As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding any of our other services.
Or, we can even provide you with full-service bookkeeping to help ensure that your vendors and employees are paid on time and your customers are billed and pay your invoices on time.
Reconciling your business checking account each month allows us to keep your bank account and accounting 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 ensure transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds from within your company.
- Manage your cash more effectively.
- Protect yourself by promptly notifying your bank about any unauthorized, fraudulent or forged checks presented and paid, thereby minimizing your risk of loss.
An income statement, otherwise known as a profit and loss statement, provides you with a summary of your revenues, expenses and related 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 unusual phone, travel or supply expenses).
- Track unusual 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, allowing you to take timely actions to reverse these trends. For example, if your receivables cycle is lengthening, you can improve your collection practices to collect your receivables more timely.
- 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, or if additional funds are needed.
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.
Analyzing General Ledger Accounts
The general ledger is the core of your company's financial records. Since every transaction flows through the general ledger, a problem with your general ledger can result in errors in your financial statements.
Having us analyze your general ledger accounts each month allows us to investigate any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your finanical statements are always accurate.
We're 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 prices, so please feel free to call us whenever you have a question or concern.