SMALL BUSINESS ACCOUNTING
Every small business owner would rather focus on running their business than keeping their books. We not only manage your books for you but offer a variety of services that make running your business easier.
These services form the solid foundation of your small business accounting system, and include:
– Reconciling your bank account
– Generating an income statement
– Generating a balance sheet
– Cleaning up your general ledger
– Providing unlimited consultations
You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Keeping your bank account, accounting, and taxes up-to-date are crucial to managing your business. By allowing us to reconcile your account each month, we are able to:
– Identify lost checks, lost deposits and unauthorized wire transactions.
– Prevent excess/unjustified bank charges and any unauthorized, fraudulent or forged checks
– Prevent embezzlement of funds from within your company.
– Generate financial statements.
– Manage your cash more effectively.
A quality income statement allows you to view the profit and loss of a given period. It also allows you to:
- Track revenues and expenses.
- 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.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Balance sheets help provide financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you. Aside from tracking your business’ financial condition at any moment in time and a business sheet can help:
- Determine the financial strength of your business.
- Analyze your receivables and payables.
- Determine if your business is in a position to expand.
- Determine your capabilities.
- Determine if you need to take immediate steps to bolster cash reserves.
Maintaining a Clean General Ledger
The general ledger is essential to keeping all of your business’ financial records that make up your “books”. With every transaction going through the general ledger, one problem could throw off all your books. By reviewing your general ledger system each month, we are able to fix any discrepancies or unrecorded payments to assure your books are always accurate.