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ACCOUNTING SERVICES

Small Business Accounting Services

Every small business owner needs to focus on running their business and using their financials as a tool for success. We not only manage your books for you but offer a variety of services that make your accounting process easier.

These services form the solid foundation of your small business accounting system, and include:

  • Providing quarterly consultations
  • Reconciling your bank accounts and credit cards
  • Generating an income statement
  • Generating a balance sheet
  • Cleaning up your general ledger

 

Quarterly Consultations

We are not a once a year CPA, this is what sets us apart from other small business CPAs.  We use these quarterly touches to discuss issues that have arisen in your business during the quarter.  We do not wait until year end for a pulse of your financial situation.  The last quarter is heavily concentrated on tax planning to ensure you time to implement actionable items to reduce your taxes.

Bank & Credit Card Reconciliations

Keeping your accounting, credit cards, bank accounts, and taxes up-to-date are critical to managing your business.  The benefits of monthly bank reconciliations are:

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Prevent excess/unjustified bank charges and any unauthorized, fraudulent or forged checks
  • Generate financial statements
  • Manage your cash more effectively

Income Statement

A quality income statement allows you to view the profit and loss for your business. The benefits of the income statement include:

  • Determine the operating performance of your business
  • Track revenues and expenses
  • Implement budgets
  • Identify specific items that are causing unexpected expenditures
  • Track dramatic increases in cost of goods sold or operating expenses
  • Assist in determining your income tax liability

Balance Sheet

Balance sheets help provide financial reporting to banks, investors, and vendors as requested. The benefits of the balance sheet include: from tracking your business’ financial condition at any moment in time and a business sheet can help:

  • Determine the financial condition of your business on any given date
  • Review your receivables and payables
  • Make sure the company is showing favorable financial ratios for lenders

General Ledger

The general ledger is essential to keeping all of your business’ financial records. With every transaction going through the general ledger, one problem could throw off all your books. By reviewing your general ledger system each month, we are able to fix any discrepancies or unrecorded payments to assure your books are accurate.

Quickbooks Setup and Training

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

All information necessary to setup manual accounting records is also necessary to setup and install QuickBooks on your desktop or online subscription. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?

An expert can easily answer all of these questions and complete the initial Setup and Installation in a timely manner. In addition, your accounting employees receive training on the accounting software to enhance their performance.

How much does it cost? We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.

As with any accounting software program, installation and training take time – time taken away from managing your business. Here’s a short list of the services we provide during your QuickBooks setup:

Study and evaluate your software and accounting needs.

  • Install software, design and set up chart of accounts and entire accounting package, including accounts receivable, accounts payable, etc.
  • Determination of your QuickBooks starting date
  • Loading your chart of account and balances as of that starting date
  • Preparation of a list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges and sales taxes
  • Entering your outstanding accounts receivable and accounts payable details as of your starting date
  • Entering your ending statement bank balances and outstanding checks & deposits in transit as of your starting date
  • Printing a trial balance as of your starting date and comparing it to your trial balance from your old system
  • Entering your transactions since your starting dates into QuickBooks
  • Train client or client staff in use of software to meet their accounting, management and tax needs.

Ongoing Services:

  • Follow up training to ensure the client is “on the right track”
  • Monthly, quarterly or annual review of client QuickBooks data to assist in tax preparation and management reports

Audits

Highest Level of Assurance

Audits are not just for public entities. Some financial institutions may require audits of nonpublic companies in order to evaluate client and partner company’s risk or even simply as a check of their management teams.

An audit is a methodical review and objective examination of the financial statements that provides the highest level of assurance for your business. Our work includes testing of selected transactions, a review of internal controls, and communication with third parties. Based on our findings and the verification of specific information as determined by the auditor, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

The benefits of an audit include:

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information
  • Comply with banking covenants
  • Internal Controls help deter and detect material fraud and error
  • Perform physical inspections by observing your inventory and counting methods
  • Test your operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll

In an audit, we will have written communication with:

  • Your customers, to check outstanding receivable balances
  • Your banks, to confirm cash or debt balances and terms
  • Your vendors, to verify outstanding payable balances, and
  • Your attorneys, for information on pending or threatened legal action

Reviews

Limited Assurance

A review engagement consists primarily of analytical procedures we apply to the financial statements. Reviews are less extensive than an audit, but more involved than a compilation. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review can be used as a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.

A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Compilations

Lowest Level of Assurance

Compilations don’t require inquiries of management or analytical procedures, but instead rely on our knowledge of accounting principles and our general understanding of your business. Compilations contain financial statement information that is the “representation of management” and express no opinion or assurance on the statements.

Banks often require compilations from an independent CPA as part of their lending covenants.

Internal Controls Reviews

Appropriate controls are needed to ensure proper handling of resources and to protect your business from employee theft.

We evaluate your company’s operations and internal control systems to determine the efficiency and effectiveness of your operating procedures. We correct any inefficient or ineffective operating procedures we find, and in turn, make recommendations that help your company become stronger and more profitable.

Our Internal Controls consulting will benefit you in the following areas:

  • Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
  • Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
  • Ensure records are routinely reviewed and reconciled, by someone other than the preparer, to determine that transactions have been properly processed.
  • Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
  • Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision and are aware of the proper channels for reporting suspected improprieties.
  • Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
  • Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.

We Look Forward To Serving Your Needs