No, it’s not. Though accounting requires perfectly matching of numbers within and across various financial statements (such as Balance sheet, Profit & Loss statement as well as cash flow statement), the most important part is the analysis of these numbers, and deriving insights and inferences from there to make well-informed business decisions.
Our team helps small businesses with regular accounting (which includes book-keeping as well as financial analysis) services and provides them with regular updates. We immediately highlight any discrepancies or observations that we come across from the data we work with; this helps small businesses to immediately take corrective action and make relevant business decisions. Our analysis also helps businesses to compare how their business fares versus the industry standards and (in several cases) their major competitors. Even from tax perspective, our regular book-keeping, analysis and updates services help the small business owners to understand (1) their business’ current financial and tax situation, (2) be ready for any upcoming tax liability and (3) reduce their tax bills by paying taxes on time as well as by availing several tax break benefits from state governments as well as the federal government. Moreover, for periodic filing with the IRS, only those accounting statements are considered valid that are reviewed, audited, signed and stamped by a valid CPA.
Over a period of time, while working with several small businesses, we have observed that the small business owners are smart and are great at their work. But doing accounting on their own may not be a good idea, since they lack the required knowledge, professional approach to accounting as well as the valid certifications. Hence, it is best to leave accounting to the professionals and experts such as NileCPA.
To discuss the requirement of accounting services for your small business, feel free to reach out to us.