Accounting Setup Services for Denver Businesses
financial planning
achieve your financial goals!
Even if you’re just starting your business, you have a vision of what you want to achieve. Now’s the critical time to focus on bringing that vision fully to fruition. Let DK/RK Services, specializing in accounting setup in Denver, take charge of your accounting needs by setting up your books, helping you design the perfect chart of accounts, and creating customized accounting systems tailored specifically to your unique business. We’ll handle the accounting, freeing you up to grow your enterprise and achieve your financial goals.
Or maybe you’ve been in business for a while, and you’re frustrated with the seemingly endless bookkeeping and accounting chores you have to juggle. What does all this have to do with the dream you started with… or with growing your business to its greatest potential? Our Denver accounting setup services are designed to streamline these tasks so you can focus on what matters most: business growth.
Perhaps you are already a successful business but have not been able to achieve the level of success you expected. Part of the problem is you haven’t had the time to stay on top of your bookkeeping and accounting work. You wouldn’t be the first successful businessperson who suddenly realized that maybe your accounting setup and bookkeeping services are what is slowing you down.
Or you might be in good shape with the accounting basics… payroll’s under control, accounts payable and receivable are handled, your tax reporting is timely and accurate… but you’d really benefit from the expert advice of a Chief Financial Officer who can interpret your data and help you make the key decisions that will guide the company’s future growth. Fortunately, you do not need to hire a full time CFO. DK/RK Services provides business financial planning and business consulting services through our outsourced CFO services.
Whatever accounting issues are plaguing your business, DK/RK Services offers the complete range of accounting and bookkeeping services. We can help you achieve your business and financial goals! Contact DK/RK Services to find out how.
Accounting concerns for startups
Maybe you’re just starting your business. You’ve had a dream for some time, and now that dream is close to becoming a reality. But there’s so much to think about that has nothing to do with the true essence of your business!
Forming your business entity, registering everything with the state, setting up the right chart of accounts to meet your needs, and ensuring everything is in good order for your CPA (or the IRS) can be overwhelming. Fortunately, DK/RK Services provides specialized accounting setup services tailored for new business owners.
When you are first starting, there are a lot of moving parts to track. An important aspect of establishing any business is how you will monitor your income and expenses. This actually involves two distinct activities: accounting and bookkeeping.
Accounting encompasses tracking the inflows of cash (income) and the outflows (expenses). It involves analyzing this data to evaluate the health of your business over time. Bookkeeping, on the other hand, refers to the meticulous recording of all transactions your business makes.
At DK/RK Services, we can assist you with both accounting setup and bookkeeping services, ensuring you stay focused on what really matters—realizing your dream!
Accounting Setup Using Accounting Software
Right now, you might be saying to yourself, “my business is just starting. I am pretty good with software; Can’t I just go buy one of those off the shelf accounting programs? Why should I hire an accounting firm when they are just going to use the same software?”
Accounting software is great. However, just like any other type of software, the more you know, the better it works for you. Here are a few reasons why you still need DK/RK Services for expert accounting setup:
As you can see, DK/RK Services provides a broad range of personalized services for any business, from start up, to scaling, to exit planning. We are interested in a long-term partnership with you and your business. Whatever stage you are in, our accounting setup services in Denver can help. Make one of your best business decisions today. Contact the bookkeeping specialists at DK/RK Services!
When Should You Hire an Accountant?
There are a number of steps to setting up a new business. Below we will discuss them and how having DK/RK Services in Denver at your side at each step will ensure that your business functions at every step.
Choose Your Business Entity
One of the first things you need to decide is what structure your business will take. This choice depends on factors like whether your business is just you or includes partners, the risks involved, and whether you anticipate having shareholders. There are different types of business entities, each with unique financial benefits and tax liabilities.
The type of entity you choose can have long term effects on your taxes, financial liabilities and more. These financial and personal implications make it crucial for new business owners to get the best advice early on. While DK/RK Services are not CPAs, as accounting and finance experts, we can make the task of working with your accountant or business lawyer easier. Once you have chosen an entity, we can ensure accounting setup is properly aligned for success.
Pick an Accounting System
- Manual – Manual accounting is creating financial statements by hand. While possible, manual accounting becomes quickly unmanageable and can lead to errors. Records are also more vulnerable to lost or destruction.
Accounting Process
When you’re establishing a business, these decisions impact your ability to effectively track finances. Reach out to DK/RK Services to ensure a smooth start.
Business Bank Account
After structuring your business, we recommend opening a separate business bank account. Having a dedicated business account for your business simplifies expense tracking, income management, ensures your funds don’t mix with personal finances. It also makes it easier for a bookkeeper in Denver, like DK/RK Services, to create the documents your CPA will need to file your business taxes. For most types of business entities, it is legally required!
Accounting Methods
There are two main methods for recording business transactions: accrual-accounting and cash-accounting. The best choice depends on your business type, and DK/RK Services can help you setup the appropriate accounting process.
Accrual Method
The accrual method records a transaction as soon as it happens even if money has not changed hands. For example, you have shipped a product to a customer. As soon as the product is shipped you record the sale as revenue even though the customer has not yet paid.
Who should use the accrual method? If your business involves inventory, including retail, wholesale, marketing or manufacturing business, the accrual method will be best for you because it will give you a more realistic view of your company’s finances. In addition, once you reach a certain threshold of gross income, you may be required to use the accrual method.
Cash Method
The cash method records transaction only when cash is exchanges. So, if you perform a service, you record the payment when it is received. If you incur an expense such as an electric bill, you record the expense only once you pay the bill.
Who should use the cash method? If your business is very small and you do not think it will grow at this time. If you cannot afford an accountant. If all your transaction are cash based (no sales, purchases or other transactions based on credit).
The accounting method you select can impact your business operations. When you’re ready to finalize your accounting process, contact DK/RK Services to benefit from our local expertise.
Set-Up Your Books
Personal bookkeeping is not an easy task, but it is a necessary one. With the right help and systems in place you can learn to manage your books in an efficient and accurate manner. DK/RK Services can help you set up your personal bookkeeping or do it for you.
Non-profit organizations, such as charities and other not-for-profits, need to keep meticulous records for their finances. DK/RK Services specializes in accounting setup services for Denver non-profits, can help you set up your books in a way that will allow you to generate reports quickly and easily for submission to the IRS or other government agencies or for purposes of grant submissions.
Business accounting is potentially the most complex. You must determine what types of costs you will incur – one time or ongoing cost, essential vs. optional costs and fixed vs. variable costs. You will also need to account for your initial funding and how you will continue to fund your business, whether that is just from cash coming in from sales or services, or also from investors. If you have not already contacted, now is an excellent time to contact DK/RK Services, for expert guidance!
Let us focus on setting up your books, helping you design just the right chart of accounts, and creating online accounting systems tailored specifically to your unique business to track all of your expenses and income. You have enough on your plate already just getting your business started. Contact DK/RK Services for all your accounting setup and bookkeeping needs so you can focus on what you do best, your business.
Keep Track of Your Business
When you work with DK/RK Services in Denver we start you off right. We don’t just record entries and put them in the right accounts, we organize the data so you can use it for investors, creditors, or CPAs, and so you can understand how your business is doing. DK/RK Services is an invaluable asset to any business across the spectrum of accounting services.
So, what bookkeeping chores can we help you with?
From setting up accounting software:
To bookkeeping activities such as:
To financial analysis and reports for financial planning and business planning:
To assistance with filings and audits.
Whatever you need to help you focus on growing your business!
One of the reasons you want a bookkeeping service like DK/RK Services in Denver is because all of these activities can be quite time-consuming and require specialized knowledge. The most efficient and effective way to keep track of all of this information is to use accounting software and an accounting and bookkeeping service like DK/RK Services. Contact the bookkeeping professionals at DK/RK Services today!
As you can see, there is a lot that goes into tracking and managing the money in your business. Whether you are a startup, or a well-established business, you need to be focused on establishing and growing your business. Let DK/RK Services in Denver, your accounting and financial experts, help you with the bookkeeping and accounting, so you can focus on making that money grow. Contact DK/RK Services today, for the best in comprehensive bookkeeping services and the strongest dedication to client service.
tracking and managing the money
As you can see, there is a lot that goes into tracking and managing the money in your business. Whether you are a startup, or a well-established business, you need to be focused on establishing and growing your business. Let DK/RK Services, your accounting and financial experts, help you with the bookkeeping and accounting, so you can focus on making that money grow. Contact DK/RK Services today, for the best in comprehensive bookkeeping services and the strongest dedication to client service.
