Our Small Business Accounting Services in Richmond

Ada Chan CPA’s bookkeeping services for small businesses include recording of financial transactions. Some of these task involve:

• Recording sales and purchase invoices.

• Maintaining your general ledgers.

• Reconciliation of your bank statements.

• Preparing trial balances.

Our Payroll Services will ensure the calculations for employee salaries, benefits, deductions and timely and accurately paid. We will also ensure that you’re complying with your tax obligations that are associated with your payroll.

Our team is experienced in preparation of your business financial statements. We will make sure that your financial statements are compliant, accurate and complete.

Collection and Verification of Business Data

The accountants at Ada Chan CPA will gather relevant financial information from different sources including your invoices and bank statements to verify your accuracy and compliance.

Journal Entries and Adjustments

We will review your journal entries and if necessary, at the end of each reporting period adjust your books to account for accrued revenues, accrued expenses depreciation and other financial events that haven’t been recorded yet.

Trial Balance Compilation

After all entries are made to the journal, we will prepare a trail balance to make sure the debit and credit entries are equal. If any discrepancies are found, we will investigate and figure out where they occur.

Preparation of Financial Statements for Your Business

After your trial balances have been completed and found to be accurate, we’ll use these statements to prepare your financial statements. These financial statements include:

Income Statements

Your income statements will show your business revenues, expenses, profits or losses over period of time.

Balance Sheet

Your balance will provide an overview of your company’s assets liabilities and equity for the reporting period.

Cash Flow Statements

Your cash flow statement will detail your cash inflows and outflows from your business activities.

We will make sure your statements are compliant with industry accounting standards. If you’re a publicly traded company, we will help ensure that you the strict guidelines of the regulatory bodies.

Analyses and Review of Financial Statements

Your financial statements will give you a deep insight into your business, this will allow us to review with your company’s financial health, operating efficiencies and areas that can be focused on for improvement.

Our team will help with your budgeting, forecasting and financial planning of your business. This will help guide you in how to best utilize your funds to achieve your business goals.

Once your financial statements are are complete this will allow us to analyze your business and find areas of risk, areas of focus for improvement and how to implement risk management for your business.