Loren J. Foged CPA offers a number of professional bookkeeping services at reasonable prices to clients in the Omaha, NE area. I can handle all of your bookkeeping needs in-house or be a reputable source for supervising your bookkeeper. Just ask me for more information!
What is the difference between bookkeeping and accounting? Bookkeeping is the recording of daily transactions. Accounting is looking at the bookkeeping information and making sense of it in simple terms. Every business needs to perform bookkeeping—it is a legal requirement. Failing to maintain proper bookkeeping records can result in punitive damages such as fines, penalties, liens, and possible business closure. I can prevent all of that.
Bookkeeping involves taking daily transactions and recording them with the applicable accounting software program. It involves coding transactions to make classification and categorization easier. It involves knowing whether an account is an asset, liability, expense, revenue, or equity item. In general, it means having a complete understanding about the financial transaction cycle.
Many business owners mistakenly believe that small business bookkeeping can be done by anyone. It is a common occurrence to have owners assign any available employee to the job. That can be a huge mistake. I have known too many companies that misaligned employees with the bookkeeping job, and this can result in incorrect financial data, confusing financial statements, and multiple dealings with governmental agencies. That will not happen when you hire me as your bookkeeping professional.
Some companies have an in-house bookkeeper that records transactions and maintains accounting software. At the end of every period, the data can be transferred to me, and I will take it from there. Alternatively, other companies simply outsource all of their bookkeeping duties to me. I maintain all data in my professional-grade accounting software program. This saves owners time, money, and frustration.
Be safe, and hire the firm of Loren J. Foged CPA to be your bookkeeping expert in the Omaha, NE area.