Small Business Accounting

As a small business owner do your evenings seem filled with paperwork? Do you dread tax time and trying to gather and organize your receipts? We can take care of your books for you, so you can get back to the job of running your business and generating profits.  Our services are priced in an a la carte format, so you only pay for what you want and as your business grows, adjusting the level of service is a simple process.
Each month or quarter we’ll do the following things for you…

• Reconcile your bank and credit card accounts
• Generate a Profit and Loss statement 
• Generate a Balance Sheet
• Clean up your general ledger
• Provide unlimited virtual consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, small business consulting or any of our other services.

Bank Reconciliation

Reconciling your business checking and credit card accounts each month allow us to keep your bank account, accounting, and taxes up-to-date by organizing your income and expenses in the proper tax categories.

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, fraudulent or forged checks presented to your bank and paid by that bank or credit card charges, 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.
• 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.

Profit & Loss Statement

A Profit and Loss Statement, is an itemized list of all your revenues, cost of goods sold and operating expenses to come up with a profit or loss for the period.

A Profit & Loss  Statement allows you to…

• Track revenues, cost of goods sold 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.

• Review your expenses as a percentage of revenue.

Balance Sheet

A balance sheet 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 Profit & Loss  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.

Unlimited Virtual Support

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our phone consultations are already included in our price, so please feel free to call us whenever you have a question or concern.  It is easier to prevent an error, than correct one!