As a small business owner you have more important things to do than to keep your own books. Our QuickBooks consulting services help you keep your accounting records up to date so you have timely information for business decisions. This allows you to concentrate on running your business.
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.
Reconciling your business checking account each month allows us to help you 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 ensure transactions are posted correctly by your bank.
• Know how your business is doing. You can’t really know unless all accounts are reconciled and properly accounted for in your financial records.
• 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 contacting to your bank about any unauthorized, fraudulent or forged checks paid by that bank.
• Sleep Better. You will sleep more peacefully at night knowing your bank balances are correct and that all receipts and disbursements are properly accounted for.
An income statement, also called a profit and loss statement, provides an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a net profit or loss for the period.
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 and help in monitoring unexpected variances compared to the prior period for income and expense items like phone, fax, mail, or supply expenses.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
• 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 need to allocate resources to collect your receivables more aggressively.
• Determine if your business is in a position to expand.
• Determine if your business can appropriately handle the normal financial ebbs and flows of revenues and expenses.
• Determine if you need to take immediate steps to bolster cash reserves.
• 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. Since every transaction flows through the general ledger, a problem with your general ledger throws off your reporting system.
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.