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Loan providers want to ensure that borrowers are able to pay them back. To lower your interest rates, and ultimately your cost of debt, work on improving your credit score. It boils down to the effective interest rate that a company pays on its debts, such as loans or bonds. The cost of debt refers to either the before-cost of debt, which is Apple’s cost of debt before accounting for taxes, or the after-cost tax of that same debt. A company’s cost of equity is the minimum rate of return demanded by shareholders. This rate can be based on historical standards or shareholder agreements.

The loan is repaid, along with an interest expense, over months or years. The term debt equity could be confusing, but it’s basically referring to a loan. As with most calculations, the first step is to gather the required data. To calculate the total cost of debt, you need the value of the total debt, as well as the total interest expense related to the total debt. If you also want to calculate the after-tax cost of debt, you will need the tax rate.

How do you calculate the cost of debt in WACC?

Calculation of WACC is an iterative procedure which requires estimation of the fair market value of equity capital[citation needed] if the company is not listed. The Adjusted Present Value method (APV) is much easier to use in this case as it separates the value of the project from the value of its financing program. This net gain of $100,000 was paid by the company to the investor as a reward for investing their money in the company. So to raise $200,000 the company had to pay $100,000 out of their profits; thus we say that the cost of debt in this case was 50%. Suppose the bond had a lifetime of ten years and coupon payments were made yearly.

It can also tell you whether taking on certain types of debt is a good idea when you calculate the tax cost. When you need to perform calculations or carry out financial analyses, it’s common for the data you need to be spread out over multiple spreadsheets, often in different formats. Additionally, collaboration and synchronization can be problematic if you work as part of a team. By using Layer, you’ll have fully synchronized data and complete control over access. You can schedule updates and automate processes to save time and minimize errors, as well as automatically share reports with interested parties.

The Cost of Preferred Stock

Large businesses often have many sources of debt, each with their own interest rates, and companies that operate in various states and countries will have a difficult tax rate to determine. The bookkeeping for startups market value of equity is typically a company’s market capitalization or market cap. You can calculate market cap by multiplying the number of outstanding shares by the current share price.

A company with a high cost of debt has greater financial risk, while a company with extremely low debt costs may not be pursuing important growth opportunities. Investors may look at a company’s debt costs and avoid getting involved if those costs are too high or too low. Evaluating the cost of borrowed money allows a business to make informed decisions about financing its operations.

Example of the After-Tax Cost of Debt

The cost of equity is typically higher than the cost of borrowed money because equity financing does not have any tax advantages. The rationale behind this calculation is based on the tax https://marketresearchtelecast.com/financial-planning-for-startups-how-accounting-services-can-help-new-ventures/292538/ savings that the company receives from claiming its interest as a business expense. To continue with the above example, imagine the company has issued $100,000 in bonds at a 5% rate.

Once the company has its total interest paid for the year, it divides this number by the total of all of its debt. The after-tax cost of debt formula is the average interest rate multiplied by (1 — tax rate). Debt is one part of a company’s capital structure, which also includes equity.

YTM is the estimated total rate of return on a bond if it is held until maturity (when the debt is completely repaid). Cost of debt can also be estimated using the company’s credit rating. A business’s cost of debt is determined by the annual interest rate of the funding it borrows, or the total amount of interest a business will pay to borrow. Loan providers use metrics like the state of a company’s business finances and credit rating to come up with the interest rate they will charge a business. The higher a business’s credit score, the less risky they appear to lenders — and it’s easier for lenders to give lower interest rates to less risky borrowers.

• Additionally, collaboration and synchronization can be problematic if you work as part of a team.
• These funding sources need to be weighted in WACC because debt and equity have different rates of return or different costs of capital.
• Ltd took a loan of $200,000 from a Bank at the rate of interest of 8% to issue a company bond of $200,000.
• As the total market is assumed to have a β equal to 1, a stock whose return varies less than the ones of the market have a beta lower than 1.
• Based on the loan amount and interest rate, interest expense will be $16,000, and the tax rate is 30%.

The debt portion typically involves the company’s interest rates and loan payments, while equity may involve dividend payments to investors. WACC is ultimately an average because certain aspects of the formula are not constant or exact. For example, determining the value of equity is tricky because market prices can fluctuate rapidly. It reflects the current level of interest rates and the level of default risk as perceived by investors. In bankruptcy, bondholders are paid before shareholders as the firm’s assets are liquidated. Default rates vary from an average of 0.52 percent of AAA-rated firms for the 15-year period ending in 2001 to 54.38 percent for those rated CCC by Standard and Poor’s Corporation (Burrus and McNamee, 2002).

If the cost of debt outweighs the expected profits, it’s probably not worth it. The pre-tax cost of debt is the interest expense before income taxes. This can be useful for deciding what kind of loans to take out and how to structure them for maximum tax efficiency. Business owners often use it to determine how a new loan can increase business profits. Moreover, it helps companies identify new deductions as interest paid on business debt is tax-deductible.

• When you need to perform calculations or carry out financial analyses, it’s common for the data you need to be spread out over multiple spreadsheets, often in different formats.
• The key issue here for the analyst is to identify bonds with similar debt ratings and other characteristics.
• To calculate the total cost of debt, you need the value of the total debt, as well as the total interest expense related to the total debt.
• For example, in an investment bank’s mergers & acquisitions (M&A) side, analysts use WACC as part of business valuation practices, such as a discounted cash flow (DCF) analysis.
• One major issue with using WACC is that the information required to calculate it is not always readily available.
• Much of this information can be found in local libraries in such publications as Moody’s Company Data; Standard & Poor’s Descriptions, The Outlook, and Bond Guide; and Value Line’s Investment Survey.

Since these loans and grants are nontaxable for federal purposes, you won’t typically enter them as income for federal forms such as Schedule C, Schedule E, or Schedule F. However, you may be required to make state adjustments to income or expenses based on the funds received and what they were used for. The Paycheck Protection Program (“PPP”) https://kelleysbookkeeping.com/ created under the CARES Act provided much needed economic relief to businesses and other organizations negatively impacted by the COVID-19 pandemic. One of the biggest benefits of the PPP is the ability of taxpayers to treat the loan forgiveness as tax-exempt income to the extent the loan proceeds were used for eligible expenses.

Our NFT Playbook is a roadmap to addressing IP rights, business infrastructure and risk for media & entertainment companies and others. Withum’s National Tax Policy Resource Center is a one-stop-shop for timely insights and upcoming webinars to keep you apprised of the latest tax developments. The maximum amount of a second PPP Loan (not to exceed $2 million in any case) is either 2.5 (3.5 for food service establishment and restaurants) times the average monthly payroll for the last twelve months through the application date, or the average 2019 monthly payroll.

To generate a PPP forgiveness statement:

Forgiven PPP loans are considered «Other Tax Exempt Income» for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B . The tax year in which tax-exempt income was originally reported, the amount of tax-exempt income that was originally reported in that tax year, and the amount of tax-exempt income being adjusted on the amended return. Certain borrowers will find that the new Act has simplified obtaining forgiveness of their PPP Loans. The new Act allows 24 days after enactment for the SBA to create a one-page certification form for borrowers with a PPP Loan less than $150,000. Using that form, borrowers certify their compliance with the loan requirements and provide certain required information.

For questions or further information relating to taxation under the CARES Act and the new relief bill, please contact Attorney Britany E. Morrison. Subsequently, either the whole or part of the forgiveness request is denied, or the taxpayer does not actually request forgiveness of the PPP loan. The Tennessee Society of Certified Public Accountants is the state professional organization for certified public accountants in Tennessee. With more than 100 years of service to the accounting profession, TSCPA acts on behalf of its members and provides support, Further Guidance Issued On Tax Treatment Of Ppp Loan Forgiveness enabling its members to perform quality professional services while serving the public interest. In accordance with changes signed into law in June of 2022, a larger business registrant will be required to use electronic means to file returns and remit taxes to the State of Rhode Island for tax periods beginning on or after January 1, 2023. The PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act to assist small US businesses that were adversely affected by the COVID-19 pandemic in paying certain expenses.

Maryland Enacts Law Allowing Maryland Income Tax Subtraction Modification for Medical Cannabis Trade or Business Expenses

In this context, the PPP program was originally created under the CARES Act and later clarified by the CAA, as Section 276 of the CAA excluded forgiven loans from gross income and authorized the deduction of certain business expenses required to be paid through the PPP loan. Likewise, business expenses paid for by PPP loans that are deductible at the federal level remain deductible in computing the Michigan tax base under the IIT and CIT. In other words, the Michigan tax base for both individuals and corporations using the IRC in effect for the tax year fully conforms to the federal income tax treatment of PPP loans. Some states are taking affirmative steps to address these issues in legislation and guidance.

Nearly all the checks the Federal Reserve Banks process for collection are now received as electronic check images, and most checks are collected and settled within one business day. When an investor sells a stock they own, they want to know that the money will be delivered to them. Similarly, when someone buys a stock, they need to be able to afford it. The clearing firm makes sure that the appropriate amount of funds is set aside fortrade settlementwhen someone buys stocks. Nearly 28 percent (27.9) of arson offenses cleared involved juveniles ; this was the highest percentage of all offense clearances involving only juveniles.

To free (a ship, cargo, etc.) from legal detention at a port by satisfying customs and other requirements. To relieve of some obstruction, as phlegm, by forcing air through the larynx, usually producing a rasping sound. Subject to compliance with the CEA and CFTC Regulations, Swaps traded on the SEF may be Cleared Swaps or Uncleared Swaps. And broke the virgin land, toiled all days and all hours, paid their taxes, and sent their sons and grandsons out to fight and die for the flag that gave them such ample protection that they were able to sell their wine for twenty-two cents.

Dictionary

In the UCR Program, the recovery of property alone does not clear an offense. Encountered a circumstance outside the control of law enforcement that prohibits the agency from arresting, charging, and prosecuting the offender. He considers himself completely cleared of any wrongdoing after the investigation. No one will be allowed into the city centre until the area is completely cleared. Like clearing out the bats from an old abandoned house and refurbishing and renewing it. To be speechless for an extended period of time in result of a direct verbal attack.

• This article contains general legal information but does not constitute professional legal advice for your particular situation.
• This money is held by the clearing firm, within the trader’s account, and can’t be used for other trades.
• Clearing is the process of reconciling an options, futures, or securities transaction or the direct transfer of funds from one financial institution to another.
• Gathered enough evidence to support an arrest, make a charge, and turn over the offender to the court for prosecution.

Gathered enough evidence to support an arrest, make a charge, and turn over the offender to the court for prosecution. When the smoke clears, I think you’ll find the company is cleared urban dictionary in a stronger position. Sign of the times, it was the first instance of the luxury powerhouse partnering with a celebrity, or a woman of color, to launch a brand from scratch.

Cleared Is Also Mentioned In

The clearinghouse acts as a third party or mediator for the transaction while the clearing process recordings the details of the transaction and validates the availability of funds. This process helps reduce the risk to individual traders. For example, if two people agree to trade, and there is no one else to verify and back the trade, it is possible that one party could back out of the agreement or experience financial trouble and be unable to produce the funds to hold up their end of the bargain.

This might include a knowledge of tax strategy, insights as to how you should structure your personal compensation to be tax-efficient, and more. Beyond this, having a clean, organized financial infrastructure makes things significantly easier for your business come tax season. If you’re aiming to raise additional funding or are targeting a potential exit, well-organized financial record-keeping will significantly streamline the due diligence process.

• Outsourced accounting services have become a more common and practical solution for various businesses today.
• The accounting talent crisis indicates the broader underlying issues in the accounting profession.
• In a nutshell, Outsourcing Accounting can help you save money, get expert assistance, adapt to changes easily, and focus on what’s most important for your business.
• From tech stack optimization to the power of automation, there’s sure to be something that will capture your interest.
• Essentially, an outsourced accountant is someone that works with you on a part-time basis to do your bookkeeping and accounting.

• Companies that have plans to scale and looking for ways to expand their accounting team without surpassing the budget. Thanks to financial outsourcing, your CFO can make better financial decisions, plan future projections and investments and mitigate risks for the betterment of your business. Other costs include materials and stationery supplies, gadgets and software expenses, employee allowances for overtime, training, and other payables.

Reasons to consider outsourcing to Fin-eX

As opposed to indefinitely outsourcing services, bolstering your internal team’s capabilities can also be coupled with adopting software. In the long-run, these solutions can provide the efficiency and expertise accounting firms bring to the table while also being cost-effective. More and more, businesses are turning to outsourced accounting firms that combine experienced accountants with the latest technology tools for a cost-effective solution to their accounting needs.

Outsourcing routine accounting functions liberates CPA firms to allocate their in-house resources and skills to more value-added services. Accounting and CPA firms in the U.S. are continuously looking for innovative strategies to boost efficiency, cut costs, and provide enhanced services to their clients. A strategy that really took off with IT and is now prevalent in the accounting industry is outsourced accounting solutions.

ACTIONABLE RECOMMENDATION ON INTEGRATING ONSHORE & OFFSHORE STAFF AND BUILD ONE TEAM

No matter the size of your company, you want the best set of hands to handle your financial records. InDinero offers tax, accountant, and financial services for businesses of all sizes. Some of their solutions include CFO services, accounting and bookkeeping services, tax services, and financial reporting. If your accounting firm is offering all the accounting and bookkeeping services a business needs, they will go ahead and work with you to address all their accounting needs. Most businesses will prefer to work with only one firm for all their accounting tasks. Don’t worry if you don’t have the expertise to add these services to your portfolio.

They have a wide range of responsibilities, from managing bookkeeping staff to working on more strategic initiatives. At the same time, bookkeeping is a relatively manual, labor-intensive process that takes up a significant amount of time. Organizing all of your business’s financial data into a centralized, accurate record is a monotonous task.

Outsourced accounting services bring a lot of cost efficiencies to the table, will improve business profitability, and free up a lot of time invested in other revenue-generating activities. Our offshore accountants are well-trained and have many years of experience using the latest and popularly used accounting, bookkeeping, and tax software. Alternatively, we could also recommend using the right software for the outsourced jobs. Booth and Partners offer specialized NetSuite accounting services that catalyze business growth. Another one of the reliable outsourced accounting companies for CPA firms is MBO. So, make the right choice and think the proper thoughts from the outsourced accounting bookkeeping perspective to reap the benefits.

The company boasts an esteemed client base encompassing accounting firms and businesses hailing from the USA, UK, Canada, and New Zealand. Their commitment lies in rendering cost-effective, quality-focused, round-the-clock outsourcing services. Within their extensive talent pool reside expert CPAs, CAs, and accountants, offering an opportunity to extend one’s financial accounting for local and state school systems operational and accounting team with tailored services. They achieve this by delivering standardized processes, enhanced transparency, and professional services that are both affordable and marked by swiftness, precision, and adherence to deadlines. Now, let’s see what accounting firms are signing up for when choosing remote staffing or outsourcing.

Two Types of Outsourcing: Full-Suite Accounting vs. Specific Tasks

This includes outsourced accountant services, bookkeeping, payroll, financial reports, tax filing and management, accounts payable, accounts receivable, and other accounts-related services. Maxim Liberty’s services include payroll processing, financial reporting, bank reconciliations, billing management, and more. Their bookkeepers are trained in several accounting software programs and can update client books as frequently as you desire, whether daily, weekly, or monthly. Comprised of over 3,400 professionals in the Philippines, the TOA Global team serves more than 1,000 accounting and bookkeeping firms worldwide. Their talent can handle over 100 different roles for their clients, including accountants, CPAs, bookkeepers, administrators, and more. Full-service outsourcing partners are also available that can offer more substantial accounting services.

Adaptability Is Key for Small Businesses as They Navigate the Accountant Shortage

Their goal is to help firms fill talent gaps and support growth without hiring full-time staff. Their robust online network of US-based professionals includes bookkeepers, tax experts, and qualified accountants. When considering partnering with accounting outsourcing firms, it’s advisable to request such references. This enables you to gauge the service provider’s expertise, reliability, and the kind of results you can expect. Moreover, speaking directly with these references can provide insights into the provider’s communication, problem-solving capabilities, and their ability to adapt to different accounting needs.

Outsourcing accounting work is a great solution for companies that don’t have the budget or desire to hire an internal person. The first question you have to ask yourself is whether outsourcing your accounting needs realistically works for your business. Hiring a large accounting firm to cover the full service of all accounts can take a considerable amount from your small company’s net profits.

Top 7 Outsourced Accounting Companies for CPA Firms to Boost Efficiency and Productivity

The process is divided into five primary phases that start with project evaluation and end with transformation. We begin by getting a clear idea of the volume of work and a better understanding of your accounting firm and its internal processes. This will allow us to identify the right people, processes, and platforms to handle your requirement.

If your firm doesn’t have a bookkeeper on staff, it’s likely they take up a significant portion of your time. If you haven’t worked with an outsourcing provider before, you might have some doubts about how well this relationship will work for your business. In years gone by, it’s fair to say that the practice of outsourcing did have some negative connotations. This expert’s primary responsibility is to monitor accounts payable and receivable strictly. They also keep track of tax deductions and costs, provide progress and revenue reports, and keep track of all transactions.

Adoptive parents need an ATIN when they can’t get the child’s regular SSN in time to file their federal tax return. With an ATIN, a parent could claim the child as a dependent and, if eligible, get the child tax credit and other dependent-related tax benefits. If they can’t get an SSN, the IRS says spouses or dependents of nonresident or resident aliens also typically need ITINs. That’s because they might either have to file their own federal tax returns or be identified on the nonresident or resident tax returns.

1. Failure to respond to the IRS letter may result in a procedural assessment of tax by the IRS against the foreign entity.
2. Get unlimited advice, an expert final review and your maximum refund, guaranteed.
3. You will receive a letter from the IRS assigning your tax identification number usually within seven weeks if you qualify for an ITIN and your application is complete.
4. If someone doesn’t meet the criteria of these two tests or has an option to override them, they’re generally considered a nonresident alien by the IRS.

Foreign Tax Credit: Choosing to take credit or deduction

If you want to check the status of your ITIN application, you can call the IRS numbers listed above. To be considered a resident alien by the IRS, someone needs to meet the criteria of either the green card test or the substantial presence test. They’re a set of conditions that have to be met to qualify for resident alien status for U.S. tax purposes. There are also some cases where people can override the need for these tests. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional how to make a balance sheet using a simple balance sheet equation advice.

More In File

Taxpayers with an ITIN can complete the registration process to access their IRS online account, which provides balance due, payment history, payment plans, tax records, and more. The IRS has an online tool to determine if someone is eligible to receive an ITIN. Before using the tool, it’s a good idea to have some information on hand, like the reason you might need an ITIN and what type of visa—if any—you have.

How To Get a PTIN

It doesn’t authorize you to work in the U.S. or make you eligible for Social Security benefits. You can file Form W-7, Application for IRS Individual Taxpayer Identification Number (ITIN), with your federal income tax return. You must also include original documentation or certified copies from the issuing agency to prove identity and foreign status. You can apply for an ITIN any time during the year when you have a filing or reporting requirement. At a minimum, you should complete Form W-7 when you are ready to file your federal income tax return by the return’s prescribed due date. If the tax return you attach to Form W-7 is filed after the return’s due date, you may owe interest and/or penalties.

People who aren’t U.S. citizens still may have to file a federal tax return in the U.S. And ITINs are the tax processing and identification numbers that let people who can’t get an SSN do just that. Plus, people might also be able to use ITINs instead of SSNs as part of banking and credit applications. Beginning January 1, 2011, if you are a paid tax preparer you must use a valid Preparer Tax Identification Number (PTIN) on returns you prepare. If you do not have a PTIN, you must get one by using the new IRS sign-up system.

The IRS issues a preparer tax identification number (PTIN) to paid tax preparers aged 18 years or older. All individuals who prepare or assist with preparing federal tax returns in exchange for compensation must include their PTIN on clients’ returns. PTINs help the IRS track tax return preparers and their compliance with current tax laws and regulations.

TURBOTAX ONLINE/MOBILE

There’s also a comprehensive IRS tax guide with FAQs and links to the proper tax forms. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted. And if you want to file your own taxes, you can still feel confident you’ll do them right with TurboTax as we guide you step by step.

Unlike other forms of ID, ITINs only have one purpose—tax filing and reporting. Having an ITIN number won’t make you eligible for benefits, such as Social Security or earned income credits that provide refunds to some low-income filers. If questions 11 through 17 on Form SS-4 do not apply to the applicant because he has no U.S. tax return filing requirement, such leveraged finance levfin questions should be annotated «N/A».

But the IRS breaks that group down even further into resident and nonresident aliens. And they all may need to get an ITIN so they can follow tax wheres my refund laws and file federal tax returns. An adoption taxpayer identification number, or ATIN, is a temporary TIN issued by the IRS to a child whose adoption is pending.

See how connecting with experts one-on-one gives this busy voice-over artist the confidence her books are done right and frees up time for the things she loves to do. Connect with experts year-round for advice and guidance, with best-in-class tools to support you as your business grows. Feel confident about your business and your books with QuickBooks experts by your side to help you succeed. No cap on operating expenses meetings with your bookkeeper; QuickBooks says small-business owners usually schedule one or two video appointments per month.

Accounting Services

In addition to one of the widest arrays of services, inDinero offers clients access to a team of staff accountants and financial experts, just a click or call away with its easy-to-use dashboard or mobile app. Indinero checks all the boxes, making it our choice as the best overall accounting firm for small businesses. QuickBooks Live Bookkeeping offers online bookkeeping services that connect small businesses with trusted, QuickBooks-certified virtual bookkeepers.

What kind of services do bookkeeping services provide?

You won’t need any other software to work with Bench—we do everything within our 13 accounting tips to keep the books balanced easy-to-use platform. You’ve heard of «spend money to make money,» but what about «spend money to save money?» That’s the case with tax deductions and you won’t want to leave any on the table. Connect one-on-one with experts so you can manage your books with ease. Proprietary bookkeeping software could make it difficult to switch to another provider in the future. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.

We and our partners process data to provide:

1. Even the most expensive firm on this list is probably less costly than hiring someone to perform them in-house.
2. It prepares financial records to help you track your revenues and expenses.
3. If you don’t already use a software program, the accounting firm will recommend a package.
4. Ignite Spot Accounting is best for businesses that want bookkeepers who are certified in popular bookkeeping programs.
5. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business.

Below, we review the best virtual and outsourced accounting services for small-business owners like you. If your business does only cash-basis accounting, you’ll need to look elsewhere because Pilot does only accrual-basis how to account for cash dividends accounting. They insist that accrual-basis accounting is better for businesses that want to grow. For companies on the fast track, Pilot also offers CFO services for an additional fee. Founded in 1999 by two former members of Price Waterhouse, 1-800Accountant is one of the more established online accounting firms.

Pricing

They also make adjustments to your books to ensure they’re accurate and tax-compliant. Occasionally we might need your input on things like categorizing a transaction properly, but we try our best to make bookkeeping as hands-off as possible for you. Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements.

The next step is to work with your account manager to integrate your existing software and processes with QuickBooks. From that point on, you will receive monthly reports, including cash flow, profit and loss, and balance sheet statements. The cost of bookkeeping services can vary depending on the size of your business and the features you need.

At the very least, you can expect most bookkeeping services to input transactions, reconcile accounts and send you financial statements regularly. Most services touch base monthly, but in some cases, you can pay extra to receive weekly reports. Depending on the company, you can speak with your bookkeeper (or team of bookkeepers) as often as you’d like or at least a few times per month. The best bookkeeping services take care of basic bookkeeping tasks, like reconciling bank statements, inputting transactions and generating financial reports. You should be able to directly call or message your bookkeeper with questions whenever necessary, and some services offer add-ons for tax planning and payroll. The Essential plan ($249 a month if billed annually or $299 billed monthly) focuses on bookkeeping only, giving you access to a dedicated team that performs monthly bookkeeping services.

That means you’ll never lose access to your data within our platform. All reports can be easily exported to an Excel file to share with your accountant or future bookkeeping provider. You can also book a call with your bookkeeper (or send them a message) whenever you’d like. There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements. Your bookkeeper can close your books and prepare a trial balance. They can also send PDF copies of key financial reports including your profit and loss statement and balance sheet.