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Payroll
Payroll accounting can be generalized as- calculating the earnings of employees and the related withholding for taxes and other deductions, recording the results of payroll activities, preparing required tax returns.
Another critical aspect of Payroll accounting is the task of reporting the results of payroll activities to the federal, state, and local tax agencies.
Accounts Payable
Any time one of your vendors allows you to pay an invoice after the goods are shipped or the service is performed, you have accounts payable. Just like it sounds, AP represents accounts you need to pay or money that you owe to your vendors.
Accounts Receivable
Money is owed to a company by a customer for products and services provided on credit. This is often treated as a current asset on a balance sheet. A specific sale is generally only treated as an account receivable after the customer is sent an invoice
Financial Statements
A written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also consists of a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis.
Payroll Quarterly Taxes
Because most small businesses do not have a massive payroll total, payroll taxes are often remitted every quarter, rather than with each payroll cycle. Quarterly payroll taxes include the employer share of payroll taxes and the amounts withheld for the employee share of payroll taxes.
New Venture
Starting a new company?
We can manage your state and federal registration, and assist with setting up bank accounts and domains.