Understanding your business is key to growth. I can help you with your monthly accounting, including but not limited to, bank account reconciliations, sales tax return preparation, quarterly and annual payroll tax return preparation. If you use an accounting software for your monthly accounting, I can review your general ledger to clean it up if needed. 

We can either maintain your books on a monthly basis, quarterly basis or periodically throughout the year as you need. Included in your accounting is inputting all bank transactions into our accounting software, reconciling all bank accounts, credit card statements and any loan documents. If needed we can provide you with a balance sheet and profit/ loss statement so you can see how your business is doing for any management decisions you may need to make. As we are completing your accounting, if we see any areas in which you can improve your business or red flags that pop out at us, we will request a consultation with you to let you know what we are finding.

Bank Reconciliation

Reconciling your bank account each month allows us to keep your bank account balance up to date and make sure we record all business deductions.

With each monthly bank reconciliation we are able to:

  • Identify any lost checks, lost deposits and unauthorized wire transfers or withdrawals.
  • Detect and prevent excess/ unjustified bank charges.
  • Ensure all transactions are posted correctly by the bank.
  • Detect and prevent embezzlement of funds by employees having access to your bank.
  • Promptly notify the bank of any unauthorized, fraudulent, or forged checks.
  • Immediately notify you if cash flow is becoming an issue.
  • Give you the peace of mind knowing your bank balance is accurate.

Balance Sheet

A balance sheet provides you a quick snapshot of your business. It lists all assets as well as any liabilities existing for the business. You will see immediately what your profit/ loss for the year is as well as the business’ net worth.

Having a balance sheet available allows you to:

  • Identify and analyze trends relating to accounts receivables and accounts payables: are you collecting your receivables fast enough? Is it taking too long to collect from customers causing a cash flow issue? Are your payables getting out of hand?
  • Decide if you need to take immediate steps to increase cash flow.
  • Determine if your business is in a position to expand, buy new equipment, hire new employees.

Profit/ Loss Statement

A profit/ loss statement provides you an itemized list of your gross revenues, business expenses and your annual, monthly or quarterly net profit or loss.

Having a regularly printed profit/ loss is most beneficial in that it provides you the information needed to:

  • Determine if your gross revenue is down from year‐to‐year letting you know that you need to increase your customer retention or acquiring budget.
  • Determine if your expenses have increased or decreased over a set period of time.
  • Allow you to make managerial decisions of where you need to search for new, less expensive vendors.
  • Evaluate payroll to see if you are paying too much in labor.
  • Evaluate operating costs for additional savings.
  • Immediately see your profit to determine your income tax liability.

Consultation

It is our job to help you and your business succeed. We are always available to answer any questions you may have. If you need help understanding your financial statements we can help. If you are wanting to make some changes and would like our advice before making the decision, just give us a call. Please feel free to call us or request an appointment to discuss any concerns you may have.

After‐The‐Fact Payroll Services

After‐the‐Fact payroll simply means you prepare all payroll checks and provide them to your employees as well as submit all payroll tax payments to the IRS. On a quarterly basis you provide us with the detail of the checks written and tax payments paid.

We provide you with:

  • Filing of all quarterly and annual payroll tax reports with the IRS, including 941, 940, W‐2 and W‐3 forms.
  • Filing of all quarterly payroll tax return RT‐6 with the state.
  • As an additional service, we can authorize all payroll tax payments to the IRS through the EFTPS system in a timely manner.