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Small Business Accounting

Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming.

Whether you are looking for complete accounting services, just need a little bookkeeping guidance, or something in between, we have services that are the right fit for you.  As a small business owner, running your business and generating profits is your top priority.  However, knowing where your business stands financially throughout the year is imperative in making good management decisions. 

If you are struggling to keep up with your books, accounting just isn't your thing, or you need to catch-up to file your tax return, we can customize our service to meet your needs.

We can reconcile your bank and credit card accounts, clean up your general ledger, prepare your payroll, prepare your tax returns, provide tax planning or answer other financial questions you may have.

 
Bank Reconciliation

Reconciling your business checking and credit card accounts each month allows you to...

  • Identify lost checks, lost deposits and unauthorized wire transactions.

  • Know how your business is doing.  See accurate results on your profit and loss and balance sheet reports.

  • Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank.

  • Protect yourself.  By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks, you may be able to transfer the responsibility for the shortfall to the bank.

  • Detect and prevent embezzlement of funds from within your company.

 
Profit & Loss Statement

A profit and loss 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 excessive expenditures, such as phone, auto, 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.

 
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.

If you'd like to receive more information or schedule a free 30 minute consultation, please call our office (406) 543-7667 or send us your contact information below.

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