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As a small business owner, the time constraints of good record keeping can keep you from the enjoyment of running your business. We provide comprehensive bookkeeping to take care of your records, so you can concentrate on developing successful strategies and generating profits!
Each month or quarter we'll provide the following services 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 payroll, tax planning, tax preparation, or any of our other services.
Bank Reconciliation
Reconciling your business bank accounts each month provides up-to-date information on your balances, income, and expenses, allowing you to make management decisions.
Reconciling your accounts 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.
- Proper allocation of income and expenses gives you the means to make decisions on job costs and pricing. This is possible when all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively when your records are accurate and up to date.
- Protect yourself. Timely reconciliation and prompt correction by your bank of unauthorized, fraudulent or forged checks can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. The consequences of unlawful transactions can be minimized when you have current records.
- Sleep Better. You will sleep more peacefully at night knowing your present financial condition at any given time. Bank reconciliation assures you that everything is accounted for.
Income Statement
An income statement, or 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 amount for the period specified.
A profit and loss 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 or under budget.
- Identify specific items causing unexpected expenditures.
- Track unusual increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you...
- Quickly look over 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, you might want to develop procedures to enable more timely collection.
- Determine if your business is in a position to expand.
- Determine if your business can easily handle the normal financial ebbs and flows of revenue and expense cycles.
- 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.
Reviewing your general ledger system each month allows us to discover any discrepancies such as double billings or unrecorded payments. This allows adjustment of the discrepancies so your books are kept accurate and you are in a position to make reliable management decisions.
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