Shelby Accounting Services, LLC

Your company's assets, liabilities, and owner equity are displayed on your balance sheet. In essence, it is a comparison of your assets and liabilities. Keep in mind, liabilities are what your business owes, and assets are what your business owns. Equity represents the ownership interest in the company and is calculated by subtracting the liabilities from the assets of your company. Contact us at (757) 987-4679.

A collection of presumptions, frameworks, and techniques utilized in the investigation and implementation of financial reporting principles is known as accounting theory. Usefulness is a crucial component of accounting theory. Every financial statement should provide significant data that will allow well-informed business decisions. This implies that accounting theory is purposefully adaptable to generate useful financial data even in the event that the legal landscape shifts. According to accounting theory, all accounting data should be consistent, relevant, dependable, and comparable in addition to being helpful. ??: (757) 987-4679

Business financial audits don’t have to be scary! With careful planning and organizational preparation, the process will be smooth and successful. Remember – being proactive is your greatest asset! https://bit.ly/3UaEfQF

Have you started your estate planning yet? Check out this insightful article discussing the importance of estate planning regardless of your age. It is critical to be prepared in your financial life and take control of your resources. Not sure where to start? We can help! Call us at (757) 987-4679. https://bit.ly/3YHJsQS

There's no sure way to predict an IRS audit, but these 19 audit red flags could increase your chances of drawing unwanted attention from them. Need an accountant? Why wait? Call us today at (757) 987-4679 to schedule a consultation! https://bit.ly/3anzb2V

The first step to becoming a successful business owner is ensuring you have a properly written and effective business plan. Because it outlines your business’ financial goals and details how you’ll achieve them, this roadmap is essential in organizing your vision and operations. Not sure how to start? This step-by-step guide is helpful as we walk you through the process! ??For all your questions on how to set up your business accounting, look no further. Contact us today at (757) 987-4679! https://bit.ly/3okjvUe

You might be aware that bookkeeping is the backbone to owning a business – so having and maintaining an effective system is crucial to your success. Not only does it keep your finances in order, but it also helps you to build a solid financial foundation for your company for years to come to achieve all your entrepreneurial goals! https://bit.ly/4egXyij

A company's financial statement preparation is governed by its accounting policies. Accounting principles are a set of guidelines that a business should follow. Nevertheless, the framework is quite adaptable and the business' management team can select particular practices that improve the company's financial reporting. A company's specific rules are crucial because accounting standards can be lax. Examining a company's accounting practices may determine whether the business is aggressive or conservative when reporting profits. ??: (757) 987-4679

The IRS is supposed to focus on audits of corporations and high-income and wealthy taxpayers. But who’s really under the agency’s microscope? This article sheds some light on who is most likely to be audited and the IRS audit process. If you’re concerned about making a mistake on your return, call us at (757) 987-4679 for guidance. https://bit.ly/4hMLkR5

Did you know that as a profession, bookkeeping has been around since the 15th century? Thanks to Italian mathematician Frater Luca Pacioli – the father of modern accounting – we have detailed accounting systems and tools that are still used today! One of his methods is double-entry bookkeeping. Who knew?! For all your accounting and bookkeeping needs today, contact us at (757) 987-4679.