Small Business Accounting
By outsourcing the small business accounting to us, you have take advantage of accounting expertise available to Big Business Houses.
Small Business Accounting Services
Unlike the large business houses, a small business owners have to take care of many many important things on their own rather than glued on their own books. The Accounting for Small Business is repetitive work and there are experts available like us (Outsourced Bookkeeping) to take care of accounting and bookkeeping part of small businesses. By outsourcing the small business accounting to us, you have take advantage of accounting expertise available to Big Business Houses. We shall take care of your accounting and you do your core business and earning profits.
Every month or quarterly we’ll perform the following tasks for you :
- Clean up your accounts
- Reconcilation of your checking accounts, credit cards and Paypal
- Provide the income statement
- Provide the balance sheet
- Provide Consultations
These tasks constitute the solid basis of your small business accounting system. We can provide the customized services as per your requirement by adding to bookkeeping services , the payroll, accounts payable, tax preparation or any other related service.
Maintaining a Clean General Ledger
The general ledger is the basic of accounting of your company. If you need to look at any individual transaction of any date, then you need to look at the General Ledger. If your General Ledger is correct, only then you can assume the correctness of the financial statements of your company
We shall make the review of your general ledger periodically in order to make sure that there are no discrepancies. If we come across any discrepancy, then we shall fix it. This review will ensure the correctness and accuracy of your books of accounts.
Reconciliation of your business checking account every month allow us to keep your banks , accounts, taxes and tax liabilities up-to-date.
- We shall provide you list of checks Cleared as well as Uncleared Checks in Checking Account. You can review it to see if there are any lost checks, fraudulent checks (which are never issued by you) or checks which are urgent in nature but still not cleared in bank, unauthorized wire transactions and so on
- We shall provide you list of deposits Cleared as well as Uncleared in your Checking Account. You can review it to see that why there are uncleared deposits or returned deposits and may follow up with the customers for returned deposits.
- Keep a watch and follow up for excess and unjustified charges made by your Bank/ Credit Card.
- Keep a watch and take the preventive steps for scam of funds by insiders.
- Only the reconciled accounts can be considered as authentic and fit for decision making. You can know the health of your business with reconciled accounts and financial statements.
- Effective Management of your Cash, Accounts Receivable and Accounts Payable.
- Calm Down! Your banks are reconciled and you have correct financials at your finger tips. So, your anxiety will be controlled.
- Stay Protected. By having knowledge of what’s going on in your bank accounts maintained with Banks and Credit Cards, you can take the prompt action on coming to know of any fraudulent transaction.
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An income statement or say profit and loss statement, basically carries for a specified period, list of your revenues on one side and list of your expenses on the other side and making the net of revenue and expenses as Net Profit or Net Loss for the specified period.
With the income statement, you can do the following :
- Make Track of Income and Expenditure to assess operating profit / loss of the company.
- Evaluate the expenses to fix which expenses are over-budget and which are under-budget.
- Evaluate each expenditure individually to determine which expenditure are not normal / unexpected such as Supplies, Repair, Internet or phone expenses.
- Evaluate sharp increase or decrease in goods returns or percentage of cost of goods sold as compared to budget as well as previous years.
- Calculate the tax liability.
- Review the overall performance of the your company in the given period.
- Project the next Budget based on past performance
The balance sheet provides you a picture of your business’ financial condition on a specific date.
With the Balance Sheet, you can do the following :
- Get a overview of the financial health of the company.
- Evaluate the trends and fix the reasons thereof, particularly for accounts receivables and accounts payable. To Illustrate, if debtors/ receivable cycle is increasing, then you may make more policy towards following up your receivables to reduce the receivable cycle.
- Evaluate your expansion plan in light of your finances available.
- Evaluate if your company needs injection of more funds to boost the Cash Availability?
- Evaluate if your company needs to slow down the payables to postpone an Cash Crunch?
Balance Sheet and Income Statement are considered the important financial statements which helps to provide financial reporting to present and prospective stakeholders like banks, lenders, vendors and above all, the shareholders/owners.
If you have any query or have any doubt with regard to the bookkeeping transaction or treatment of any particular transaction in the books, we are always available to advise you. Also, we shall be available to help you understand and interpret financial statements.
If you’d like to receive a Free Consultation on our Small Business Accounting Service, please contact us at:
Email : firstname.lastname@example.org
Phone in USA: +1-904-256-9053
Website : https://www.outsourcedbookeeping.com/contact-us/