Tel: (917) 532 - 6407
Small Business Accounting
As a business owner, you have more important things to do than to keep 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.
Each month or quarter we will perform the following services for you:
​
-
Reconcile your bank account.
-
Generate an income statement.
-
Generate a balance sheet.
-
Clean up your general ledger.
-
Provide unlimited consultations.
These tasks form the solid foundations of your small business accounting system. You can customize the package of services you receive by adding tax planning, tax preparations, or any of our services.
Bank Reconciliation
Reconciling your business checking account each month allows us to keep your bank account, accounting and taxes up-to-date.
Having us reconcile your account each months 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.
-
Help in identifying how your business is performing by properly identifying accounts and classifying transactions to the financial statements.
-
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 along should be enough.
-
Rest assured. You will be at ease knowing your bank accounts are reconciled, in balance and that all balance sheet and income statement accounts 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.
-
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 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.
-
Determine if your business is in a position to expend.
-
Determine if your business can easily handle fluctuations in revenue and expenses.
-
Determine if your business needs to take immediate steps to bolster cash reserves.
-
Determine if your business strategically should time the payments of payables to forestall an inevitable cash shortage or provide a discount to increase the timing of collections on receivables to increase cash reserves to meet short-term and emergency funding needs.
Balance sheet, along with the income statement, are fundamental in providing financial reporting to potential lenders such as banks, investors and vendors when you are considering to borrow funds or purchase on credit.
General Ledger
The general ledger is the core to your company's financial records. These records constitute the central "books" of your financial reporting system. Since every transaction flows through the general ledger, a problem with your general ledger will negatively impact your financial reports and make the information within unreliable.
Having us review your general ledger system each month allows us to search for and pinpoint any discrepancies in your bookkeeping such as double billings and unrecorded payments. Upon discovery, we will fix any discrepancies so your books and financial reports are accurate and in excellent shape.
Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
If you would like to receive a Free Consultation to find out how our team of experienced tax and accounting professionals can help your business achieve success, call us today or complete the contact form on the contact page.