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How much do you charge?

It varies from company to company. Our monthly bookkeeping charge generally depends on how much time we have to spend on a given client. Bookkeeping tasks include inputting data into accounting software, reconciling books, preparing financial reports as needed and other tasks such as sales tax reports that might be needed on a month-to-month basis.

What is equity?

Equity is usually referring to an ownership interest in a business (i.e. stockholder’s equity or owner’s equity). It’s the value of an asset less the value of all liabilities on that asset so (Equity=Assets-Liabilities).

What is the cost of goods sold?

The cost of goods sold (COGS) is the cost of the merchandise that a retailer, distributor, or manufacturer has sold.
One way to adjust the cost of goods purchased or manufactured by the change in inventory of finished goods. If 1,000 units were purchased but inventory increased by 100 units then the cost would be 900 sold. But if it decreased by 100 then the cost of 1,100 units will be the cost of goods sold.
The next way is beginning inventory + the cost of goods purchased or manufactured= cost of goods available – ending inventory.

How often should I be doing bookkeeping?

It all depends on how active your company is. If its active then monthly. If It is not active then quarterly would be just fine. It also depends on several obligations to you might have such as a sales tax reports or pay roll reports.

Do I need Bookkeeping done?

Yes you would need bookkeeping done if you want to keep up with the activity that’s happening in your company & would like to know the implications of your company. Bookkeeping is also essential for year-end tax filing as well as for peace of mind in case you get audited.