As a small business owner we understand that you need to focus on expanding your business and generating more profits. We can take care of your bookkeeping needs for you!
Each month or quarter we'll do the following things for you...
These tasks form the solid foundation of your small business accounting system. Our services are tailored to meet your needs, and we can customize an affordable package to fit within your budget.
Accounts Payable
As a small business owner you are more focused on strategies to grow your business rather than spending time doing routine things like paying bills, but it is imperative that you pay your debts on time if you want to have a good relationship with vendors or apply for credit in the future.
On a weekly or monthly basis we will:
- Collect and enter in all invoices ensuring that each expense is properly categorized
- Monitor accounts to ensure payments are made on time per the terms and conditions of each vendor
- Schedule and process invoices for payment
- Analyze and reconcile expense accounts
- Maintain vendor files including the collection of W-9 forms
- Process 1099 forms at year end, and file your form 1096 with the IRS
Our services will:
- Eliminate duplicate payments
- Ensure your company is taking advantage of vendor approved early payment discounts
- Keep your company in compliance with IRS regulations
- Provide satisfaction and assurance to your vendors
- Save you time and money
Accounts Receivable
One of the basics of operating a business is having a means for tracking money that is owed by clients as well as maintaining an accurate record of money received from clients. Your company's biggest asset is your customers, and collecting funds in a timely manner is vital to the health of your company. Without a steady cash in-flow you can't continue business operations.
We will:
- Generate accurate and easy to understand invoices and distribute to your customers
- Process all incoming payments and any billing adjustments
- Monitor customer account balances and provide you with an aging report based on your reporting requirements.
- Perform "soft collections" by sending out past due notices and/or calling customers with past due balances.
- Reconcile customer account balances
- Make sure your Accounts Receivable ledger ties to your balance sheet. Identify and correct any discrepancies.
Our services will:
- Provide for fast and accurate invoicing
- Increase and maintain a more consistent cash flow
- Improve your chances for collecting funds from your customers
- Reduce your operating costs
- Save you time and frustration
Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month 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.
- 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.
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. 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.
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?
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 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 financial statements.
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 and kept in tip top shape.
Unlimited 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.
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