quickbooks. Same for the year end taxes, which in some countries just flow into the individual owner's tax return.

Companies with a slightly larger structure will often use a bookkeeping service to reconcile their income and expenses and handle the weekly payroll. These service often offer a tax service as well, culled from the information they have processed throughout the year. The value and time received can easily justify the expense.

Large companies, including public corporations, will hire a full CPA firm in order to handle their myriad financial transactions as well as the extensive compliance that oversees their actions. Not only will corporations have in-house bookkeeping but they will pay for audits at year end by a well-known CPA firm to prepare their taxes and verify all of their financial statements for reporting. This is a major expense but an essential requirement in the legal environement that surrounds most public firms.


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