Small Business AccountingEach month or quarter we'll do the following things for you...
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Provide unlimited consultations
These tasks form the solid foundation of your small businessaccounting system. You can customize the package of services youreceive by adding payroll, tax planning, tax preparation, or anyof our other services.
Reconciling your business checking account each month allow us to keep yourbank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
- Identify lost checks, lost deposits andunauthorized wire transactions.
- Detect and prevent excess/unjustified bankcharges and ensures transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds fromwithin your company.
- Know how your business is doing? You can'treally know unless all accounts are reconciled and properly accounted for onyour financial statement.
- Manage your cash more effectively.Proper management of funds not only saves money, it makes money for you.
- Protect yourself. By timely reconciling andpromptly objecting to your bank about any unauthorized, fraudulent or forgedchecks presented to your bank and paid by that bank, you can relieve your agencyof responsibility for the shortfall and transfer the risk to the bank. Thisreason to reconcile alone should be enough. Crime exists.
- Sleep Better. You will sleep morepeacefully at night knowing your bank accounts are reconciled, in balance andthat all escrow funds, accounts, checks and disbursed funds are properlyaccounted 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 itemizedlist of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
- Track revenues and expensesso that you can determine the operating performance of your business.
- Determine whatareas of your business are over-budget or under-budget.
- Identify specific items that arecausing unexpected expenditures. Like phone, fax, mail, orsupply expenses.
- Track dramatic increases in productreturns 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 intime.
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 moreaggressively.
- 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 financialrecords. These records constitute the central "books" of yoursystem. Since every transaction flows through the generalledger, a problem with your general ledger throwsoff all your books.
Having us review your general ledger system each month allows usto hunt down any discrepancies such as double billings or anyunrecorded payments. Then we'll fix the discrepancies so yourbooks are always accurate and kept in tip top shape.
We are always available to spend time with you so you fullyunderstand how to interpret and utilize the financialinformation we provide. Our consultations are already includedin our price, so please feel free to call us whenever you have aquestion or concern.
If you'd like to receive a Free Consultation on our Small Business Accounting Service, please complete this form.... Bookeeping Services Cherry Hill
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