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Financial Reporting

Financial Reporting & Accounting

 

Including Maintenance of Records & Compliance Returns

 

Financial reporting & Accounting at Yoder & Company includes:

  • Accounting Assistance
  • Maintenance of Records
  • Preparation of Financial Reports & Compliance tax returns

 

Many small businesses and nonprofit organizations “outsource” all or part of their accounting & reporting functions because it is more efficient and cost-effective than utilizing their non-accounting staff to perform accounting job functions for which they are neither interested nor trained.

Bookkeeping may not be a daily or weekly function, so the employee never benefits from the accuracy and efficiency gained in performing tasks frequently. Accounting becomes one of many duties which compete with other more urgent tasks. Additionally, qualified staff may not be available for supervision and training. Outsourcing of accounting allows you to focus on your core business functions.

Accounting Assistance

When Yoder & Company is engaged to provide accounting services, our client's employees usually perform the day-to-day jobs such as billing, collections, receipts, purchasing, payment of bills, and payroll in their own offices. Detail or summarized transactions are sent to us for review and adjustments necessary to complete the reporting process.

In the course of providing these services, close communication with our client’s management enables us to ensure the accounts on their general ledger represents the structure of their business, spot trends, validate business decisions, monitor outcomes, make timely adjustments or reclassifications, and suggest business and tax planning during the year when its needed.

There are many benefits to clients who utilize our real-time integrated software solutions which are accessible via an Internet connection. Besides having access to your records and reports immediately, it saves times and enhances other services such as tax planning and tax return preparation. You do not have to wait until the end of the period for information needed to run your business.

Maintenance of Records

At Yoder & Company, "maintenance of records" means taking the detail transaction or summary records that our clients provide and compiling them into accounting, employee earnings and vendor payment records from which financial reports and compliance returns can be produced. Our professionals will make adjustments to the records for complicated entries such as depreciation and to correct obvious posting or classification errors made by the client.

Compilation services do not include testing or otherwise verifying that the transactions that make up the records given to Yoder & Company are complete or accurate. This service is not intended to provide any of the internal controls or management controls of a business. These remain the responsibility of the individual or of the organization’s management. Compilations are usually requested by companies that do not need an "Audited" or "Reviewed" statement.

There are various levels of services needed by our clients from assistance and training to doing most of their accounting for them. Depending upon the services agreed upon, our accounting professionals can:

  • Provide client's accounting staff with advice and training
  • Compile the transactions made by the clients into accounting, payroll and vendor records
  • Help management ensure payroll is being handled correctly
  • Help management ensure payroll deposits and tax estimates are made on time
  • Reconcile bank and other financial accounts
  • Prepare compiled financial statements and reports
  • Prepare compliance returns & reports such as payroll, property and sales tax, W2s and 1099s

 

Preparation of Financial Reports & Tax Returns

 

Compiled financial statements with adjustments made by Yoder & Co. accountants can be prepared on demand in certain circumstances or on a periodic basis such as monthly, quarterly or annually. Yoder & Company can provide guidance in selecting the most effective financial statement presentation for your business needs.

 

Financial reporting includes:

  • Compiled financial statements
  • Management reports
  • Budget comparisons
  • Cash Flow statements

 

We prepare the following forms and reports to comply with the requirements of various governmental agencies and insurance companies:

  • Quarterly and annual payroll tax returns
  • Annual W-2s, and 1099s
  • Property tax returns
  • Sales tax returns
  • Workman's Compensation reports