BUSINESS ACCOUNTING

The basic principles of accounting provide the framework from which a company's financial information is managed. With solid accounting software and strong organizational systems, a company is able to evaluate their performance, identify inefficiencies, and manage their financial goals, thereby allowing them to make well-informed decisions.

Bookkeeping

Some businesses require assistance with their bookkeeping functions. This is usually performed at the most basic level of processing and data entry. We can provide assistance with making your deposits, paying your bills, invoicing your customers, reconciling your accounts and producing your financial statements. Or, if a business owner would like to maintain control of these functions in-house, the service can be limited to posting this activity into an accounting software program, reconciling your accounts and producing your financial statements.

Accounts Receivable

Reviewing and authorizing credit applications, establishing credit terms, ensuring proper invoicing and timely collections, and managing customer accounts and outstanding balances. Strong practices and policies for your Accounts Receivables will help to secure a healthy cash flow for your business while maintaining good customer relations.

Accounts Payable

Establishing vendor accounts, negotiating credit terms, ensuring proper coding and processing of vendor bills, paying bills and managing cash balances, and managing vendor accounts and outstanding balances. Strong practices and policies for your Accounts Payables will help to ensure a good credit rating while maintaining reasonable cash balances to support a stable business operation.

Inventory Control & Job Costing

Establishing systems to track inventory and other job costs, determining profit margins, identifying inefficiencies, maintaining proper inventory levels and securing product availability, negotiating improved supplier pricing, tracking and managing materials and labor costs, tracking and managing production costs, and determining breakeven levels.

Sales Tax Reporting

Determining your appropriate sales tax jurisdictions and sales tax rates, developing systems to collect and track sales taxes, determining the proper tax payment schedule, and assisting with sales tax reporting.

Account Reconciliations

Performing all balance sheet account reconciliations. Bank accounts, investment accounts, credit card accounts, lines of credit, construction loans, and other notes payable. Most CPAs will request this reconciliation work prior to the preparation of income tax returns at year-end.  

Financial Statements

Financial statements can be provided on a cash basis or an accrual basis. The standard set of statements includes a Balance Sheet and a Profit and Loss Statement. Other supplemental reports can include a Cash Flow Statement, Budget vs. Actual Comparison Report, Profit and Loss Statement by Job, various Payroll Management Reports, and General Ledger Detail. Depending upon which accounting software is being used, there are a variety of reports that can be produced to help you evaluate your financial performance.