Accounting Services
Financial statements are required in order to understand the health of your business and make informed decisions. They are required to prepare your tax returns and when applying for business credit. In order to have your financial statements prepared accurately and consistently, the structure of your accounting system needs to be organized from the point of original entry.
Because entrepreneurs are typically not “accountants”, many businesses lack the experience or desire to expend resources into this area. This is where I can offer my experience to work as a business partner with you or your team. Think of me as an offsite corporate controller, at a fraction of the cost.
Accounting and Bookkeeping services include:
Setting up a chart of accounts appropriate for your business – Your chart of accounts allows us to capture all your revenue, expenditures, assets and liabilities in groupings that mean the same thing to all users of your financial statements.
Recording and classifying – Once your chart of accounts is set up, all the financial transactions that occur in your business need to be recorded and correctly classified in the appropriate accounts.
Reconcile bank and credit card accounts – We need to ensure that your books are complete and tie to all your key bank and credit card accounts. Reconciling your accounts each month allows you to:
- Identify lost checks and deposits as well as unauthorized wire transactions.
- Detect and prevent excess/unjustified charges and ensure transactions are posted correctly by your financial institutions.
- Detect and prevent embezzlement of funds from within your company.
- Prevent overdrafts – the lag time between cash outflows — to vendors and employees — and payments coming in — from clients and customers — can vary considerably. This is especially important when a company is operating on very low cash reserves. Regular bank reconciliations can help management postpone payments that would result in company overdrafts, bounced checks and insufficient-fund fees and interest.
- Improves Collection Actions – Bank reconciliations allow companies to better manage their accounts receivable. When a customer’s payment clears the bank, the receivable is no longer outstanding and therefore requires no further action. But if the client’s check doesn’t clear, that alerts management to be more aggressive in its collection efforts.