Accounting Provides Financial Information at Your Fingertips
Our accounting services provide thorough, accurate reporting and critical analysis that allow you to evaluate your company’s health and realize your business goals. Our firm can help you by delivering financial statements and reports or handling all your accounting tasks so you can concentrate on running your business.
To support your decision making, our firm will prepare everything from Income Statements, Balance Sheets, Budgets, and Key Performance Indicators (KPI) to compilations and reviews. We also take the time to review all of your data with you throughout the year to offer insight and help you to understand the story behind the numbers. Our sharp financial analysis will give you better visibility into the factors driving your business.
Accounting Services Can Provide the Following:
- Bank account reconciliations, including credit cards, loans, merchant accounts, etc…
- Prepare financial statements: Income Statement, and Balance Sheet
- Adjust General Ledgers for accuracy and completeness.
Business owner’s need these services to build a solid financial reporting and measuring process.
Accounting Includes a Periodic Bank Reconciliation
Reconciling your business checking accounts, credit cards, business loans, and credit card merchant accounts, periodically (usually each month) is a building block for keeping your accounting, and tax reports accurate and up-to-date.
Having your accounts reconciled monthly allows you to quickly review and make business decisions based on solid fact …
- Identify stale checks, missing deposits and unauthorized electronic transactions.
- Identify and take action to resolve 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.
An income statement, also called a profit and loss statement, summarizes sales, costs of sales, and expenses, for a period of time.
An Accounting Income Statement allows you to…
- Review sales and expenses so that you can determine the changes in operating revenues and expenses over time.
- Measure the businesses success in following a budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
- Track variations in expenses, allowing the business owner to take corrective action before differences have a significant impact on the business’s well being.
- Determine your potential income tax, or franchise tax, liabilities for the period of time.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet is an Accounting tool that helps you…
- Quickly view the financial strength and capabilities of a 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 an Accurate Accounting General Ledger
The general ledger is the base upon which your company’s financial records are built. This set of records is referred to as the “financial books” of the company. Since the General Ledger is designed to hold all transactions, any problems it contains will have a negative effect on all of your financial books, reports, and various tax filings.
Having us review your accounting general ledger system each month allows us to hunt down any discrepancies such as missing expenses or unrecorded revenue. Then we can correct the discrepancies so your General Ledger books are kept accurate and complete.