Small
Business Accounting
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 payroll, tax
planning, tax preparation, or any of our other services.
Bank Reconciliation
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...
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Identify lost checks, lost deposits and unauthorized wire transactions.
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Detect and prevent excess/unjustified bank charges and ensures
transactions are posted correctly by your bank.
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Detect and prevent embezzlement of funds from within your company.
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Know how your business is doing? You can't really know unless all
accounts are reconciled and properly accounted for on your financial
statement.
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Manage your cash more effectively. Proper management of funds not only
saves money, it makes money for you.
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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.
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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.
Income Statement
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...
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Track revenues and expenses so that you can determine the operating
performance of your business.
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Determine what areas of your business are over-budget or under-budget.
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Identify specific items that are causing unexpected expenditures. Like
phone, fax, mail, or supply expenses.
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Track dramatic increases in product returns or cost of goods sold as a
percentage of sales.
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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...
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Quickly get a handle on the financial strength and capabilities of your
business.
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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.
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Determine if your business is in a position to expand.
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Determine if your business can easily handle the normal financial ebbs
and flows of revenues and expenses?
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Determine if you need to take immediate steps to bolster cash reserves?
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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
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 books are always accurate and kept in tip top
shape.
Unlimited Consultations
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.
If
you'd like to receive a Free Consultation on our Small Business
Accounting Service, please complete this form.
