Chris Torres & CPAs
An Accountancy Corporation
Bookkeeping Service - Orange County
Chris Torres & CPAs is a top rated bookkeeping service in Orange County.
Chris Torres & CPAs work alongside business owners to provide bookkeeping and accounting services with a focus on accuracy and timeliness. Our Orange County bookkeeping CPA Firm, offers full-service bookkeeping services. We understand that well-maintained financial records are essential for making informed business decisions, staying compliant, preparing for tax season and achieving long-term success. Whether you need help with monthly, quarterly or yearly bookkeeping, we ensure everything is organized to empower you as a business owner to grow your business. Our goal is to give you peace of mind, knowing your finances are in order so you can focus on running your business with confidence. Book a call to learn more about our Orange County full cycle bookkeeping CPA services.
ORANGE COUNTY BOOKKEEPING FREQUENTLY ASKED QUESTIONS
What Is Bookkeeping & Accounting?
Why Is Bookkeeping & Accounting Important For My Business?
How Does Being Up To Date With My Bookkeeping & Accounting Help My Business?
What Sorts Of Records Should I Keep For Bookkeeping & Accounting Purposes?
Accounting is the entire process of identifying business transactions, recording them in the business books, creating financial statements and closing out the books at year end. Bookkeeping is a process within accounting that focuses on recognizing, categorizing and recording transactions accurately. Bookkeeping is an essential first step in the accounting process. In order to generate financial statements: income statement (profit and loss, P&L), cash flow statement and a balance sheet, you must complete the bookkeeping first.
Bookkeeping is important for your business because, once its finished, you as the business owner, can utilize the financial reports to see your profit, analyze income and expenses, the health of your business and make rational informed decisions based on the bookkeeping data. It is essential that bookkeeping is done accurately and by qualified professionals. We've seen it many times; you do not want to incorrectly categorize a cash deposit as income, which flows to income statement and eventually to the tax return and you pay taxes on this, when it was really something else like a deposit of your own money, sale of an asset or some other non-income deposit.
In a perfect accounting world, bookkeeping and accounting will be done instantaneously when the transaction occurs. This, however, is impractical. "Being up to date" varies from business to business, for some businesses every month, quarter or year is considered "up to date". Being up to date helps your business by allowing you to see a full report of the income & expenses (and net profit) with your business, helps you make informed strategic decisions and allows for analysis into your business income and expenses. From a tax perspective, the first step into preparing a business tax return is to finalize the bookkeeping and accounting of your business so that we may complete the return. This is then followed by your personal tax return. Finishing the bookkeeping is the first step in the tax preparation process. Being up to date with your bookkeeping and accounting will help you make better business decisions, see and analyze profits and help make tax season a breeze.
According to the IRS, you may choose any record keeping system for your business that clearly shows your income and expenses. Most modern businesses find it more efficient with time and complexity to implement an accounting software to capture or categorize transactions. With accounting software and a trained CPA, a business can automatically connect bank accounts, setup all bookkeeping accounts and begin seamlessly recording their transactions electronically rather than with paper. The paper and electronic receipts and other documentation can be kept separately or integrated with the accounting software depending on your business needs and level of analysis you are trying to achieve. Keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place. Read more about IRS guidelines here.
ORANGE COUNTY BOOKKEEPING SERVICES
Launch
Bookkeeping + Reports By CPA
- Categorize Transactions: Quarterly
- Reconcile Bank Accounts: Quarterly
- Prepare Financial Reports: Quarterly
- Goal Achievement Call With Account Manager: Bi-Annually
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Includes: Accounting Setup, Bank Account Connections, Free Business Bookkeeping Assessment, Dedicated Email/Phone Support For Questions.
Growth
Established
Bookkeeping + Reports By CPA
Bookkeeping + Reports By CPA
- Categorize Transactions: Monthly
- Reconcile Bank Accounts: Monthly
- Prepare Financial Reports: Monthly
- Goal Achievement Call With Account Manager: Quarterly
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Includes: Accounting Setup, Bank Account Connections, Free Business Bookkeeping Assessment, Dedicated Email/Phone Support For Questions.
- Categorize Transactions: Every 2 weeks
- Reconcile Bank Accounts: Monthly
- Prepare Financial Reports: Monthly
- Goal Achievement Call With Account Manager: Monthly
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Includes: Accounting Setup, Bank Account Connections, Free Business Bookkeeping Assessment, Dedicated Email/Phone Support For Questions.
Enterprise
Bookkeeping + Reports By CPA
- Categorize Transactions: Every Week
- Reconcile Bank Accounts: Monthly
- Prepare Financial Reports: Monthly
- Goal Achievement Call With Account Manager: Monthly​
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Includes: Accounting Setup, Bank Account Connections, Free Business Bookkeeping Assessment, Dedicated Email/Phone Support For Questions.