There are many aspects to tracking the activities of any business regardless of its size. It can become even more complicated when tracking the activities of a construction business. Your company may have materials and supplies to manage, payroll to process, or taxes to file. Some activities generate revenue; some are expenditures for goods produced. Other activities may be expenses for the general operations of the business or tracking an asset that requires depreciation over time. Each business records the individual transactions for these activities into an accounting system and reports them periodically on financial statements. The act of recording the daily activities of a company and reporting it at the end of a defined period is known as Full Cycle Bookkeeping.
Truebooks is a full cycle bookkeeping service. As your bookkeeper, Truebooks assists your company with:
Tracking Materials, Supplies, and Fixed Assets
Recording Accounts Payable
Recording Accounts Receivable
Manage Payroll & Tax Liabilities
Reconcile Bank Statements
Using source documents from your company’s daily transactions, Truebooks reviews and accurately inputs all financial data affecting the business’ income and expenses into the general ledger. After the transactions are posted to the general ledger, Truebooks tracks all accounts receivable and accounts payable. Our clients benefit from knowing when their customers will pay them and when they are expected to pay their vendors. This information allows our clients to manage their company’s cash flow to ensure there are not any shortfalls or unexpected surprises. Truebooks reconciles the bank statements to ensure that all financial transactions have been captured and recorded accurately.
Once all transactions are recorded for the accounting period, Truebooks reviews the financial statements, makes any adjusting entries, and closes the accounts for the period. The typical length of an accounting period is monthly; however, it can also be quarterly, semi-annual, or annual.
It is imperative for a business to have solid accounting practices in place to ensure all transactions are captured and reported. Unfortunately, many business owners do not realize the value of good bookkeeping practices until they are trying to get a loan or prepare their taxes. Don’t let this be your business. Please contact us today and let Truebooks be a partner in your company’s success.