Small Business Accounting

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're able to do the following things for you, and more...

• Enter and code your payables and cut checks for your signature
• Reconcile your bank and credit card account
• Generate an income statement 
• Generate a balance sheet
• Clean up your QuickBooks file and/or general ledger
• Provide consultation

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, or any of our other services.

 
Bank and Credit Card Reconciliation

Reconciling your business checking and credit card accounts each month allow us to keep your accounting and taxes current, including:

• Identifying lost checks, lost deposits and unauthorized wire transactions.
   
• Detecting and preventing excess/unjustified bank charges and ensuring transactions are posted correctly by your bank.
   
• Potentially detecting and preventing embezzlement of funds from within your company (Consider engaging us for a Fraud Audit if you have specific concerns and would like procedures targeted in this area).
   
• Providing a complete analysis of how your business is doing, which is impossible unless all accounts are reconciled and properly accounted for on your financial statements.
   
• Providing information to help you manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
   
• Protecting 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 help relieve your personal responsibility for the shortfall and transfer the risk to the bank.
   
• Feeling at ease. You will sleep more peacefully knowing your bank and credit card accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly balanced.

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.  An income statement will always be over a span of time, such as a month, a quarter, a year, etc. 

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.
   
• Track trends in your business, such as increases in product returns or cost of goods sold as a percentage of sales.
   
• Determine your income tax liability.

 
Balance Sheet

A balance sheet gives you a snapshot the financial condition of your business at a specific moment in time.  A balance sheet will always be "at" a certain date, and it can change daily.

A balance sheet helps you...

• Quickly assess 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 anticipated recurring cycle of revenues and expenses. 
   
• Determine if you need to take immediate steps to bolster cash reserves.
   
• Determine the status of your payables.

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

 
Consultations

As your CFO or most trusted advisor, we are always available to schedule time with you so you fully understand how to interpret and utilize the financial information we provide.  The feedback and correction part of the management process is equally as important as gathering accurate information.  We can help you establish your goals or budget, contrast it to your current results, and develop a plan to keep you on course!