--- title: "Small Business Accounting in Southlake, TX | Wallace CPA" description: "Bookkeeping and accounting for small businesses in Southlake, TX: monthly records, reports and tax-ready books, with Wallace CPA working beside you." url: https://wallacecpa.multisites.ai/services/small-business-accounting publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- Wallace CPA ยท Southlake, TX # Small business accounting and bookkeeping in Southlake, TX Small business accounting means keeping accurate records of money in and out, then turning them into reports you can use. Wallace CPA helps Southlake, TX business owners set up books, keep them current, read the reports and have records ready for the tax return. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact?service=Small%20business%20accounting) ![A smiling shop owner in an apron, arms crossed, inside a small store](https://wallacecpa.multisites.ai/_astro/shop-owner.D95xbOyy_1pRKjs.avif) ## What's included - Setup of a chart of accounts that fits your business - Bookkeeping: recording income, expenses and deposits - Bank and credit card reconciliations - Monthly profit and loss and balance sheet reports - A walk-through of the reports in plain language - Year-end records ready for your tax return ## When people call - Your records are behind or missing - You do not know if the business made money last month - Your tax preparer keeps asking for missing items - You mix personal and business spending - You plan to apply for a loan and need clean statements ## What does a small business accountant do? An accountant records your transactions, checks them against your bank, builds your reports and gets the books ready for tax filing. [Bookkeeping](https://wallacecpa.multisites.ai/glossary/bookkeeping) is the daily recording, and accounting adds review and reports. Wallace CPA does both, and the same firm prepares your return, so there is less to hand over at tax time. ## Why do good records matter? The IRS says good records help you monitor the progress of your business, prepare financial statements, track deductible expenses and support items on your tax return. You can choose any system that clearly shows income and expenses. Our guide to a [small business bookkeeping routine](https://wallacecpa.multisites.ai/guides/small-business-bookkeeping-routine) shows a simple weekly and monthly rhythm. ## Which reports will I get? Most owners start with a [profit and loss statement](https://wallacecpa.multisites.ai/glossary/profit-and-loss-statement) and a [balance sheet](https://wallacecpa.multisites.ai/glossary/balance-sheet). A [chart of accounts](https://wallacecpa.multisites.ai/glossary/chart-of-accounts) keeps categories steady month to month. Ask what each report shows and how it ties to your return. ## Can you fix books that are behind? Yes. We review what exists, collect missing statements, correct errors and bring the books up to date. If your file is in QuickBooks, see our [QuickBooks cleanup](https://wallacecpa.multisites.ai/services/quickbooks#cleanup) work. We will tell you what we need from you before we start. ## How do I send records safely? Use the [client portal](https://wallacecpa.multisites.ai/client-portal) or the [secure file page](https://wallacecpa.multisites.ai/send-a-file) for statements, receipts and QuickBooks files. See also [how long to keep tax records](https://wallacecpa.multisites.ai/guides/how-long-to-keep-tax-records). General information, not advice for your situation. Talk with a CPA about your own facts before you act. ## Questions about Small business accounting Ask anything else: call [(877) 682-1171](tel:+1-877-682-1171). [Read the guideSmall business bookkeeping setup and a monthly routine](https://wallacecpa.multisites.ai/guides/small-business-bookkeeping-routine) ### Do I need a bookkeeper and a CPA? Not always. Some owners keep their own books and use a CPA for review and taxes. Others hand over the whole routine. We can work either way. ### How often should books be updated? Many owners update weekly and close each month. The right pace depends on how many transactions you have. ### Which accounting software can you use? QuickBooks is covered on our QuickBooks page. Ask us about other software before you decide. ### Can you help before a bank loan? We can prepare current financial statements that a lender may request. The lender decides on the loan, so we cannot promise approval. ## Related services - [QuickBooks setup, training and cleanup](https://wallacecpa.multisites.ai/services/quickbooks) - [Payroll services](https://wallacecpa.multisites.ai/services/payroll) - [Business advisory](https://wallacecpa.multisites.ai/services/business-advisory) ## Sources 1. [IRS: Recordkeeping](https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping) ## Talk to Wallace CPA Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092