Bookkeeping Services in Dayton, Ohio by Essex and Associates

"At Essex and Associates one of our services that we provide for our clients is, bookeeping services for businesses in Dayton, Ohio and throughout the Miami Valley." Says…

Brad  Stephenson Bookkeeping Specialist for Essex and Associates.

We record financial transactions using a variety of different tools.

We have areas of expertise, in QuickBooks, Peachtree, Quicken and are familiar with many other bookkeeping software programs.

Our bookkeeping process involves recording sales, purchases, income, receipts and payments by an individual or organization.

We have many trained bookkeepers on staff.

Bookkeeping or the recording of transactions is the first step in the accounting process.

Our bookkeepers gather the information, from the source documents, organize and record them properly and then, our firm, creates financial statements from the information.

Our bookkeepers are accounting paraprofessionals.

They have gone to school, been trained and are experienced in the day-today recognition and recording of the various entries.

The bookkeeper has the knowledge to bring the books to the trial balance stage.

Our bookkeeping process records the financial transactions into accounts.

Generally, a software program such as QuickBooks is utilized.

Our bookkeepers take the daily transactions and enter them into the
system in a timely manner. Using bookkeeping software efficiently and effectively replaces the old multi- column journals.

Today’s bookkeeping software is much less time consuming and is more accurate than recording transactions by hand.

It is generally not necessary to post amounts to other accounts at the end of the month.

The sophistication of the software programs today allows the entry and the posting to be resolved with a single entry.

At the end of the month, or the appropriate time period, a report can be run to display the results.

This is not to say that adjusting or correcting entries do not have to be made.

Obviously, with any system, the interpretation of source data, can be varied, therefore, the need to monitor. The old saying is so true with bookkeeping, “Garbage in, garbage out.”

Once the accounts balance, the accountant, not the bookkeeper, makes a number of adjustments and changes the balance amounts of some of the accounts.

These adjustments must still obey the double-entry rule.

Once the adjusting entries are made, an adjusted trail balance can be created.

From this trail balance then accurate reports such as, the income statement, the balance sheet, the cash flow statement and the statement of retained earnings can be generated.

Many small business owners operate their business using the checkbook method.

These business owners are keenly aware of their check book balance at any time.

They then are also aware of any pending deposits and payments that will be made.

It is good for business owners to have this head knowledge but it is also important that they know the absolute correct numbers, also.

Our firm likes to give our business owners a “dashboard” look at their finances at any given time.

Having good head knowledge of sales, accounts receivable, accounts payable and payroll allows the business owner to know at any time how their cash flow is.

Another old saying that is so true, ”Cash is king”.

A good bookkeeping system begins with an accurate chart of accounts. Obviously, the initial account set up is critical in entering the source information.

The chart of accounts should be as detailed, within reason, as possible.

A detailed chart of accounts allows for the business owner to keep good track of his revenue and expenses.

It is also advisable that the financial reports show a comparison from time period to time period.

This comparison allows the business owner to quickly see what operational adjustments need to be made.

Today's bookkeeping software allows quick and accurate access to data.

Our firm also utilizes online and remote bookkeeping.

Online data entry allows for the bookkeeper and the business owner to observe and make entries independently.

No matter what system you use, it is important that you have some organized way to keep track of your books.

Not only is it good business practices to know where you are at on a regular basis, it is also required by the IRS that you keep your books in a way that accurately reflects your revenue and expenses.

To work with one of the best bookkeeping services in Dayton, Ohio and the Miami Valley turn to Essex and Associates.