Bookkeeping
Bookkeeping
Bookkeeping
Your business is your passion and we get that. You want to spend less time worrying about the numbers, and more time doing what you love. We get it, we’re in the same boat!
We provide a professional bookkeeping service that is tailored to your specific requirements. We’ll handle the day-to-day finances so you can focus on growing your company.
Our service is completely customizable; we can handle all of your bookkeeping and accounting requirements, or just the ones that are most important to you. We’ll collaborate with you to ensure that our services are exactly what you need at a price that fits your budget, and we’ll provide the following:
Bank Reconciliation
The process of comparing your bank balance to your general ledger is known as bank reconciliation. A bank reconciliation process can assist you in the following ways:
- Monitor your cash flow to determine when it is appropriate to order more inventory or make other business decisions.
- Avoid identity theft by keeping track of who has access to your account.
- Avoid fees by ensuring that everything is properly reconciled at least once a month or quarterly, depending on how frequently you have access to your bank or credit union's account statements.
- Track down lost checks, deposits, and unauthorized wire transfers.
- Maintain compliance with the IRS's bookkeeping and accounting requirements, as mandated by the IRS
Income Statement
The income statement is one of the most important financial documents of any business. It’s a snapshot of your company’s financial performance and health, summarizing how much money you made or lost during a set period of time in a summarized manner. It’s also called a profit and loss statement (P&L) or a statement of earnings. The income statement enables you to:
- Track revenues and expenses so that you can determine the operating performance of your business.
- 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 is a snapshot of a company’s financial health at a given point in time. It shows the assets, liabilities, and equity of the business at that moment. The balance sheet can be broken down into three sections:
Assets are anything that the company owns that has value cash, inventory, property and equipment (PP&E), accounts receivable (AR), and intangible assets such as patents or trademarks are examples of assets.
Liabilities are anything owed by the company to others, accounts payable (AP), accrued expenses, and long-term debt are all examples of liabilities
Equity is all that’s left over after subtracting total liabilities from total assets. (Think of it as what belongs to you.) This figure represents a company’s shareholders’ equity – also known as net worth or book value – which is found on the balance sheet under “stockholder’s equity.”
The balance sheet enables you to:
- 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
- Understand your company’s indebtedness and cash flow needs to satisfy upcoming debt payments
- Determine your expansion capabilities
- Understand your businesses strengths and weaknesses
- Get a complete picture of your businesses financial position
Cash Flow statement
Having liquid cash on hand is critical for your business. The majority of small businesses fail due to a lack of cash or liquid assets rather than a lack of profitability. A cash flow statement is a financial statement that shows the inflow and outflow of cash in a company over a given time period. The cash flow statement helps you understand your cash inflows and outflows at any given point of time and timely evaluate the cash needs of your business.
Your net cash in a period may differ significantly from your profit in that period. This is because the timing of cash inflows and outflows may differ from when revenue or expenses are recognized. For example, you may have fulfilled a large order and recognized revenue, but your customer may not pay for another 90 days, leaving you cash-strapped until the payment arrives.
A cash flow statement will assist you in maintaining a strong liquidity position and planning for any upcoming cash needs for your business.
General ledger
The general ledger is the primary accounting record for a business. It contains all of the financial transactions for a company, including income, expenses and assets and liabilities. The general ledger provides an accurate record of all business transactions that have taken place during an accounting period.
Having an expert prepare your general ledger gives you the peace of mind that all the information contained in the general ledger is accurate and properly classified. Our experts look at your general ledger from an accounting and tax perspective allowing us to identify areas of tax savings.
In the event that you were to try to obtain additional financing and attract additional investors you will highly benefit from using our services, as properly kept books will increase their confidence in your business.
