Accounting is a means of collecting, recording and communicating relevant and reliable information regarding the financial activities of a business or organization. Proper accounting is needed in many different parts of life. Bank accounts, loan applications and payroll are common instances where proper accounting procedures are required in order to be successful.

Financial accounting is the form of accounting that is intended for external use. External reports known as financial statements are prepared to illustrate the financial position of an organization while following the Generally Accepted Accounting Principles (GAAP). The four main financial statements are the balance sheet, income statement, statement of retained earnings and the cash flow statement.

Managerial accounting provides detailed information to meet the needs of internal users or decision makers. This form of accounting is important for a business to plan for the future, but does not always follow GAAP, which makes managerial accounting inappropriate for external purposes.

At The Accounting Place, we can help you analyze current performance, establish realistic plans and budgets, set both financial and non-financial performance indicators and then monitor your progress. Whether it’s bookkeeping, payroll or financial statements, The Accounting Place will relieve the stress of financial reporting.

And we do all of this while keeping a watchful eye on your tax situation.

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