As a small business owner you have more important things to do than to keep your own books. We take care of the details for you, so you can get back to the job of running your business and generating profits!
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Each month or quarter, we'll provide the following services for your business:
An income statement, otherwise known as a profit and loss statement, adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
A balance sheet helps you...
- Quickly get a handle on the financial strength and capabilities of your business.
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
- Determine if your business is in a position to expand.
- Verify that your business can easily handle the normal financial ebbs and flows of revenues and expenses.
- Decide if you need to take immediate steps to bolster cash reserves.
- Find out if your business has been slowing down payables to forestall an inevitable cash shortage.
Maintaining Your General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your statements.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your records are always accurate.
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
- Identify lost checks, lost deposits and unauthorized wire transactions.
- Find and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Detect and avoid embezzlement of funds from within your company.
- Have a true cash balance. Erros can easily be made during the month & reconciling will ensure corrections are recoreded.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
We are always available to spend time with you so you fully
understand how to interpret and utilize the financial
information we provide. Our consultations are already included
in our price, so please feel free to call us whenever you have a
question or concern.
Prepare all State and Federal Forms
Timely preparation of all federal, state and county tax forms including payroll, sales tax and tangible taxes. This gives you peace of mind knowing your tax reports are correct and filed on time, saving you money in penalties and interest.