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Published on: 20 Jan 2017 by sotnasnia08
Small Business Accounting
As an owner of a small business, have many other valuable needs other than maintaining your accounting books. Our firm takes care of your bookkeeping to allow you to focus on running your company and producing income.
Every month or every quarter, as called upon, we can perform the following tasks for you:
Reconciling your bank account
Generate a balance sheet
Generate an income statement
Reconstitute your general ledger
Offer continuous consultations
We provide these services as the financial backbone of your small business accounting structure. You may design the mix of services you want to avail of by including tax planning, payroll, tax preparation or other services you may have in mind.
The Southbourne Tax Group can reconcile your business checking account for you every month to maintain an updated bank account, accounting schedule and tax status.
As such, you can then:
Determine if you have lost checks, missing deposits and unofficial wire transmittals.
Identify and avoid excess/unjustifiable bank fees and assures you of correctly-posted bank transactions.
Pinpoint and stop mismanagement of funds within your firm.
Want to find out the financial health of your business? You will never really achieve such information until all accounts are cleaned up and carefully reconciled and reflected on an accurate financial statement.
Take proper and efficient control of your cash usage. Wise funds management more than saves you money; it creates income, too.
Get protection for your business and yourself. By promptly reconciling and objecting to your bank regarding any unofficial, fraudulent or fake checks presented to your bank and encashed at that bank, you can avoid the responsibility for any shortfall and allow the bank to resolve the issue instead. You will unburden yourself of that trouble – one good reason for having the protection. And we know that illegal activities abound.
Get peace of mind. You can rest and be at peace at night if you know your bank accounts are reconciled and balanced and that all escrow funds, checks, accounts and disbursed funds are duly accounted for.
A balance sheet provides a quick view of your business' financial status at a specific point of interest.
Namely, a balance sheet can give the following benefits:
Get a quick outlook on your business’ financial capabilities and strength.
Pinpoint and evaluate patterns, especially in the area of payables and receivables. For instance, if you are taking longer time to complete your receivables, you may need to collect them more aggressively.
Evaluate if your business can readily manage the regular financial ebbs and flows of expenses and revenues.
Find out if your business can have the capability to expand.
Evaluate if your business is experiencing a slowdown in terms of your payables to prevent an unavoidable shortage of funds.
Assess if you have to take drastic measures to strengthen cash reserves.
Together with income statements, balance sheets provide the most essential elements in financial reporting to prospective lenders such as investors, banks and vendors who evaluate how much credit to offer you.
An income statement, also referred to as a profit-and-loss statement, essentially sums up a detailed list of all your revenues and subtracts another detailed list of all your expenses to provide a profit or loss statement for any period.
An income statement makes you do the following tasks:
Monitor revenues and expenses in order to determine the operating condition of your business.
Pinpoint which areas your business are above-budget or below-budget.
Monitor drastic rise in the frequency of your product returns or the cost of goods sold as a percentage of your sales.
Determine particular items produce unexpected expenses, such as phone, fax, mail, or supply inventory disbursements.
Determine your income-tax level.
Keeping a Neat General Ledger
The general ledger is the heart of your firm’s financial records. It constitutes the principal "books" of your accounting and financial systems. Since each transaction passes through the general ledger, any issue with your general ledger affects all your books.
Allowing us to evaluate your general ledger system every month makes us figure out any errors, such as double billings or any unaccounted disbursements. From there, we can remedy the discrepancies in order that your books will remain accurate and in proper order.