SMALL BUSINESS SERVICES OLYMPIA WA
As a small business owner you have more important things to do than to keep your own general ledger/financial records. We take care of your general ledger/financial records for you, so you can get back to the job of running your business and generating profits.
Each month or quarter we’ll do the following things for you…
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, budgeting or any of our other services. Small business services olympia wa
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to…
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds from within your company.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
An income statement, otherwise known as a profit and loss statement, adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to…
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you:
- Quickly review the financial strength and capabilities of your business.
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
- Determine if you need to take immediate steps to bolster cash reserves.
Your balance sheet, income statement and budget are the most basic elements in providing financial controls over your business; in addition these are used to report to potential lenders.
Maintaining a Clean General Ledger
The general ledger is the core of your company’s financial records. These records constitute the central core of your accounting/reporting system. Since every transaction flows through the general ledger; having us review your general ledger system each month is critical for accurate financial reporting.
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