Small Business Services

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, lost deposits and unauthorized wire transactions.

• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

• Detect and prevent embezzlement of funds from within your company.

• 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, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement:

An income statement, also known as a profit and loss statement, is a financial document that itemizes your business' revenue and expenses over a specific period. By subtracting expenses from revenues, you can determine whether your business made a profit or incurred a loss during that time.

This statement provides valuable insights for business owners, helping them:

• Assess their business' operating performance based on revenue and expenses.

• Identify areas of overspending or underspending.

• Pinpoint expenses that are driving up costs unexpectedly, such as phone, fax, mail, or supply expenses.

• Monitor changes in product returns or cost of goods sold as a percentage of sales.

• Calculate income tax liability.

Balance Sheet:

A balance sheet offers a snapshot of your business' financial health at a given moment. It provides a clear picture of your business's assets, liabilities, and equity.

Business owners can use a balance sheet to:

• Quickly evaluate their business' financial strength and capabilities.

• Analyze trends, especially in accounts receivable and accounts payable. For example, if receivables are taking longer to collect, you can take steps to speed up the process.

• Determine if the business is ready to expand or if it needs to build up reserves before doing so.

• Prepare for cash flow fluctuations by anticipating upcoming expenses and revenue sources.

• Ensure that there are enough cash reserves to cover unexpected costs or losses.

• Show potential lenders, investors, and vendors the financial position of the business.

Cash Flow Statement:

A cash flow statement is a financial report that shows the amount of cash coming in and going out of a business over a particular period. It details the movement of cash from operating activities, investing activities, and financing activities. By analyzing the statement, owners can identify areas where cash is tied up or drained, assess the impact of investing and financing activities, plan for future expenses and investments, and evaluate their business' ability to meet financial obligations.

Business owners can use a cash flow statement to:

• Evaluate the business' ability to generate cash and meet its financial obligations.

• Identify areas where cash is being tied up or drained, such as slow-paying customers or high debt payments.

• Assess the impact of investing activities, such as buying or selling assets, on the business' cash position.

• Understand how financing activities, such as raising funds through loans or issuing shares, affect the business' cash flow.

• Determine if the business has enough cash reserves to cover unexpected costs or losses.

• Plan for future expenses and investments by forecasting cash inflows and outflows.

Bookkeeping is the process of recording and organizing a business' financial transactions. It involves maintaining accurate and up-to-date records of income, expenses, and other financial activities to ensure that a business can track its financial performance and comply with legal and tax requirements.

While bookkeeping may seem straightforward, it can be time-consuming and complex, especially for small business owners who have limited time and resources. That's where our bookkeeping services come in.

Bookkeeping services provide a range of support to businesses, including:

• Recording and categorizing financial transactions.

• Reconciling bank and credit card statements.

• Generating financial reports and statements, such as balance sheets and income statements.

• Managing accounts payable and accounts receivable.

• Ensuring compliance with tax laws and regulations.

• Providing financial advice and guidance to help business owners make informed decisions.

Year-end tax returns are a crucial task for businesses. As the end of the year approaches, businesses must gather all financial records from the past year and use that information to prepare and file their tax returns with the relevant tax authorities.

Preparing year-end tax returns requires a thorough understanding of tax laws and regulations, as well as a detailed record of all income, expenses, and deductions. Failing to file tax returns or filing inaccurate returns can result in penalties and fines, so it's essential that businesses get it right.

Business owners can work with accounting professionals to ensure that their year-end tax returns are accurate and complete. Accounting professionals can assist with gathering financial data, reconciling accounts, and preparing tax returns. They can also provide advice and guidance on tax planning strategies, such as maximizing deductions and credits, to minimize tax liabilities.

By working with accounting professionals to prepare their year-end tax returns, business owners can ensure compliance with tax laws and regulations, avoid penalties and fines, and make informed decisions about the future of their business.

Our payroll services ensure your business runs smoothly. We handle quarterly and year-end reporting so you can focus on growing your business.