As a small business owner you have more important things to do than to keep your own books and worry about small business accounting. We take care of your books for you, so you can get back to the job of running your business and generating profits! As a licensed CPA firm and experienced business accountants, we will provide you with unmatched knowledge and assistance in all areas of accounting and consulting, especially small business accounting.
Each month or quarter we can provide the following small business accounting services:
These tasks form the solid foundation of your small business accounting system. You can customize the package of small business acccounting services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date, which is necessary for proper and useful small business accounting.
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Identify lost checks, lost deposits and unauthorized wire transactions.
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Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
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Detect and prevent embezzlement of funds from within your company.
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Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
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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.
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 itemized list of all your expenses to come up with a profit or loss for the period.
Income statements are an integral part of all small business accounting.
Another integral part of small business accounting, the balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
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Quickly get a handle on the financial strength and capabilities of your business.
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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
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Determine if your business is in a position to expand.
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Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
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Determine if you need to take immediate steps to bolster cash reserves?
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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 of small business accounting and may be necessary to provide 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 and small business accounting. 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 us review your general ledger system 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.
When you are ready, give us a call at (630) 898-5578 to discuss how we can meet your small business accounting needs. We'll take care of the accounting, so you can focus on running your business and generating profit!
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