As a business owner we know you have more important things to do than to worry about completing your own books. We take care of your books for you, so you can get focus on running your business and generating profits!
These tasks form the solid foundation of your small business accounting system. We always customize services to best suit your company’s needs.
Allows for efficient maintenance and processing of accounts payable transactions, ensures all payments are up to date with creditors and vendors.
- Review invoices and check requests
- Sort and match invoices and check requests
- Set invoices up for payment
- Prepare and process accounts payable checks
- Monitor accounts to ensure payments are up to date
- Resolve invoice discrepancies
- Vendor file maintenance
Ensure efficient, timely and accurate payment of accounts.
- Maintain up-to-date billing system
- Monitoring customer account details for non payments, delayed payments and other irregularities
- Allocation of payments in system
- Established procedures for processing receipts
- Customer file maintenance
Reconciling your business checking account each month allow us to keep your bank account, and accounting up-to-date. Having us reconcile your account each month allows you to:
- Identify lost checks, lost deposits and unauthorized 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.
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 is 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.
A balance sheet gives you your business’ financial condition at a specific moment in time.
A balance sheet assists you to:
- 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.
The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Every transaction flows through the general ledger and a problem with your general ledger will cause errors in all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate.
Allows for easy management of employee information and simplifies your entire payroll process from processing to payday.
Simply submit your payroll via fax or email and we keep your payroll running smoothly.
- Process payroll checks
- Calculate the earnings of employees and the related withholding for taxes and other deductions
- Report deductions to the federal, state and local tax agencies
- Issue payroll checks for employees
- Report and deposit workers compensation insurance
- Receive payroll information (time sheets)
- Process Quarter Returns/Year End Returns
- Prepare Employees W-2′s
- Prepare notice of cash needed to cover payroll expenses and tax liabilities.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Please feel free to call us whenever you have a question or concern.