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...
- Accounts Payable
- Accounts Receivable
- Sales Tax Returns
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Maintain a clean general ledger
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, financial planning, or any of our other services. Outsourcing your accounting can save you time and money!
We will enter vendor bills and prepare payments for your review, or we can train you to properly enter your vendor bills and prepare checks to send out.
We will prepare your customer invoices for you and record all customer payments to the appropriate invoices. If you prefer to prepare your customer invoices, we will review and train you to prepare them. We can also train you to record all customer receipts and apply to the appropriate invoices.
Sales Tax Reports
We will set up your sales tax items to track the taxes collected for each of your tax agencies. We will prepare reports to those agencies for your review and release.
Reconciling your business checking account each month keeps your bank account, accounting, and taxes up-to-date. We will reconcile your bank account(s) each month as well as prepare a reconciliation report.
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.
- 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, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized or erroneous transactions, you can relieve your firm of responsibility for the shortfall and transfer the risk to the bank.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
We will generate an income statement each month for your review. This report, 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.
An income statement allows you to...
- Track 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. Like phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
We will generate a Balance Sheet for you each month. This report 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 the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
- 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 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 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.
We are not in the business of income tax preparation and accordingly, we do not calculate income taxes, depreciation, or other tax return information. However, we can recommend tax professionals to meet the needs of your business.