Accounting for Small Business
At RBKSE, we understand that the role of being a small business owner conveys a lot of responsibilities on a daily basis. Hence, we will undertake the valuable task of keeping your books, being well aware that this is the bedrock of your business’ accounting system, so as to letting you focus on everything else.
The following bookkeeping services are provided for a monthly or quarterly basis:
Payroll, tax planning and tax preparation services are offered, as well.
A monthly reconciliation of your business’ checking account allows for an up-to-date maintenance of the bank account, accounting, and taxes.
By doing so you receive the following benefits:
- 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.
- All accounts will be 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.
- Peace of mind. You will feel at ease knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
Also known as a profit and loss statement, adds an itemized list of all the revenues and subtracts it to an itemized list of all your expenses, in order to calculate the 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 detailed report of your business’ financial condition at a given time. It helps you to:
- Quickly get a handle on the financial strength and capabilities of your business.
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
- Determine if your business is in a position to expand.
- 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.
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
Along with income statements, balance sheets comprehend the most basic elements in providing financial reporting to potential lenders such as banks, investors, vendors, or any kind of stakeholders who might be considering granting your business any amount of credit.
General Ledger clean-up
Found at the core of your company’s financial records, the general ledger records constitute the central books of your system. Taking into account that every transaction flows through it, a problem within these records will definitely throw off all your books.
A monthly check of the general ledger system allows for searching any discrepancies such as double billings or any unrecorded payments, in order to keep your books accurate and functional.