As a small business owner, you have more important things to do than just keep your own books. We will assist you with ensuring that your books are accurate so you can get back to the job of running your business and generating profits! Each month or quarter we’ll do the following things for you:
Reconciling your business checking account each month keeps your bank account and accounting records up-to-date.
Having us reconcile your account each month allows you to:
• Identify lost checks, lost deposits and any unrecorded transactions.
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
• Manage you’re cash more effectively.
• 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 yourself of responsibility for the shortfall and transfer the risk to the bank.
Review and Correct Your General Ledger Where Necessary
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.
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.
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. Request a consultation today at W. Hal Wyatt, CPA, PC by filling out the form below!
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 or excess expenditures.
• 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 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 can easily handle the normal financial ebbs and flows of revenues and expenses?
• 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.
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. Request a consultation today at W. Hal Wyatt, CPA, PC by filling out the form below!