Small Business Accounting
As a small business owner you have more important things to do than to keep your own books. I take care of your books for you, so you can get back to the job of running your business and generating profits.
Each quarter I’ll do the following things for you…
How it works:
Having me handle your day to day bookkeeping… You do the following:Set up a separate business checking account and credit card.Allow my secure QuickBooks software to link to those online accounts and download activity.
- Set up a separate business checking account and credit card.
- Allow my secure QuickBooks software to link to those online accounts and download activity.
- Answer any questions I have about how specific transactions should be categorized.
- Let me know if you use your business card for any personal items.
I will do the following:
- Keep your books on my QuickBooks software.
- Provide you a Balance Sheet, Profit & Loss and General Ledger report on a quarterly basis. (Or a year-to-date report at your request.)
- Help maximize your deductions by educating you on what is or is not a business expense.
- 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 me 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.
I am always available to spend time with you so you fully understand how to interpret and utilize the financial information I provide. My consultations are already included in my price, so please feel free to call me whenever you have a question or concern.