As a small business owner, or solopreneur you have more important things to do than to manage your own books.
Each month or quarter we’ll do the following Reconcile your bank account, Generate an income statement and generate a balance sheet.
My team and I will take care of your bookkeeping for you, so you can focus on running your business and doing what you love.
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, or other 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 bank account each month allows for you to…
- Identify if there are any missing checks and/or lost deposits.
- Find and prevent excess bank charges ensuring your bank transactions are posted correctly.
- Detect and prevent embezzlement or fraudulent activities within your company.
Manage your cash efficiently. Proper management of cash not only saves money, it makes money for your business.
An income statement, also known as a profit and loss statement, basically totals all your revenues and subtracts 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 and/or under-budget.
- Track spiked 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 for 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 too long, maybe you need to collect receivables more aggressively.
- Determine if you need to take immediate steps to reinforce cash reserves.
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.