You run your business
We'll take care of your bookkeeping
Let us do your bookkeeping and have peace of mind knowing that your bookkeeping is done correctly so that you can focus on more important things like growing your business.
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.
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.
The below tasks form a solid foundation for your small business accounting system.
Each month, or quarter, we can refer you to a trusted professional who can help you...
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Provide unlimited consultations
Reconciling your business checking account each month will allow you to keep your bank account, accounting, and taxes up-to-date.
Having a trusted professional 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. 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.
- 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.
- Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial 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...
- 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, like 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 trusted professional review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then a trusted professional will fix the discrepancies so your books are always accurate and kept in tip top shape.
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In person or by phone, get in contact with us for all your personal to business tax preparation, bookkeeping, and payroll needs.