As a small business owner you probably have more important things to do than to worry about your accounting records. We take care of your all your small business accounting needs for you, so you can concentrate on the job of running your business and generating profit!
Every month we’ll do the following things for you…
- Reconcile your bank account
- Generate a profit & loss
- Generate a balance sheet
- Clean up your general ledger
- Provide advice and consultations
These items form a solid foundation for your small business accounting needs. You can customise the services you receive by adding payroll, tax planning, tax preparation, or any of our other accounting services.
Reconciling your business current account each month allow us to keep your bank account, accounting, and VAT returns up-to-date.
Having us reconcile your account each month allows you to…
- Identify any transaction discrepancies.
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Understand 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 cash not only saves money, it makes money for you.
- Protect yourself. Timely reconciliation helps identify and resolve any unauthorised or fraudulent transactions on your account. Crime exists.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all funds are properly accounted for.
A profit and loss report 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.
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.
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.