As a small business owner, you have more important things to do than keeping your own books. We take care of your books for you, so you can get back to your job of running your business and generating profits.
Each month or quarter we’ll perform the following for you:
- Reconcile your bank account
- Input transactions
- Generate a Profit & Loss Statement
- Generate a Balance Sheet Statement
- Generate a Cash Flow Statement
- Ensure transactions are coded correctly
- Give Advice
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.
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 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.
- Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Proper management of funds not only saves money but also makes money for you.
- Protect yourself. By timely reconciling you will discover any unauthorized, fraudulent or forged checks.
Profit & Loss Statement
A profit and loss statement is an itemized list of all your revenues and subtracts an itemized list of all your expenses to obtain your profit or loss for a specified period not to exceed one year. This statement:
- Tracks 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.
- 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 receivables and payables.
- Determine if your business is able to expand
- Determine if you need to take immediate steps to bolster cash reserves
Balance sheets, along with profit and loss 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 is stated in the general ledger, we can locate potential problems with your books.
We help you 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.