Accounting

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities. Accounting is one of the key functions for almost any business; it may be handled by a bookkeeper and accountant at small firms or by sizable finance departments with dozens of employees at large companies.

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Bookkeeping

Bookkeeping is the recording of all the economic activity of an organization — sales made, bills paid, capital received — as individual transactions and summarizing them periodically (annually, quarterly, even daily). Except in the smallest organizations, these transactions are now recorded electronically; but before computers they were recorded in actual books, thus bookkeeping.

 

Read more: Accounting Basics: The Basics http://www.investopedia.com/university/accounting/accounting3.asp#ixzz4uaH9h2iz 
 

Budgeting

A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a family, a group of people, a business, a government, a country, a multinational organization or just about anything else that makes and spends money. Among companies and organizations, a budget is an internal tool used by management and is often not required for reporting by external parties.

Read more: What is a Budget? Budgeting Terms and Tips | Investopedia http://www.investopedia.com/terms/b/budget.asp#ixzz4uaHLNwjJ 
 

Financial Consulting

Financial consultants work with companies or individuals to plan for their financial futures by offering information and guidance on topics that include taxes, investments and insurance decisions. Often called financial advisors, these consultants work closely with clients to offer personalized financial advice. Consultants may also direct the buying and selling of stocks and bonds for their clients. Some consultants work for consulting firms that focus on the financial needs of specific businesses or industries.

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Accounts Payable & Account Receivable

Accounts payable (AP) is an accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. On many balance sheets, the accounts payable entry appears under the heading current liabilities. Another common usage of AP refers to a business department or division that is responsible for making payments owed by the company to suppliers and other creditors. Accounts receivable (AR) refers to the outstanding invoices a company has or the money the company is owed from its clients. The phrase refers to accounts a business has a right to receive because it has delivered a product or service. Receivables essentially represent a line of credit extended by a company and due within a relatively short time period, ranging from a few days to a year.

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Read more: Accounts Receivable (AR) http://www.investopedia.com/terms/a/accountsreceivable.asp#ixzz4uaICp5Lr 

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Payroll

Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. It is usually managed by the accounting department of a business; small-business payrolls may be handled directly by the owner or an associate. Payroll can also refer to the list of employees of a business and the amount of compensation due to each of them. It is a major expense for most businesses and is almost always deductible as such. Payroll can differ from one pay period to another due to overtime, sick pay and other variables.

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Reconciliation

Reconciliation is an accounting process that uses two sets of records to ensure figures are correct and in agreement. It confirms whether the money leaving an account matches the amount that's been spent, ensuring the two are balanced at the end of the recording period. The purpose of reconciliation is to provide consistency and accuracy in financial accounts.

Reconciliation is particularly useful for explaining the difference between competing financial records or account balances. Some differences may be acceptable due to the timing of payments and deposits; unexplained or mysterious discrepancies may be signs of theft or cooking the books.

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Quickbooks

QuickBooks is Intuit Inc's set of software solutions designed to manage payroll, inventory, sales and other needs of a small business. The software's features include marketing tools, merchant services, product and supplies, training solutions. Each solution is developed according to different industries and their needs. These software solutions are used to monitor expenses, create invoices and reports, track change orders and job status, and manage inventory, customers, vendors and employees. In addition to these industry specific packages and their corresponding capabilities, Intuit offers add-ons to Quickbook versions as well as third-party tools that integrate with Quickbooks in order to enhance current functions.

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New Business Startup

When you decide that it's the right time to incorporate your business will need to submit the proper documents to the corresponding state . Whether you plan to establish a for-profit or nonprofit business, opening a business requires numerous documents with the right agencies.

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Tax Planning and Preparation

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.

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