Accounting

Bookkeeping Small Business Accounting

Businesses of all shapes and sizes depend on accurate, insightful financial information to manage their day-to-day operations, capitalize on opportunities, and sustain profitability. We lend our expert support to meet your accounting needs so that you can focus your time and energy on building a strong business.

 

What is Bookkeeping and why does my business need it? Bookkeeping, commonly referred to as small business accounting, is the process of keeping full, accurate, up-to-date business records. Proper bookkeeping can help businesses effectively manage cash flow, stay abreast of profits and losses, and develop plans for the future based on financial trends. Furthermore, accurate bookkeeping is required by both federal and local tax agencies.

 

Bookkeeping involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and organizations are also recorded in a company’s books. Though necessary and beneficial to business owners, the task of bookkeeping can be very time consuming.

 

With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the utmost importance, making keeping the books in a rushed manner a very bad idea. As business owners are often lacking in time, many choose to hire bookkeepers to keep company records well maintained.

 

We’ll create and maintain a chart of accounts to capture all of your financial transactions, provide the right information to manage your business, and prepare federal, state, and local tax returns. Through periodic internal audits, we’ll identify and resolve discrepancies (e.g., double billings, unrecorded payments) to ensure that you have a complete and accurate picture of your financial position.

Bank Reconciliation

While a clean set of “books” is a key objective for every accountant, it’s also important to match the accounting records with the monthly bank statements. Our bank reconciliation services ensure that every deposit and withdrawal aligns with entries into your accounting records.

 

This assessment enables us to identify lost deposits, lost checks, unauthorized transactions, and inappropriate bank fees. It triggers investigation into any fraudulent activity (identity theft, forgery, embezzlement, etc.), and expedites restitution. And it gives you a clearer picture of your cash position for addressing planned outlays and investments.

Financial Statement Preparation

We can prepare a complete set of financial statements to help you assess the health of your business. This package includes:

 

  • – A Balance Sheet that gives you a snapshot of your overall financial condition at month, quarter, and/or year end.
  • – An Income Statement (a.k.a. Profit and Loss Statement) that summarizes revenues, expenses, and net profits so you can assess the operating performance of your business.
  • – A Comparison of Actual Performance to Budget so you can identify trouble spots in your revenue stream or spending patterns.
  • – A Cash Flow Statement that shows how changes in your Balance Sheet and Income Statement affect your available cash.
  • – Estimated tax liabilities.

Our analysis of your financial statements helps you frame strategic initiatives (e.g., business expansion, acquisition) as well as tactical plans (e.g., accounts receivable and accounts payable management). Professionally prepared financial statements are also an essential resource when dealing with creditors (e.g., vendors, banks) and investors.

Individual Consultation

When you use our professional Bookkeeping services, you get more than a collection of records and reports. You get the benefit of our skills, experience, and expertise. We’re happy to invest the time to make sure that you understand and utilize all of the information we provide. Call us whenever you have a question or concern.

 

Contact us to learn more about our Small Business Accounting and bookkeeping services.

Get in touch for finance management solutions tailor - Made for you

3750 Venture Dr. Suite #12

Duluth, GA 30096