Small Business Accounting

Small Business Accounting2017-02-06T10:01:22+00:00

Now a days small business owners have to wear several hats and there are times where keeping the books fall by the wayside. If that is the case in your small business let us take care of your books for you so that you can get back to what you do best.

Each month or quarter we can do the following for you:

  • Bank account reconciliation
  • Income statement generation
  • Balance sheet generation
  • General Ledger clean up
  • Unlimited consultations

The above tasks form what is needed for a solid small business account system. We also provide extra services such as payroll, tax planning, and tax preparation to name a few.

Bank Account reconciliation:

Reconciliation of your bank account allows our team to keep you up to date with your bank statements as well as your taxes. Having us reconcile your bank account each month also allows you to:

  • Keep track of lost checks, lost deposits and unauthorized wire transactions
  • Make sure you detect and prevent unwanted bank charges and makes sure all transactions are posted by your bank
  • Detect and prevent embezzlement of funds from your company’s asset pool
  • Make sure you that your deposits earn the proper interest they should be making

Income Statement Generation:

The income state is important to small businesses since it is basically an itemized list of all the company’s revenue minus all the itemized expenses which generates the profit or loss of the company for the time period.

An income statement allows you to:

  • Keep track of your revenue and expense to make sure your company is making the profit you deserve
  • Check on which parts of the company are currently over budget and which are under budget
  • Identify which items are causing unexpected expenses such as phone, fax, medical supplies etc.
  • Identify your income tax liability

Balance Sheet Generation:

Generating a balance sheet basically gives you a quick snapshot of your company’s financial condition at any state in time.

A Balance sheet helps you with:

  • Getting to know the financial strength and capabilities of your business
  • Identifying and analyzing trends, especially in the areas of receivables and payables.
  • Determining if your business has the ability to expand
  • Balance sheets, along with income statements, are one of the most basic elements banks and other financial institutions look for when considering how much credit they may extend to you as a business owner.

General Ledger Clean Up:

The general ledger can be considered the core of a company’s financial records. Every transaction the company goes through will pass through the general ledger. As a business owner you should know that if the ledger itself is mess it will cause major problems in your company’s finances.

Having us take a look and cleaning up your general ledger will allow you to indicate and potential problems your company maybe facing at the time such as double billings or unrecorded payments. We pride ourselves in always keeping a clean general ledger for our clients.

Unlimited Consultations:

Our team is always available to our clients, and we will always make time to help you understand anything that you are not sure about in your company’s finances. If at any time you need to contact someone from our team feel free to.

For a free consultation for any of your Small Business Accounting needs, click the button below.