Bookkeeping

Closing the books means that all data has been entered and accounts are reconciled for a specific time period. Signs of entry reversal errors include showing additional income or expenses. This happens because an entry was incorrectly categorized as either a credit or debit. It involves a combination of diligent practices, technological safeguards, and continuous …

How to Locate Errors of a Trial Balance Steps, Types, Examples Read More »

The pro forma financial information should be presented in columns and show the condensed historical amounts, the pro forma adjustments, and the pro forma amounts. GAAP-conforming financial statements must be included with pro forma submissions. The most common pro forma financial statements are projected balance sheets, income statements, and cash flow statements. Together, the documents …

Pro Forma Financial Statements: A Comprehensive Guide for Businesses Read More »

Bookkeeping focuses more on the daily financial operations of an organization, which includes recording transactions, reconciling statements and managing payroll. You may need only account reconciliation services now but will need to layer on financial and cash flow management services later. If a firm only offers a package that includes services you don’t need, you …

Small Business Accounting Services: LYFE Accounting Read More »