As an owner of a small or medium sized business your focus needs to remain on what you do best and that is running your business whether a lawn service, small construction trade company, general contractor, restaurant, law firm, pool cleaning service, retail store, farm, ranch, nonprofit organization, radio station, software company, architecture firm, auto repair shop the list is nearly endless. Small and medium sized business owner have more important things to do than to perform the daily postings and balancing of general ledger accounts of your own books. This is where Oasis Accounting and Tax Corp come into action and shines, we take care of your books for you, so you can get back to the job of running your business and generating profits as you intended when you started your business.
These tasks when they are performed properly and consistently form the solid foundation of your business accounting and reporting system to provide you with information to make sound and informed business decisions. You have the options to customize any of our service packages such as adding payroll processing and payroll tax reporting services, tax planning, business budgeting, tax preparation, or any of our other services.
When your accounting cycle completes on an annual basis your temporary accounts (income and expense accounts) are reset to zero to begin accumulating transactions for the current cycle. Balance sheet accounts are permanent accounts, meaning they never reset and reflect the balances of net debits and credits for all accounting periods. When the income and expense accounts are reset the resulting net figure, net income or (net loss) is reflected in retained earnings withing the equity portion of the balance sheet. When your accountant completes your adjusting entries you can be confident that you are reviewing correct information on your financial statements.
A balance sheet helps you;