Charleston Accounting Services for Small Businesses
As a small business owner, you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter well do the following things for you:
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Provide unlimited consultations
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, or any of our other services.
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to:
- Identify lost checks, lost deposits, and unauthorized wire transactions
- 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
Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
- 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.
- Sleep better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
An income statement, otherwise known as a profit and loss statement, basically 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 such as 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’s financial condition at a specific moment in time.
A balance sheet helps you:
- Quickly get a handle on the financial strength and capabilities of your business