Accounting is both science and art.
Accounting is based on mathematics, statistics and other measurement methodologies. Like Chemistry, Accounting is algebraic in nature. The action of recording a financial transaction in the company’s books and records, causes one (or more) transaction(s) of equal monetary value to be recorded elsewhere in the company’s books and records.
Accounting is also art, since the Accountant has to employ creativity when classifying financial information, or when selecting the data points to be used to illustrate a financial goal, to analyze a financial problem, or when interpreting financial results.
Our Professional Accountants are expert Financial and Managerial Accountants, with more than twenty years of professional experience.
Our Accountants act both as Financial Accountants and Managerial Accountants:
Financial Accounting – Our Accountants analyze and adjust the Trial Balances prepared by our Bookkeeping Staff or the Client’s own bookkeepers. They analyze and insure that all major account categories, such as Accounts Receivables, Inventories, Fixed Assets, Accounts Payable and Bank Debt and other Debt are properly stated. They adjust Prepaid Expenses and Accrued Expenses, and accrue the proper amount of Income Taxes Payable. Lastly they prepare a Financial Statements, including Balance Sheet, Income(Loss) Statement, and Cash Flow. These Statements are presented and discussed with the Client, and are made available to interested third parties, such as stockholders, creditors, debt holders, customers, suppliers, and governmental regulatory agencies.
Managerial Accounting – When acting in the capacity of Managerial Accountants, we are literally acting as the Client’s Part-time Controllers or Part-time C.F.O.
In addition to preparing Financial Statements, our Accountants develop from the financial data and other measurable data, analytical information to be used principally by Client’s Management. These data, such as numbers of items produced or shipped, quantities of supplies consumed, items produced or shipped per labor hour, actual versus expected consumption of material, actual versus expected profit targets, etc., when properly analyzed and summarized, provide a wealth of utilizable information to Client’s Management.
As Managerial Accountants, we focus on analyzing the performance of the Client’s Operations. We identify areas of excellence, to be mimicked and replicated elsewhere within the business. More importantly, we identify areas of weakness, to be addressed and corrected, to insure the future profitability of the Client’s Business.
Our analytical tools assist Client’s management in pointing the way to finding solutions to most operating problems, and to corrective actions.