The Basic Relationship between Accounting & Taxes

Is it tax season again? Are you looking for a practicing CPA in Rochester Hills, MI? You do not have to look far because M E Burns Cpa is here to help you with your tax filing preparation. As one of the preferred local accounting firms in Rochester Hills, MI, our expertise is not limited to the creation of the financial reports that will form part of the supporting documents for your tax returns. We also offer bookkeeping services that will help in the decision-making process for your company’s daily operations.

Bookkeeping – It is hard to separate accounting and taxes. There is a need to perform the former in order to arrive at the correct amount that you need to pay for taxes. Other than that, you need bookkeeping to make well-informed decisions with regard to the acquisition of equipment and inventory.

As a reliable local accountant, our first step in any bookkeeping job would be to inspect the records of your daily transactions. These would include the cash receipts and the notes receivables, as well as the vouchers and notes payable. Once done, we can start creating journal entries. We take special care in doing this task because this is the foundation of any financial report. An error would mean that your financial statements are no longer accurate. Once done with the journal entries, we would post them on the general ledger. We ensure that no mistakes are made on the posting of the line items so that the amounts on the continuing operations category are not mixed with non-operating income.

We can now proceed with the creation of the income statement. We would continue with the same zeal that we have invested in the previous phase in this part of the bookkeeping process. Any local accounting company would understand that this stage is very important because they know that this is where the company’s gains or losses are determined. If we are satisfied that all figures are correct, we can forward the balances to the balance sheet and to the statement of owner’s equity.

You can rely on M E Burns Cpa to deliver financial statements that are timely and free from material misrepresentations. We take pride in our ability to ensure that all our work are compliant with the generally accepted accounting principles. This has earned us the trust of several companies in the areas of . If you have other questions, you should immediately call us at (248) 207-8755.