All Around Bookkeeping & Tax Service

Apparently I did too many tax returns last Tue & Wed. (My last client on the 15th left my office after midnight). I left Urgent Care a little while ago because I've been in excrutiating pain the last couple days. The pain in my palm is related to trigger finger, the pain in my wrist is from carpal tunnel, and my elbow pain is from tendonitis. Seeing orthopedic doctor tomorrow. I need a new line of work.....

I was honored to be named Best Bookkeeping Service in Riverside of 2025 based on Google reviews. I ranked #11 in the county.

What is the purpose of the Balance Sheet?

The Balance Sheet is also called the Statement of Financial Condition (or Position). It is a snapshot of how a business is doing financially at a given point in time by reporting values at an instant in time. The statement is traditionally a two-sided report, where the left side must equal the right side. It is based on the basic accounting equation: Assets = Liabilities + Equity.

The importance of the Balance Sheet is shown by the fact that if a business doesn’t release its annual financial report within a few weeks after the close of the fiscal year, one should be alarmed. There are several reasons why there might be such a delay, and pretty much all of them are bad. Is the business’ accounting system not functioning well so that the controller has a lot of work to do at year-end? Is the business facing serious financial problems and is trying to decide how best to account for the problems? Perhaps there is bad news that the company is delaying reporting. Or there may simply be a dispute between the CPA and auditor that needs to be resolved. Perhaps the business is on the edge of going bankrupt, although the company is making a profit. The Balance Sheet helps determine if there are financial troubles.

A simple Balance Sheet will show the Asset, Liability & Equity accounts and their values & totals. This is enough for many businesses. But, often larger businesses will break the information down into Operating Activities, Investing Activities and Financing Activities. This shows a more direct correlation of how transactions are effecting different parts of a company.

The Balance Sheet is one of 3 main reports that companies produce at period-end. It is important for bookkeepers to know how to read this report so that the owners understand the financial health of their business.

Just completed the first half of re-certification classes for 2026.

WACKY WEDNESDAY 8/27
Star Trek jokes are always out of this world!

ALL FEDERAL PAYMENTS, INCLUDING TAX REFUNDS, ARE MANDATORILY REQUIRED TO BE PAPERLESS STARTING SEPTEMBER 30, 2025

Did You Know?

In an attempt to eliminate inefficiencies, reduce costs, and enhance payment security, President Trump signed legislation requiring that all government agencies make their payments electronically. There are a few exceptions, for instance those without bank accounts may be able to receive a paper check.

As of May 3, 2025, the government had issued 5.9 million refunds by paper check or other non-electronic means. Trump wants to reduce this number even more.

If this affects you or someone you know next tax season, start preparing now for what options you may have for next tax season.