After successful execution of bookkeeping, financial accounting is the next step towards unrealistic financial reporting experience. Accounting is a broader terminology as compared to bookkeeping and it normally includes processes after bookkeeping. Accounting services are generally used by the companies who are looking forward to get a proper outsourced accounting department in addition to the basic bookkeeping.
WeAccountax understands the businesses who seek to outsource their complete financial accounting department and offers various flexible services to top up with basic bookkeeping services.
Financial Accounting Process:
After bookkeeping has been performed to the utmost accuracy. Ledgers are transferred into trail balance to ensure trail balance is balanced. Later on adjusting entries are placed in to the accounts known as the final accounting entries.
Financial statements are prepared, each with a defined set of objective to be depicted to the shareholders. Statement of financial position is prepared to exhibit the assets, liabilities and equity element of the business at a certain point in time. Statement of profit and loss is used to determine the expense and income elements relating to a particular period of time. Comprehensive income statement in United States of America is merged into statement of changes in equity which depicts the movement in the equity portion of the business over a certain period of time.
Further annual reports require certain disclosers in order for the financial statements to be more understandable for the end users. Annual reports further include financial highlights, notes to the accounts which exhibits the policies used by the accountant to prepare financial statements and strategic management report.
GAAP & IFRS Standards:
GAAP known as generally accepted accounting principles and international financial reporting standards are currently being used by the companies for their financial reporting. These standards are generally more acceptable in US, but both boards of accounting standards are working to converge a common reporting language throughout the world.
WeAccountax has an expert team of professional accountants capable of providing best of both worlds as per the needs of the business in terms of financial reporting. Even when the convergence process is underway, WeAccountax can help the organization to go through this ambiguous phase of accounting and guide the client in terms of accounting principles.
Uses of Annual Reports:
Annual reports is primarily used to provide information about the financial performance of the business to the shareholders. Additionally annual reports can used to exhibit the financial performance to the outer investors, institutional investors and banks in order to gain debt or equity funding.
Annual reports is one of the most important tool used for business valuation. Business valuation is the technique widely used in investment banking prior to acquisition and merger transactions. Business valuation is further important for asset management companies. These examples exhibit the importance of annual report for the business.
Annual report highlights the achievement of the business over the past period of this. This improves the relationships with long term suppliers and customers. Suppliers and customers are ensured that they are dealing with a strengthened company with long term business potential. They are more likely to provide better credit terms if company’s financial seem strong and stable.
Annual reports depicts the future plans for the shareholders as well. Director reports exhibits the plan of the company how it is going to proceed into the future. This meaning message is extremely important of the shareholders to hold or divest their investment for the future. Even for sole trader and partnership business, message of the executive director / partner can be used for others to get a sense of director in which their business is heading. In short Annual report is one of the best source of communication in the business world.
WeAccountax has experts who have been seasoned in preparing annual reports for various businesses regardless of their transaction nature, business nature and industry of concern.
For Labor extensive businesses, payroll management is one of the biggest concern in modern businesses. WeAccountax has realized this need of the labor extensive businesses and provided a payroll accounting services. WeAccountax has partnered with various accounting solution companies to come up with the payroll accounting solutions which excels in meeting business need of every client.
Features of Payroll accounting by WeAccountax:
- Accurate calculation of payroll regardless of the number of employees. Usually labor extensive industries have a huge human resource. Calculation of their monthly payroll without any issues. Dealing with labor salaries is often complicated for the business. Labor union can undermine any business if they have a solid reason to put against the organization.
- WeAccountax payroll accounting ensures all aspect of the payroll are covered. Often the payroll calculation is complicated when it contains several other factors besides gross pay. Software is capable of keeping a full track of overtime, incentive, bonuses, gratuity or provident fund. Business intelligence element software can enable the organization to monitor the performance each aspect individually and seek ways to improve the efficiency by minimizing the business cost.
- WeAccountax provides legal guideline pertaining to the compliance related aspect of the payroll management. Our expert guides the organization to ensure they are compiling with all the regulation levied by the state and the federal government. This practice helps the organization to escape from the fines and penalties imposed if organization is found in breach of any regulation.
- Quick process running and payment processing is one of the key aspect of WeAccountax payroll. Our accurate and speedy accounting helps the business to be on in time preparation of their monthly and annual accounts. Because in most payroll accounting, processing is one of the most time consuming activity.
- Automatic tax calculation as per the regime of the country is one of the biggest advantages of payroll accounting software. It not only accelerates the process but also adds a degree of perfection to the tax calculation and slab selection.
Online Accounting Services:
WeAccountax has introduced a modern way of accountancy services to the businesses of United States of America. Primarily using technology to undermine the operational overheads and delivering a quality services to their valuable clients.
Features of WeAccountax:
- WeAccountax responsive accountancy services makes it one of the best online accounting services available in United States of America.
- All expertise pertaining to financial standards applicable in clients’ particular industry. Consultancy can be acquired through quick response service WeAccountax has to offer.
- Affordability is one of the best features of our services. This Benefits the client in terms of transparent pricing and cost efficiency.
- Online accounting services are best suited for distantly located businesses which fail to find any accountancy firm in their near vicinity. This enables them to acquire world class services in the most reasonable rate possible.
Forensic Accounting Services:
Forensic accounting services are services used to investigate in to the financial reporting statements. Team has to investigate into the financial statement and provide their analysis to the court. These services are frequently used in fraud and embezzlement cases
WeAccountax has expert team of forensic accountants with vast industry experience. Our track record of excellent services is a guarantee of our continued quality work.
Forensic Accounting services can be used to be legal basis for legal proceedings. Forensic accounting can be used to resolve a dispute between parties. They are considered experts on the financial end and they are to calculate the damages to be recovered.
Another aspect of Forensic accounting services is to investigate the financial fraud and embezzlement cases. They are responsible to determine whether the fraud has occurred or not. Further investigation is required if evidence of financial fraud in an organization is established.
Features offered by WeAccountax:
- Our risk based approach to investigate a financial issues enable us to capture the evidence with minimum resources involved. Not only improving the success rate of the investigation but also reducing the overall operational cost. Our vastly experienced forensic accountants have a strong grip forensic accounting.
- Ability to identify the weak areas enable us to advise the organization to take corrective measures and improve the risk to avoid similar situation in the further.
- Our company law experts can add an advantage to the forensic accounting team and ensure all aspects are legally covered in the investigation.
- Forensic accounting services can be very beneficial in insurance sector. Insurance companies can hire the forensic accountants to determine the damages if case of any claim raised against the insured sum. For certain policies where insurance companies insure the consequential loses, forensic accounting team can add a great deal of value in negotiating a successful insurance deal. Forensic accounting experts can advise the insurance company if the risk of consequential loses is high. Insurance company can either chose to not to insurance the company or charge a relatively higher premium.
Accounting Services for Small Business:
For small businesses, WeAccountax is interesting in providing cheap accounting services to create a trend of financial accounting in small businesses. Usually small businesses are being operated majorly on the 6th sense of the business owner. WeAccountax offer affordable deals to the businessman in order for them to realize value addition of this service. Accounting for small businesses is yet a long way to go as trend setting take years but at least the US small businesses are beginning to realize the importance and they are on the right track
Taxation Accounting Services:
Operating a business concern in a heavily taxed economy is always a challenge. WeAccountax offer taxation accounting services which specializes in taking in to account taxation of the company. Company operating in United States of America is subject to various taxes, such as individual income tax, corporation tax and sale tax. WeAccountax can keep a record of every tax related transaction. Because it ensures the book of accounts are in line with the taxation information provided to the regulatory authorities.
Taxation accounting services combined with our tax consultancy and tax filing services pertaining to income tax and sales tax makes this serious as one of the best combos WeAccountax has to offer. Our multi-dimensional service ensures that every information is in line with another and if any inquiry or audit is marked by the tax regulatory authority.
Annual Report Filing:
After preparation of annual report filing an annual report consist of a legal procedure. Annual report has to be filed to Security exchange commission United States of America under form 10-k. WeAccountax has identified each of the business need and provided an optional service to their respectable clients. WeAccountax can file your annual report on your behalf ensuring the annual report is submitted in time in order to avoid SEC legal measures and fines.
Financial and business analysis of the company is usually based on annual reports and how various elements of the financial statements have moved with references to another and external circumstances. This helps the analyst to identify the hidden problematic ideas and provide consultancy to resolves the issues identified.
Financial analysis usually consists of horizontal analysis i.e. which compares the comparative figures with the future and previous figure. It help the company to identify and justify the significant variances in the financial performance of the company.
Vertical analysis is used to measure the relativity of the figures within same period. This helps the company to identify the concerning issues such as profitability, interest cover etc.
Various formulas can used for ratio calculation but interpretation of the financial analysis is the most important element. WeAccountax has an expert team of financial analyst, seasoned by performing financial analysis on a large scale.
These services can help organization to identify the issues beforehand and seek the solution. Because they breakdown the financial information is the most understandable way and provide justification for any abnormal movement. This helps the management because management is aware of the underlying causes of the problem.