Business Accounting

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, 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…

• Reconcile your bank account
• Generate an income statement 
• Generate a balance sheet
• Clean up your general ledger

These tasks form the solid foundation of your small business accounting system.

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…
• Identify lost checks and lost deposits
• Detect and prevent excess/unjustified bank charges and ensures 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 on your financial statement.
• 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 objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
• Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled and in balance.

Income Statement

An income statement, otherwise known as a profit and loss statement, is 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.

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 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 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 is in a position to expand.
• Determine if your business can easily handle the normal financial ebbs and flows of revenues 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 an inevitable 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. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

QuickBooks Online Services

8 Reasons Why You Should Use QuickBooks Online:

• QuickBooks is the ideal business accounting software for small to mid-sized business owners.
• You save time on bookkeeping and paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business.
• You can easily generate the reports with the information you need, so you always know where your business stands. You instantly know whether you’re making money and whether your business is healthy.
• You save money because QuickBooks is so affordable. You can use it to run a $5 million or a $25 million business for a few hundred bucks. Online accounting software is truly one of the great bargains in business.
• Your business can grow with QuickBooks. QuickBooks will help you design a business plan to use when trying to secure a small business loan or line of credit or to plan for the future. QuickBooks will create a projected balance sheet, profit and loss statement and statement of cash flows in the format recommended by the U.S. Small Business Administration.
• You can customize QuickBooks to work the way you want. QuickBooks is specifically designed to be flexible and adaptable to a wide range of small businesses. To broaden its appeal, QuickBooks has recently added customized accounting packages for Contractors, Retailers, Health Care Professionals, and Non-Profit organizations.
• You save typing time and errors by sharing data between QuickBooks and over 100 business applications. You can even share data with popular programs, such as Microsoft Excel, Word, Outlook and ACT.
• You can pay your bills and bank online. Setup your current bank account in QuickBooks, and you’re ready to pay your bills without licking envelopes, sticking stamps, or printing paper checks. Just write checks in QuickBooks as you normally would, then click a button and your participating bank does the rest! Pay anyone in the U.S. from your credit card companies to your pizza service. Online Banking also lets you download your monthly statement from your participating bank directly into QuickBooks for easier reconciliation.