Balanced Business Services | Bookkeeping Services | Charleston, SC
Balanced Business Services Services
Payroll Accounting Services
Bookkeeping involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and organizations are also recorded in a company's books.
Though necessary and beneficial to business owners, the task of bookkeeping can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the utmost importance, making keeping the books in a rushed manner a very bad idea. As business owners are often lacking in time, many choose to hire bookkeepers to keep company records well maintained.
Most companies have one company doing their payroll and someone else doing their bookkeeping. We can do both and save you money; we understand that in any business it’s all about the bottom line. We pick up and deliver your work so you can spend your time running your company.
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Payroll Quarterlies Taxes
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 Payable Services
Money which 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.
Accounts Receivable Services
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 key aspect to Payroll accounting is the task of reporting the results of payroll activities to the federal, state and local tax agencies.
A written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis.
Because most small businesses do not have a large payroll total, payroll taxes are often remitted on a quarterly basis, 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.
Job costing is the process of assigning costs to custom products or services. Direct materials and direct labor are traced to individual jobs, and production overhead is allocated. Manufacturers that use job costing include aircraft builders, custom motorcycle and auto- mobile manufacturers, and custom designed jewelers, among others. Job costing is also frequently used in service industry organizations such as hospitals, accounting firms, and repair shops.