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Accounting

Accounting is the process of keeping track of your business’s financial transactions to help you understand the money flow going in and out. This allows you to see your business's financial position so you can make make informed decisions and manage risks. Accounting is done by an accountant, a trained professional with a degree, who understands the language of business. There are several types of accounting and McManus Business Solutions specializes in Financial, Managerial, Cost & Tax Accounting. 

Financial Accounting - Practice of recording and reporting financial transactions and cash flows to generate financial reports for the sake of external individuals and government agencies. Financial statements report the performance and financial health of a business, such as assets and liabilities found on the balance sheet and revenues and expenses found on the income statement. This type of accounting is governed by accounting rules and regulations. 

Managerial Accounting Focuses on use and interpretation of financial information in order to make sound business decisions. It is similar to Financial Accounting, however it is reserved for internal use. Financial statements are produced frequently to evaluate and interpret financial performance.

Cost Accounting - Process of tracking, analyzing and understanding costs involved with business activity, including direct and indirect expenses associated with day-to-day operations. This type of accounting is particularly important because it helps ensure money is being allocated on things that benefit the bottom line.

Tax Accounting - Act of tracking and reporting income and expenses related to the company’s taxes. This type of accounting asseses the business's overall situation to keep it from having to pay more income tax than required by the Internal Revenue Service. 

There are two ways you can utilize McManus Business Solutions services: Outsourcing or In-House.

 

Outsourcing offers many benefits because it allows you to take advantage of specialized skills which may not be available when hiring someone in-house. It’s also flexible and generally costs less. 

In-House allows the choice to manage your business accounting with an accountant on call to ensure the books are in order, and that your company’s financial information is accurate. However, this service will cost more because you are hiring someone specifically for your business needs for a set number of hours and possible overtime depending on the needs of your company. 

McManus Business Solutions offers the following services, which can be modified by adding or removing certain services to meet the specific needs of your company. 

Onboarding 

Information Gathering, Set up & Review Quickbooks, Banking Access & Reconciliation, Financial Review

Monthly

Classify Transactions, Reconcile Accounts, Financial Statements & Reporting, Sale Trends, Payroll 

Quarterly

Prepare and Submit Quarterly Federal & State Tax Payments

Throughout Year

Proactive Tax Planning Strategies, Wage Analysis, Ad Hoc Income & Cost Analysis, Ad Hoc Business Finance Consulting

Annually

Prepare and File Business & Personal Federal & State Income Tax Returns

If you are interested in my services you can submit your request for a free consultation through the Let's Chat button or by email. You will receive a response within 24 hours. 

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