As a small business owner, you have too little time as it is, so why add the extra stress of maintaining your books. Our services allow business owners and key employees more time to serve your clients, grow your business, and spend more time with family and friends.
On a monthly basis we will perform the following services for you:
- Reconcile your bank account
- Generate Balance Sheet
- Generate Income Statement
- Generate Cash Flow Statement
- Monitor / project your tax situation
Bank Reconciliation
Reconciling your business bank account each month allows you to:
- Identify outstanding checks, missing deposits, and unauthorized transactions
- Prevents unnecessary bank charges such as NSF fees
- Ensures transactions are correctly posted
- Effective management of cash flow
- Provides an extra layer of protection for the owner by ensuring that only properly authorized transactions are taking place
Balance Sheet
Provides you with a snapshot of your business at a specific moment in time. The balance sheet will help you:
- Assess the financial strength of your business
- Track and analyze your accounts receivable, inventory, cash balances, and accounts payable
- Compare your assets to your liabilities
- Assist lenders in determining financing terms
Income Statement
Also known as a profit and loss statement or statement of operations, categorizes your income and then subtracts your property categorized expenses to arrive at your net profit for a period. The income statement will help you:
- Track revenues and expenses so you can determine the performance of your business
- Prepare budgets and track performance
- Identify items that are causing unexpected fluctuations in profit
- Compare your results with industry benchmarking
- Determine income tax liability
Statement of Cash Flows
A Statement of Cash Flows provides you with a summary of how you received your cash and how it was spent. The cash flow statement will help you:
- Determine if your cash flow is sufficient to cover new or existing debt service
- Determine if you should pay cash for or finance a large asset equipment purchase
- Determine if you have the capacity to expand
- Analyze the sources and uses of cash
Monitor Your Tax Situation
As a small business owner your personal tax situation is directly tied to the performance of your business. By monitoring your situation, we assist with:
- Projecting estimated tax liability for the year
- Calculating estimated tax payments for federal and state
- Implementing tax saving strategies
Call or contact us today for more information on our bookkeeping services.