Posts Tagged “income statement”

How Timely and Accurate Financials Can Help Grow your Business

To succeed in business, you need a trusted bookkeeper. Many small business owners outsource to professional bookkeeping services like BookWerksTM, which is based in Cincinnati but serves clients all over the US and beyond remotely. Whether you do your bookkeeping in-house or outsource it, you need timely and accurate financial reports in order to make […]Read More

Understanding the Difference Between Balance Sheets and Income Statements

someone at computer using bookkeeping software

Professional bookkeeping businesses produce income statements and balance sheets for their clients. These reports are excellent tools for owners of businesses, but are often confused. A balance sheet gives a snapshot of financial situation at a moment in time, while an income statement – or profit and loss statement – measures financial position changes over […]Read More

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Finding the Best Bookkeeper for Dental Practices

The best bookkeeping company for dental practices will manage financial records specific to the industry while ensuring regulatory compliance and financial health. Dentists have unique bookkeeping needs due to their mix of recurring services, one-time procedures, insurance billing and high-cost equipment purchases. As a premier bookkeeper for dental practices, BookWerks^TM provides the following: tracking income from patients (categorizing income sources such as routine cleanings, procedures and elective services); following up on recording payments for office supplies, utilities, dental materials and lab fees; tracking high-value assets like dental chairs, X-ray machines and sterilization equipment (and calculating their depreciation for tax purposes and long-term financial planning); ensuring all transactions match bank and credit card statements–identifying discrepancies and correcting errors promptly; and preparing profit and loss statements, balance sheets and cash flow statements, providing insights into the practice’s profitability and financial trends.