Ledger Medial a Accountants Asheville NC provaider, located in Greenville, South Carolina, provides accounting and tax services to small businesses and their owners. However, we also provide solutions for other accounting and tax needs.
General ledgers are an essential element of accounting, helping you organize and analyze your financial data. They offer a comprehensive view of your business’ finances over a given period, which can enable you to detect issues before they escalate into major issues.
Accounting Process
One of the most significant and challenging aspects of running a business is tracking financial information. Accurate and timely data is key for future success; having an efficient accounting system in place will make this task much simpler for your enterprise. From there, you can leverage various benefits that will make running your business smoother.
Ledger Medial Accounting Services is a full-service accounting firm located in Greenville, South Carolina that can meet all your tax and bookkeeping requirements. Our specialized team will find the ideal fit for your business regardless of its size or scope; our seasoned professionals guarantee excellent service and give you the assurance to grow at whatever stage it’s at.
General Ledger
General ledger accounting is a form of bookkeeping that meticulously records every financial transaction made by a business over an agreed-upon period by Asheville Accountants. It’s ideal for monitoring expenses, income and any areas where your business might be overspending or underperforming.
The general ledger is the primary repository of data used in other accounting formats, such as profit and loss statements, balance sheets and tax filings. It consolidates information from different sub-ledgers like accounts receivable and cash, keeping track of amounts credited and debited on a consistent basis.
Double-entry accounting, which records each transaction twice as a credit and debit in two distinct columns, ensures the general ledger remains balanced. For instance, if ABCDEFGH Software purchases new production equipment for its machine shop, it would record an increase in its asset account and decrease in cash disbursements account.
Financial Statements
No matter the size of your business, financial statements are essential for management decision-making and tax filings. They offer an overview of your facility’s finances at any given moment and enable you to assess how well the operation is doing.
A general ledger typically contains five categories of accounts, such as assets, liabilities, owner’s equity, revenue and expenses. Assets can be classified as current or long-term in nature – such as cash, inventory, investments or other resources that can be converted to cash within one year.
Liabilities can be classified as current or long-term and include accounts payable, taxes due or loans due within a year. Shareholders’ equity includes common or preferred stock, retained earnings and money that can be attributed to owners. Expenses are broken down into operating and non-operating costs. Net income is calculated by subtracting expenses from revenues; typically these figures appear on an income statement prepared monthly or quarterly.
Taxes
One of the most intricate parts of managing a crypto portfolio is taxation. This issue becomes even more complex when considering that there are over 80 jurisdictions with taxing powers in the US, each with their own requirements. Luckily, LM provides comprehensive accounting solutions to suit your requirements – from monthly bookkeeping to full service tax planning and Tax Accountant Asheville.
We’ve joined forces with ZenLedger to give you the best of both worlds – a crypto tax tool that takes away the stress from reporting your crypto activities as part of annual taxes. Their software analyzes every transaction in your book, identifying pertinent tax events according to US tax rules – and then consolidates them all for easy viewing. It’s an impressive feat of software engineering and testament to Zen Ledger’s quality as our technology partner.
