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Accounting & Bookkeeping

“Bookkeeping is the recording of the value of assets, liabilities, income, and expenses in the daybooks, journals, and ledgers, in which debit and credit entries are chronologically posted to record changes in value. Bookkeeping is often mistaken for accounting, which is the system of recording, verifying, and reporting such information. Bookkeeping refers to “keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left.” [1] Bookkeeping is parted into accounting periods, and bookkeepers’ work is closely related to that of accountants.

Bookkeeping also involves keeping track of income and expenses in a cash account record, checking account register, or savings account passbook. Individuals who borrow or lend money must track how much they owe to others or are owed from others.”
Wikipedia.org

At Pryor & Associates, P.C., our bookkeepers work hand in hand with clients to gather essential information to provide monthly bookkeeping and accounting services. We offer both bookkeeping and accounting on a monthly or quarterly basis, depending on our client’s business needs. By employing state-of-the-art bookkeeping software and technology, we are able to conduct our operations more quickly and efficiently for our clients.

Our team will also prepare financial statements to provide an overview of a business’ financial condition in both short and long term perspectives. They will also prepare financial statements by collecting all relevant financial information of our client’s business venture. That financial information is then prepared in a format that is easy to understand, so clients are able to see exactly where they stand to better forecast future budgets or business decisions.

There are four basic financial statements that we prepare at Pryor & Associates, P.C.

  1. Balance sheet: Is a report of financial standing or condition, and it reports on a company’s assets, liabilities, and total equity at any given time.
  2. Income statement: Known as a “Profit and Loss” statement (or a “P&L”), reports on a company’s income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sales and the various expenses acquired during the processing state.
  3. Statement of retained earnings: Highlights and summarizes the changes in a company’s retained earnings over the reporting period.
  4. Statement of cash flows: Reports on a company’s cash flow behavior, particularly during the operating, investing and financing performances.

At Pryor & Associates, P.C., our bookkeeping staff also specializes in training our clients to properly implement an accounting system within their own business so they are easily able to enter daily sales and business transactions.

Click Here to schedule a consultation or meeting with our bookkeeping department, or call 512.402.0049

What Clients Say

"Randy Pryor has been a valued resource for both our business and personal tax matters..."

Rick and Jeanne Ann Klein