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As a small business owner you have more important
things to do than to keep your own books. I 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 I'll do the following things for you...
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 Reconciliation
Reconciling your business checking account each month allow me to keep your bank account, accounting, and taxes up-to-date.
Having me 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.
- Detect and prevent embezzlement of funds from within your company.
- 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, 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.
Income Statement
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 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.
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 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 me review your general ledger system each
month allows me to hunt down any discrepancies such as double billings
or any unrecorded payments. Then I'll fix the discrepancies so your
books are always accurate and kept in tip top shape.
Unlimited Consultations
I am always available to spend time with you so you
fully understand how to interpret and utilize the financial information
we provide. My consultations are already included in my price, so
please feel free to call me whenever you have a question or concern.
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