Utilizing the latest in computer software systems, Approved Accounting Associates provides cost effective bookkeeping, accounting and tax service to our clients. We have been using “Creative Solutions” software for our accounting clients for many years and its complimentary tax program “Ultra Tax”.
As accountants we provide monthly and quarterly bookkeeping services. We begin by working with your checking account, check stubs, sales reports, payroll reports and any other original input document to create a monthly Profit and Loss Statement and Balance Sheet. Our statements are compiled on a monthly basis to provide comparative statements. We also compare the numbers to a prior year profit & loss statement. We find this useful to help our clients to understand their business. The Balance Sheet is an important tool to understand the working capital and the financial needs or growth of the business through its cash position as well as long term assets vs liabilities of the business.
We prepare all local and Federal Income tax returns as well as all Corporate Tax returns. We handle income tax audits when necessary and know when to advise our clients to hire a Tax Attorney.
We also have a computerized “Payroll” service for our small business clients and recommend ADP when payrolls have more than 20 employees.
For our Hotel and restaurant clients we use both “Creative Solutions” and “Focus” to create the monthly profit and loss and Balance Sheets. We use “Focus” for our Hotel and Restaurant clients that require more financial analysis as well as our accountants payable module and check writing service. On these clients, we actually create a computerized accounts payable record and write the checks and can either sign the checks or send them to our client/owner for him to release the checks as funds permit. When we issue the checks we maintain and follow the bank balances on the computer and provide the owner with all backup information.
We also prepare for all of our clients a bank reconciliation and for the hotels a credit card reconciliation. We prepare a general ledger and all back up such as disbursements and receipts analysis. We maintain this information in our computer system and have extensive back up ability which is done daily. We can provide this information to our clients on a monthly basis, as required.
For our clients that need Certified Audits we recommend a local firm out of a group of firms that specialize in Certified Audits and that are experts in the Auditing rules established by the American Institute of Certified Public Accountants. Our partners are members of the AICPA.
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