Business Accounting and Bookkeeping
As a small business owner keeping track of your books and accounting transactions is time consuming. With the everyday challenges of running your business, it might not be a practical use of your time to keep track of your books and less time managing your business. We take care of your books for you, so you can get back to the job of managing your business and generating profits!
Each month or quarter we will do the following procedures for you:
• Reconcile your bank account
• Generate an income statement
• Clean up your general ledger
• Provide unlimited consultations
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date. Having us reconcile your account each month allows us to:
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
• Identify lost checks, lost deposits and unauthorized wire transactions.
• Helps detect and prevent embezzlement of funds from within your company.
• Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statements.
• 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 business of responsibility for the shortfall and transfer the risk to the bank.
An income statement allows you to…
• Track revenue and expense trends to determine the operating performance of your business.
• This will allow your business to determine areas that your business is over or under budget.
• Identify specific categories causing unexpected expenditures. Examples, office expenses, supplies, or mail.
• Determine your income tax liability.
Is like a credit report. It gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you…
• Quickly get a handle of the financial strength and capabilities of your business.
• 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 expenses.
• Determine if you need to get an additional line of credit to increase your cash flow.
• Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
Maintaining a Clean General Ledger
The general ledger is the core of your company’s financial records. These records constitute the main hub 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 period allows us to search for 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 the best shape.