Lani, Author at LMC Accounting Services https://lmcaccountingservices.com/author/lani/ Small Business Accounting and Tax Services in Palm Coast, Florida Thu, 16 Jun 2022 23:59:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Bookkeeper vs Accountant https://lmcaccountingservices.com/bookkeeper-vs-accountant/ Thu, 16 Jun 2022 23:59:38 +0000 https://lmcaccountingservices.com/?p=113 What is the difference between a Bookkeeper and an Accountant? A bookkeeper records and tracks your finances. They record the daily transactions and generate data.  Bookkeeping is the foundation of your business. An accountant processes the financial information  and analyzes the data.  They verify the recorded data and turn that data into Financials Statements, giving […]

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A bookkeeper records and tracks your finances. They record the daily transactions and generate data.  Bookkeeping is the foundation of your business.

An accountant processes the financial information  and analyzes the data.  They verify the recorded data and turn that data into Financials Statements, giving you the complete view of your business.

A bookkeeper plays a vital role in maintaining your businesses books. They perform a transactional and administrative role, recording and managing the day-to-day financial transactions of the business.

This includes keeping thorough financial records of:

  • Purchases
  • Sales
  • Receipts
  • Payments

An accountant has several areas responsibility—all of which are related to the company’s finances.

Common roles of an accountant include:

  • Managing financial data
  • Helping you select a business structure
  • Regulatory compliance
  • Increasing revenue
  • Overseeing the general ledger Financials
    • Balance sheet
    • Cash flow statement
    • Income statement
    • Shareholders equity statement
  • Financial forecasting
    • Setting long-term financial goals
    • Identifying investment opportunities and targets
    • Performing break-even analysis
    • Projecting P&L and balance sheets

Every business has different needs and every owner has different knowledge. Deciding what is needed is something only the owner can decide.

I hope this information was useful!

Lani

LMC Accounting Services, Inc.

 

 

 

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]]> Is your business Woman, Minority or Veteran owned? https://lmcaccountingservices.com/is-your-business-woman-minority-or-veteran-owned/ Sat, 23 Apr 2022 02:18:41 +0000 https://lmcaccountingservices.com/?p=104 Is your business 51% owned and managed by a woman, veteran, or minority who is a U.S. citizen or permanent resident alien?  If yes, then you may be eligible to become apart of the Florida Certified Business Enterprises (FCBE). What are some of the benefits of becoming a Certified Small Business? - Access to Government […]

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Is your business 51% owned and managed by a woman, veteran, or minority who is a U.S. citizen or permanent resident alien?  If yes, then you may be eligible to become apart of the Florida Certified Business Enterprises (FCBE).
What are some of the benefits of becoming a Certified Small Business?
- Access to Government Grants and Contracts
- Increased Business Partnership Opportunities
- Networking Opportunities
- Training Workshops, Management, and Technical Guidance
What qualifies as a minority-owned business Florida?
- Be legally registered to do business in Florida as a for-profit organization (registration through the Department of State).
- Be based in Florida.
- Be owned and managed by a resident(s) of Florida.
- Be 51 percent owned and managed by a woman, veteran, or minority who is a U.S. citizen or permanent resident alien.
- Be engaged in commercial transactions (currently doing business).
- Be registered in MyFloridaMarketPlace.
- Have a net worth of less than $5 million.
- Have 200 or fewer full-time permanent employees.
- Have a professional license, if required by the industry, in the name of the woman, veteran, or minority business owner.
If you are interested in becoming Small Business Certified and would like more information about the process, please contact at lani@lmcaccountingservices.com.
If we get enough inquires, we can set up a Q&A.
Dream it. Wish it. Do it.
Lani

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