As a business owner you have more important things to do than bookkeeping. Let us help you with the following items:
- Bank Reconciliations
- Income Statement
- Balance Sheet
- General Ledger
Bookkeeping is much like going to the dentist – no one really wants to take the time out to do it, but neglecting the issue can lead to serious repercussions. Here are just a few advantages to outsourcing your bookkeeping:
- Less distraction from the day-to-day running of things, which means more focused work staff.
- Freeing up valuable time that can be put into bettering the company.
- You can save money by only paying for what you need – nothing more, nothing less.
- Having full time knowledge on your team by putting your books into the hands of a highly skilled professional.
- You have a team that double checks each other’s work, helping to ensure that you receive the best service possible as well as separation of duties.
- You have access to the top tools in the industry, updated programs, organized records and nightly backups.
Reconciling your business checking accounts each month allows us to keep your bank account up-to-date and allows you to:
- Identify lost checks, lost deposits or unauthorized transactions.
- Detect and prevent excessive or unjustified bank charges.
- Ensures transactions are posted correctly by your bank.
- Manage your cash more effectively, which saves time and money.
- Protect yourself. By timely reconciling and promptly reporting to your bank any unauthorized, fraudulent or forged checks, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank.
An income statement, also known as a profit and loss statement, is an itemized list of all your revenues less 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.
- 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. This will help 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.
- Decide if your business is in a position to expand.
- Determine if your business can handle the normal financial ebbs and flows of revenues and expenses.
- Ascertain if you need to take immediate steps to bolster cash reserves.
- Deduce 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 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.
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.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide.