Full-Service Bookkeeping for Small Business

Running a restaurant is a whirlwind of activity: managing staff, delighting customers, and creating culinary masterpieces. But amidst the chaos, there's one crucial element that often gets overlooked: bookkeeping. Accurate and efficient bookkeeping is essential for any restaurant's success, and the right POS system can make all the difference.

The Statement of Cash Flows reflects the movement of cash within a business over a specific period of time. It reflects cash moving in two directions - in and out of the business. Cash moving into the business is referred to as cash inflow, while cash moving out of the business is referred to as a cash outflow.

As its name suggests, the Balance Sheet is a representation of account balances. In accounting for a business there are many accounts. There are bank accounts, accounts for tracking invested monies, expenses, credit cards, loans, taxes owed, monies owed to us, and the list goes on.

An Income Statement, also known as a Profit and Loss statement, or P & L, provides a summary of a company's revenues, expenses, and profits over a specified period of time, usually a month, quarter, or a year.

Being audited can be a stressful and overwhelming experience for individuals and business owners alike. During such times, having a proficient bookkeeper on your side can make a significant difference. Let’s take a look at ways a bookkeeper can help you navigate the audit process.