Bank Reconciliation

 

Reconciling your business checking account each month, keeps your bank account, accounting system 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 incorrect 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 performing. To evaluate monthly performance of the business all accounts must reconciled and properly accounted for on your financial statement.
   

• Manage your cash more effectively. Proper management of funds allows you determine the best way to use it to grow your business

 
Income Statement

An income statement, also known as a profit and loss statement, creates an itemized list by category of all your revenues and subtracts an itemized list by category 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.
   

• Perform a trend analysis of revenues and or expenses to determine where profits can be improved.
   

• Determine your income tax liability.

 
Balance Sheet

A balance sheet gives you a snapshot of your business' financial position at a specific moment in time.

A balance sheet helps you:​
 

• identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables are growing, it could be an indication that the receivable cycle is lengthening, maybe you can collect your receivables more aggressively.
   

• determine if your business is in a position to expand and allows you to adapt to poor market conditions.
   

• determine if you need to take immediate steps to bolster cash reserves

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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 are used to sort and summarize your company's transactions. Since every transaction flows through the general ledger, a mis-classified entry in the general ledger throws off all your books.

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Having us review your general ledger system each month allows us to find any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate.