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Accounting- Keeping the Books for Your Business

Business owners may need a helping hand to learn how to account for the business and put their books in order.

Each month or quarter we'll do the following things for you as well as counsel and train your staff:

These tasks will form the foundation of your small business accounting. We can add services if you require payroll, tax planning, tax preparation, or any of our other services.

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:

  • Ensure that all cash entries to your bank account are recorded in theGeneral Ledger. For some small businesses, this is all that is necessary to produce financial statements.
  • Immediately identify and classify all checks, deposits and wire transactionsfor financial statement and tax purposes.
  • Detect and prevent excess bank charges and ensure all transactions areposted correctly.
  • Detect and prevent as possible misappropriation/ excess use of funds (e.g. for travel and entertainment).
  • Provide an accurate, documented cash position and use for the month.
  • Timely identify any unauthorized checks presented to your bank, and transfer responsibility for any shortfall to the bank.
  • Have the assurance that your bank accounts are reconciled, in balance andthat 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, is an itemized list of all your revenues and expenses to arrive at a profit or loss for the period.

An income statement allows you to:

  • Track revenues and expenses so that you can determine the operatingperformance of your business.
  • Determine what areas of your business are over or under budget.
  • Identify specific items that are causing unexpected expenditures, such ascomputer, utility or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as apercentage of sales.
  • At each quarter, 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 yourbusiness.
  • Identify and analyze trends, particularly in the area of receivables andpayables. For example, if your receivables cycle is lengthening, you mightbe able to collect your receivables more aggressively.
  • Determine if your business is in a position to expand.
  • Determine if your business can handle the normal financial ebbs and flows ofrevenues 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 aninevitable 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. Every transaction flows through the general ledger.

Having us review your general ledger system each month allows us to search for any discrepancies such as double billings or any unrecorded payments.


We provide and/or coach your temporary or permanent staff on all bookkeeping functions. These include:
  • QuickBooks or any other General Ledger software, or we help you start one
  • Invoicing
  • Maintaining sales and updating all sales and accounts receivable
  • Monthly vendor/accounts payable support
  • Payroll and all payroll forms
  • Reconciling bank statements
  • W-2s and 1099s
  • All payroll tax returns and services

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