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Accounting Glossary.


Your accountant is responsible for working out your asset, liability and capital account entries. They also prepare your tax returns and do all your tax calculations.

Balance Sheet

The monthly statement we send you that calculates your Assets (inventory and cash) and Liabilities. It gives you a snapshot of the financial health of your company.


Your bookkeeper is responsible for recording and classifying all your transactions. They also produce financial reports for your CPA to review.


We properly categorize each of your bank transactions into the proper categories. You get all the data summarized in your Profit and Loss Statement.

Business Corporation Tax Return

You need to file this with the IRS every year to report your profit for tax purposes. (Included in our GROWTH and ENTERPRISE package or Corporate Tax Return Add-On Service)


Your CPA oversees your bookkeeping team. CPA stands for Certified Public Accountant. CPAs hold the highest professional qualification in accounting.


These are the letters you receive from the IRS or State Agency about your tax and accounting. Your CPA will respond to the letters on your behalf.

Payroll Tax Return (Form 941 & 940)

You need to file this with the IRS every quarter to report your payroll taxes. (Included in our PAYROLL Service)

Profit and Loss Statement (P&L)

The monthly statement we send you that sets out all your sales and expenses by category. It’s a quick and easy way to see how your company is performing.

Sales Tax Return

Your CPA team will handle the calculations to work out how much sales tax you owe each month. They will submit the sales tax return on your behalf.