Accounting & Bookkeeping Services
Many small business owners can get bogged down in the accounting side of owning a business. As a small business owner you have more important things to do than to keep your own books. After all, keeping the books was not the "dream job" many individuals dreamed of. Whether your business is growing and you need some help or you find that you are spending too much time with accounting issues rather than working on your service or product, we offer several solutions to help alleviate the burden of running a company so you can get back to the job of running your business and generating profits!
Each month or quarter we can do the following things for you...
Reconcile your bank account
Generate an income statement
Generate a balance sheet
Review and clean up your general ledger
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.
Reconciling your business bank account each month will allow you 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.
Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
Detect and prevent embezzlement of funds from within your company.
Stay current on how your business is doing. You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
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.
An income statement, otherwise known as a profit and loss statement, basically 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; such as 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.
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.
Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
Determine if you need to take immediate steps to bolster cash reserves.
Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
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.
Maintaining a Clean 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 books.
Having a review of your general ledger system each month allows an opportunity to identify any discrepancies such as double billings or any unrecorded payments. We can then fix the discrepancies so your books are always accurate and kept in tip top shape.
There are many other accounting services we can provide to help you succeed with your business.
Journal entry advising and preparation
Accounting system setup and support
Cash flow budgeting and forecasting
Personal financial statements
Business tax and information return preparation (Sales & Use, Property Tax Listings, 1099s, etc.)
Fixed asset depreciation