Small business accounting
SMALL BUSINESS ACCOUNTING
As a small business owner you have more important things to do than to worry about keeping 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. We can customize your package of services by adding payroll, tax planning, tax preparation or any of our other services. These tasks form the solid foundation of your small business accounting system. Please also see our QuickBooks section for other small business services.
Reconciling your account each month allows you to:
Know how your business is doing. Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
Protect yourself. By reconciling in a timely manner and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to and paid by your bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank.
An income statement, otherwise known as a profit and loss statement, basically summarizes all of your revenues and subtracts a list of all your expenses to determine your 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
• Set budgets and analyze what areas of your business are over-budget or under-budget
• Identify specific items that are causing unexpected expenditures
• Help determine your income tax liability
A balance sheet gives you a snapshot of your business's financial condition at a specific moment in time. A balance sheet helps you:
• Understand the financial strength and capabilities of your business
• Identify and analyze trends, particularly in the area of receivables and payables. Determine if your business is in a position to expand
• Help you track and prepare for the normal financial ebbs and flows of revenues and expenses
• Determine if you need to take immediate steps to bolster cash reserves
• Provide financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you
General Ledger Maintenance
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. They are the details behind your Balance Sheet and Income Statement.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide.