Bookkeeping Services

As a business owner, you have more critical tasks than bookkeeping. We manage your books, allowing you to focus on running your business and increasing profits. Each month, we will:

- Tidy up your general ledger

- Reconcile your bank account

- Produce an income statement

- Create a balance sheet

These activities establish the cornerstone of your business's bookkeeping system. You have the option to tailor your service package by including accounts receivable/payable and payroll management.

The general ledger is at the heart of your company's financial records, serving as the main "books" of your system. As all transactions pass through the general ledger, any issues within it can affect all your books. By having us review your general ledger system monthly, we can identify and resolve discrepancies, such as double billings or unrecorded payments, ensuring your books remain accurate and in excellent condition.

Reconciling your business checking and credit card accounts monthly ensures your accounts, bookkeeping, and taxes remain current. This process allows you to:

- Understand your business's financial health. Accurate knowledge is only possible when all accounts are reconciled and reflected correctly in your financial statements.

- Identify lost checks, missing deposits, and unauthorized wire transactions.

- Detect and prevent excessive or unjustified bank charges and verify that transactions are posted correctly by your bank.

- Manage your cash more effectively. Proper fund management not only conserves money but also generates income.

- Protect yourself. By reconciling promptly and reporting any unauthorized, fraudulent, or forged checks to your bank, you can absolve your company of responsibility for any discrepancies and shift the risk to the bank. The necessity of reconciliation for this reason alone is compelling, given the reality of crime.

- Sleep better, knowing your bank accounts are reconciled, balanced, and that all escrow funds, accounts, checks, and disbursed funds are accurately accounted for.

An income statement, also known as a profit and loss statement, is a financial document that lists all your revenues and deducts all your expenses to calculate the profit or loss for a given period. It enables you to:

- Monitor revenues and expenses to assess the operational performance of your business.

- Identify which areas of your business are over or under budget.

- Pinpoint particular items that are leading to unforeseen expenses, such as telephone, fax, postage, or office supplies.

- Observe significant surges in product returns or the cost of goods sold as a proportion of sales.

- Calculate your income tax obligation.

A balance sheet provides a snapshot of your business's financial condition at a specific moment in time. It assists you in:

- Quickly grasping the financial strength and capabilities of your business.

- Identifying and analyzing trends, especially in receivables and payables. For instance, if your receivables cycle is extending, you might need to collect more aggressively.

- Assessing whether your business is poised for expansion.

- Evaluating if your business can manage the typical ups and downs of revenues and expenses.

- Deciding if there is a need to immediately increase cash reserves.

- Determining if your business is deliberately slowing down payables to avoid a cash shortfall.

Balance sheets, together with income statements, are fundamental in providing financial reports to potential lenders like banks, investors, and vendors who are considering extending credit to you.

To provide you with an accurate quote for our bookkeeping services, we need to understand more about your business and the specific services you require. Rest assured; our pricing is highly competitive.