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Accounting Services 

Difference Between Financial Accounting and Managerial Accounting:

Big picture. Accounting can be divided into two aspects: Financial Accounting, essentially involving Compliance and Managerial Accounting which is geared toward providing information and data to business owners to help them make better decisions.

Accounting for Compliance: 

Regarding compliance, whether your accountant is preparing financial statements or tax forms, there are certain laws, principles, rules or regulations that need to be followed to ensure that the statements or forms reflect the proper accounting treatment. Some common examples include revenue recognition for accrual-basis businesses, inventory cost flow assumptions (average cost, LIFO, FIFO) or the deductibility (or non-deductibility) of certain expenses for tax purposes vs. expenses that are classified on a Profit & Loss Statement-there are differences. Compliance is concerned with reporting past activities.  

But, being an Accountant means more than just knowing how QuickBooks works. Your Accountant should know the proper principles to apply to ensure that your statements reflect Generally Accepted Accounting Principles or GAAP. 

Importance of Managerial Accounting:

Managerial Accounting is concerned with taking existing accounting/financial data and essentially filtering it to only include information that has an ECONOMIC IMPACT toward making future decisions. An example would be the depreciation on assets. Depreciation, in many cases is an expense that just reflects the passage of time, it does not have any bearing on the productive capacity of an asset for future decision making.

Accounting for Compliance

  • Adhering to laws, regulations and accepted principles
  • Maintaining business standards and proper protocols
  • Regulatory oversight
  • Codes of conduct
  • Concerned with reporting past activities 

Managerial Accounting 

  • Involves including only data that has an economic impact 
  • Is NOT part of compliance
  • Is for (internal) management decision making 
  • Concerned with providing information for future decisions
Accounting Services
Accounting can be divided into two distinct areas: Financial Accounting involving Compliance and Managerial Accounting-data that Owners/Operators/Managers and Partners need to make informed, relevant decisions. We can help with both.
Accounting Services
Advisory Services
We're able to provide expertise in several areas of your business in addition to Accounting, Bookkeeping and Tax-related services. We can claim this, because we’ve lived it. Give us an opportunity to gain your trust. We want to become your full-service Advisor.
Advisory Services
Bookkeeping
Bookkeeping is the process of inputting, classifying, error correction and maintaining accounting records. Understated or overstated accounts? QuickBooks workflow issues? Problems, large or small, simple or complex, let us help.
Bookkeeping
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Whether it's Tax Planning, Tax Preparation, or Tax Resolution, small businesses need help navigating the complexities of the tax code. If you have unfiled returns, tax liens, levies or tax debt, contact us so we can discuss your tax-related issues or needs.
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