We Keep Your Books Balanced in Meriden, CT

At Nesso Accounting, we know you want to be a diligent business owner who can rest knowing that your accounting is on point. We understand the challenges that you can…

December 11, 2022

Written by Justin Sloan

At Nesso Accounting, we know you want to be a diligent business owner who can rest knowing that your accounting is on point. We understand the challenges that you can face when it comes to bookkeeping. You probably don’t have the time and energy to balance your books. Therefore, we want to help you regain control of your time and peace of mind with our “After the fact” bookkeeping services in Meriden, CT.

Bookkeeping is a team job. It’s complicated for you to juggle this important task with your other business owner tasks. At Nesso Accounting, our qualified and experienced bookkeepers will keep your financials up to date quickly. They can then keep them in order through our regular services. Let us take the worry out of your accounting management so you can focus on making your business thrive in Meriden.

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What Is Bookkeeping?

Bookkeeping is keeping track of all financial transactions within a business. It involves recording, classifying, and summarizing financial data into something useful and understandable. Bookkeeping helps you understand where your money is going and how much profit or loss you have on every transaction. This knowledge can be used to make better decisions and improve financial stability.

Basic Tasks

Basic bookkeeping tasks include the following:

  • Invoicing clients
  • Recording supplier invoices
  • Recording vendor payments
  • Recording client payments
  • Updating your payroll system
  • Drawing financial reports

Understand the Bookkeeping Basics

Even if you hire an accountant or bookkeeper to do your books for you, it is still essential that you understand basic financial reports to assess the economic condition of your company’s growth.

Although becoming an expert in financial matters is unnecessary, you must remain aware of the monetary side of things as a business owner. Understanding your finances and their impact on your company’s other vital aspects should always be top-of-mind when creating high-quality product designs or developing strong relationships with partners.

Accounts, Terms & Financial Statements

Here is a list of important accounts, terms, and financial statements of a bookkeeping system that you should familiarize yourself with:

  • Debits and credits: Money coming into the business is a debit, and money going out is a credit. To sum it up briefly – debits are positive values, whereas credits are negative figures.
  • Stockholders’ equity: Stockholders’ equity is essential to a company’s financial health. It measures the ownership interest in the business, comprising share capital and accumulated profits reinvested into the company.
  • Liabilities: Liabilities listed on a company’s balance sheet include obligations to creditors and payments for services not yet rendered. These monies must be accounted for and may appear as deferred revenue until those services have been provided.
  • Assets: A company’s balance sheet also shows the lucrative resources that it possesses, such as inventory, buildings, equipment, accounts receivable, and stocks. These assets measure the value within an organization and can be incredibly significant to its bottom line.
  • Accounts receivable: Keeping track of all unpaid customer amounts is essential, and accounts receivable management can simplify your life. This account aids you in staying organized by registering each client’s outstanding payment so that generating precise invoices become effortless while consistently being up-to-date with your records.
  • Accounts payable: Accounts payable is a comprehensive system designed to track all payments your business needs to make. With it, you can guarantee that accounts are paid in full and on schedule without any double payments or mismanagement of funds – the keys to forging strong relationships with suppliers and preserving a positive reputation.
  • Owner’s equity: This account reflects the amount of money a business owner has once all liabilities are considered.
  • Retained earnings: This account is a detailed log of all the profits allocated to support the business’s growth. It is cumulative, displaying every retained earning since its creation, making it a critical piece of information for prospective investors.
  • Payroll expenses: Accurately and regularly monitoring your payroll account is essential for meeting government tax requirements. This includes tracking salaries, wages, and associated taxes such as Medicare or Social Security employer contributions. Keeping the records up-to-date ensures compliance with regulations. It helps you make smart financial decisions that benefit you and your staff in the long run.
  • Balance sheet: If you’re looking for a comprehensive account of the financial standing of your business, then consulting the balance sheet is essential. This vital document will offer an in-depth understanding of your company’s assets, liabilities, and shareholders’ equity – providing key insights into income and expenditures during any given timeframe.
  • Income statement: This financial statement provides a transparent overview of your business’s fiscal wellness. It is known as the profit and loss report since it focuses on all revenues and costs incurred during a stated duration. With this document, you can be assured that your organization remains financially healthy!
  • Cash flow statement: The cash flow statement is essential to comprehensively understand an organization’s liquidity and overall financial standing. It provides insight into their operating, investing, and financing activities related to the acquisition or use of cash. With this information, one can accurately assess how well a business has been doing financially.

Green Flags of A Reliable Bookkeeper

What should you look for in a good bookkeeper? One of your main concerns is hiring a bookkeeper that knows how to do the job because bookkeeping mistakes can be costly. Above anything else, ensure they have experience in your industry and a general understanding of GAAP.

Here are the main characteristics that a good bookkeeper must have:

  • Accuracy – A reliable bookkeeper must have an eye for detail and double-check any transactions that don’t add up.
  • Organizational Skills – Being organized is essential to keep track of all the financial data accurately. The bookkeeper should be able to keep any information stored securely to avoid any privacy or security breaches.
  • Time Management – Bookkeepers need to prioritize tasks, plan and be able to stay on top of deadlines.
  • Knowledge of Accounting Software – Today, many bookkeeping activities are done electronically with accounting software which needs to be mastered by the bookkeeper to do their job effectively.
  • Communication – Good bookkeepers should be able to communicate effectively with all stakeholders, as they will often have to provide financial reports and explain where money is going.
  • Accountability – A reliable bookkeeper must take responsibility for their mistakes and be open to criticism when asked about the accuracy of their work.

At Nesso Accounting, we understand how important it is for businesses to have a trustworthy and reliable bookkeeper. Our team has plenty of experience in the industry and understands all the complexities that come with bookkeeping.

We Help Your Company Stay Profitable

Bookkeeping helps your business become and remain profitable. By keeping a detailed track of your expenses, sales, and other financial data, you can better understand where your money is coming from and how to best manage it.

At Nesso Accounting, we ensure that your financial records are up-to-date and accurate, giving you all the information you need to make informed decisions. Here’s what you can expect from our bookkeeping services:

An Accurate Budget

With your income and expenses properly organized, reviewing your financial resources and costs is simple. This helps you create an accurate financial roadmap for your business, including plans for future expenses to help it grow. Without our experts keeping accurate and up-to-date books for your business, getting an accurate budget is much harder because it’s all the main guesswork.

Keeps You Prepared for Tax

As annoying as it is, businesses must file their taxes at the end of the tax year. Our bookkeepers ensure you have financial information ready for tax season, and the taxman won’t be breathing down your neck.

So, when HMRC demands a financial statement from your business for tax reasons, our bookkeeping will help you predict the outcome more accurately.

Maintains Organised Records

That last-minute stress of trying to find a crucial piece of business can lead to missed deadlines and some small errors creeping through. Businesses can’t afford to make any mistakes, and our bookkeeping can help.

You can maintain organized records by letting us do your books and stay on top of them. Over time, it’ll make it much easier to find the bits of information you desperately need in no time.

Easier to See Business Targets

We know you want to grow, but poor financial records can often stop that from happening at your desired speed. With no accurate number or data to analyze, it’s not easy to set yourself any growth goals.

Guessing your numbers will disappoint you because you didn’t hit the targets you set out previously. We’ll stay on top of your books and keep regular financial records, so you can map out your business goals more accurately and achieve growth.

Our “After The Fact Bookkeeping” Services

Do you need bookkeeping assistance but don’t want someone dealing with your accounts full-time? These are the areas in which we can help you:

Accounting

Nesso Accounting is the ideal solution for keeping your finances organized and in line. With our user-friendly tracking platform, you can easily keep an eye on your income and expenses. Say goodbye to scattered documents or forgotten accounts; control all financial matters throughout the year.

Bookkeeping

Do you feel overwhelmed by paper documents and receipts? Nesso Accounting is here to tackle your financial woes! Our bookkeeping services will ensure that all of the data is accurately documented, ensuring your business is profitable.

Inventory

Let Nesso Accounting assist you in taking control of your business’s inventory. With our up-to-date tracking system, rest assured that all necessary stock is on hand and easily accessible whenever needed, allowing for increased efficiency while reducing unnecessary costs towards a healthier bottom line.

Streamlining Your Bookkeeping to Us

Nesso Accounting is a great addition to your long-term business plan. We’ll help you have a holistic view of your transactions, financial movements, and inventory levels by:

  • Providing financial guidance on their financial health & strategies.
  • Recording daily transactions
  • Keep your finances in check
  • Keep track of stock levels

About Nesso Accounting: This Is Our Story

Nesso Accounting is a product of many years of diligent work by John Wonnebager and Matthew Glatt. From 1994 to 2009, the two entrepreneurs carved out their places in financial services before establishing separate firms.

Eight years ago, they came together with a shared goal: to create an organization that borrowed from both founders’ expertise and values–and delivered unprecedented service for clients. The result was Nesso Accounting-–a firm built on knowledge and commitment that continues today.

Vision

At Nesso Accounting, we offer a comprehensive suite of accounting services powered by our team of experienced accountants in Meriden. We strive to help you understand the complete financial picture and provide greater strategies for long-term success through planning and analysis.

We want to save your company the time, money, and stress of onboarding an entire finance department. We guarantee satisfaction through top-notch communication as well as a positive attitude always.

Let’s Work Together on Your Books

Let us show you what we can do! Here’s how our process works

Consultation

Book a consultation through our website or via phone call.

Analysis and Plan

Let us analyze and organize your company’s information. We want to check your books and numbers to see how much work has to be done.

Implementation

We begin our work as professional bookkeepers in Meriden, CT.

Reliable Financial Solutions, Just for You in Meriden, CT

Avoid putting your business at financial risk because of guessing your numbers. Have your books and finances organized by professional accountants in Meriden, CT. Nesso Accounting is committed to providing reliable financial experts just for you. We will work closely with you to ensure your books are accurate, up-to-date, and well-organized. Stop stressing over bookkeeping, and let us handle it for you with our professional and modern technologies.

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