Small Business Accounting

The life of a small business owner gets complicated. You quickly find that you have more important things to do than to keep your own books. You find yourself taking care of everything – except the books! Bookkeeping often falls off the calendar because you need to stay focused on income generating activities.

That’s where we come in. Let us take care of your books so you can stay focused on profits!

Every month or financial quarter we’ll…

Reconcile your bank account
Generate an income statement
Generate a balance sheet
Clean up your general ledger
Provide unlimited consultations

Your small business accounting system relies on a solid foundation. These tasks make up that foundation. The suite of services we offer you is fully customizable. You can add payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Bank Reconciliation is how we keep your bank account, accounting, and taxes up to date.

Every month we’ll be able 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 exactly how your business is doing.This can’t be done unless all accounts are reconciled and properly accounted for on your financial statement.
Manage your cash more effectively. Proper cash flow management not only saves you money, it also makes you money.
Protect you and your business. If there are 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. To do this, you must reconcile and promptly object to your bank. Time is of the essence. If there were only one reason to reconcile, this would be it.
Give you a good night’s rest. 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.

Income Statement

An income statement, also known as a profit and loss statement, is a basic summary tool for your business. It adds an itemized list of all your revenues and subtracts an itemized list of all your expenses. The result is a statement of what your profit or loss is for the period.

Balance Sheet

A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

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 – items like phone plans, SaaS products,mail and fax, or supply expenses.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability.

A balance sheet helps you...

Quickly get a handle on the financial strength and capabilities of your business.
Identify and analyze trends, particularly around receivables and payable. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
Determine if your business is positioned 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 payable to forestall an inevitable cash shortage.

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders. Any banks, investors, or vendors who are considering how much credit to grant you will require these in some form.

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.

Reviewing your general ledger system each month allows us to hunt down any discrepancies such as double billings or unrecorded payments. We’ll fix the discrepancies and keep your books in tip-top shape.

Unlimited Consultations

Your consultations are already included in our price, so please feel free to call us whenever you have a question or concern. We want to make sure you fully understand how to interpret and best utilize the information we provide you. Your success is our success!