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…
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledge
These tasks form the foundation of your small business accounting system. You can customize the package of services by adding payroll, tax planning, varies types of tax preparation or any of our services.
Reconciling your business checking accounts each month allows us to keep your bank account, accounting and taxes up-to-date
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. Income statements are used in the daily management of your business such as tracking the performance of the business, reviewing areas that are over or under budget for unexpected expenditures and determining your 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 get a handle on the financial strength and capabilities of your business, determine if your business is in a position to expand and determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
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 of your books. In this uncertain business climate, having good, clean financial statements is vital and necessary to your business.
Having us review your general ledger 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.