Accounting and bookkeeping are the essential, systematic processes of recording, organizing, and interpreting your business's financial transactions. While often used interchangeably, they represent different but deeply connected stages of your financial management.

Bookkeeping is the daily process of recording transactions (income and expenses), managing payroll, reconciling bank statements, and maintaining the general ledger. It's the meticulous data entry that creates an accurate financial record.

Accounting is the high-level analysis, interpretation, and reporting based on the data provided by bookkeeping. It involves preparing financial statements (like Profit & Loss and Balance Sheets), performing audits, advising on tax strategy, and helping you make informed business decisions.

At Prestivo Tax, we provide integrated, cloud-based accounting and bookkeeping services that do more than just track numbers—they turn your financial data into a strategic asset.

Our Comprehensive Accounting & Bookkeeping Process
We follow a structured, collaborative approach to ensure accuracy, timeliness, and strategic value.

1. Onboarding & System Setup
We begin by understanding your business model, current processes, and goals. We then set up or optimize your accounting software (such as QuickBooks Online or Xero), chart of accounts, and financial workflows. We integrate your bank accounts, credit cards, and payment processors for automatic data flow.

2. Transaction Management & Categorization (Bookkeeping)
Our team handles the day-to-day financial tracking:

Data Entry & Reconciliation: We import, categorize, and reconcile all transactions monthly or weekly, ensuring your books match your bank statements.

Accounts Payable & Receivable: We manage your bills and invoices, track what you owe and what’s owed to you.

Payroll Processing: We calculate pay, handle tax withholdings, and ensure timely payroll tax filings and payments.

Financial Record Maintenance: We keep your general ledger organized and up-to-date.

3. Financial Reporting & Analysis (Accounting)
This is where we transform data into insight. We provide you with clear, timely reports:

Key Financial Statements: Monthly Profit & Loss (Income Statement), Balance Sheet, and Cash Flow Statement.

Performance Dashboards: Customized reports showing key performance indicators (KPIs) like profitability, revenue trends, and expense ratios.

Review & Advisory: We don't just send reports—we schedule regular reviews to explain the numbers, highlight trends, and discuss their implications for your business strategy, tax planning, and cash flow management.

4. Tax Preparation Support & Year-End Close
With clean, accurate books maintained year-round, tax season becomes straightforward. We provide your CPA (or our tax team) with perfectly organized financial packages, ensuring you claim all eligible deductions and are fully prepared for filing. We also manage the year-end closing process to ensure a clean start for the new fiscal year.

The Prestivo Tax Advantage: Beyond Basic Bookkeeping
Proactive Partnership: We act as an extension of your team, offering insights to help you grow profitably, not just historical record-keeping.

Cloud-Based Technology: You get real-time access to your financial dashboard from anywhere, ensuring you always know your financial position.

Accuracy & Compliance: We ensure your books are audit-ready and comply with standard accounting principles, giving you and your stakeholders confidence.

Seamless Tax Integration: Our accounting service feeds directly into our tax preparation and planning services, creating a unified financial strategy that saves you time and money.

Stop viewing bookkeeping as a chore and start using it as your competitive edge.

Let Prestivo Tax build a solid financial foundation for your business. Contact us today to discuss a customized accounting solution that fits your needs and drives your success.