Small businesses have various needs for financial statements. Lenders request them, investors request them, and even you should want to know about the financial position and progress of your business. Properly prepared financial statements can be elusive, if you don’t know what is supposed to go in them in order to meet everyone’s needs. This is where we can help.
An income statement, also known as a profit and loss statement, adds an itemized list of all your revenues/sales and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
STATEMENT OF RETAINED EARNINGS Retained Earnings refers to the portion of net income that was not distributed to the owners of a company, but was reinvested (retained) by the business. The Statement of Retained Earnings or Statement of Retained Deficit, depending on the business performance, explains the changes in the company’s retained earnings over the reporting period.
STATEMENT OF EQUITY
Somewhat similar to the statement of retained earnings, the statement of Shareholders’, Members’ or Partners’ Equity not only includes retained earnings, but also owner investments into the company. Equity is the residual value in the assets when the debt is paid off to the creditors and when the obligations have been met.
STATEMENT OF CASH FLOWS
The statement of cash flows shows the movement of cash into and out of the company. It separates these “cash flows” into three categories…cash flow from operations, cash flow from investing activities, and cash flow from investing activities.
Payroll is one the most important functions of your business.
Employees must be paid on time, required tax reports and withholdings must be filed timely. If payroll reporting is not performed as required, you could face large penalties and in some cases, owners have lost their businesses. So, the best decision you can make is to leave the responsibilities to a Payroll Services Leader.
We offer full service payroll and HR services & solutions.
We partner with the best payroll services corporation, ADP.
We will help select the best payroll solutions you need to provide on time payroll.
ADP offers a full range of payroll, HR, insurance, employee benefit plans, services and more.
Call us at 815.839.7600 to schedule your appointment to set up payroll services so you can pay your employees and contractors accurately and on time.
We go the extra mile by providing an extensive list of services you need in when starting your new business.
First, Our Business Incorporation Service will help you select the appropriate business structure.
Then we also help ensure your business is properly registered with the IRS, State Department of Revenue, Department of Employment Security, Dunn & Bradstreet and more.
We will work with you to ensure you are set up for success!
Common Legal Business Structures
Limited Liability Company
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ABOUT PLAINFIELD ACCOUNTING & TAX SERVICES BY CPA‘s
We possess over 20 Years preparing Federal & State Business Tax Returns, Personal Tax Returns, Business Tax Returns, Tax Return Amendments, Business Accounting Services, Business Incorporation Services, Business Payroll Preparation Service, Financial Statement Compilations, Payroll Services, Monthly QuickBooks Accounting Services, Financial Statement Preparation, Consulting Experience. We are licensed CPA's with Fortune 500 experience, Big Public Accounting, Military, Not For Profit, Small Business, Entrepreneurial, Start Up Businesses ,Audit, Financial, Budgeting Experience.
Our specific Industry Experience include: Health Insurance, Hospital, Real Estate, Transportation, Manufacturing, Customer Service, Hospitality, Restaurant, Drinking Establishments, Service, Consulting, Cosmetology, Civil Engineering, and Military.
Our CPA served in the US Military Active Duty and Reserve for 23 years.
Our broad and specific experience coupled with integrity and strong customer service skills allows us to offer superior customer service you can rely upon.
Our Customers Count on Us. Our success is measured by our customers success.
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Plainfield Accounting & Tax LTD
Plainfield, IL 60544
Serving Individual and Business Clients in Plainfield IL, Naperville IL, Joliet IL, Crest Hill IL, Romeoville IL, Bolingbrook IL, Shorewood IL, Oswego IL, Aurora IL, Western Cook County, Will County, DuPage County, and Surrounding Chicagoland Areas.
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