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Bookkeeping Services

BOOKKEEPING FOR SMALL BUSINESS

Our bookkeeping for small businesses allow business owners to refocus their energy on what they do best…manage their business. We find that most business owners fear number crunching and feel overwhelmed by the daily financial responsibilities of running their business.

At H&S Accounting and Tax Services we understand that as a business owner you have more important things to do than to keep your own books. We offer you our bookkeeping services to small and medium-sized businesses so you can get back to the job of running your business and generating profits.

Our Small Business Bookkeeping includes:

  1. Bank reconciliation

    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…

    • 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.

  2. Income statement

    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. 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.

  3. Balance sheet

    A balance sheet gives you a snapshot of your business’ 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
    • 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 declines 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

    Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

  4. Ongoing consultations

    We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our bookkeeping services, so please feel free to call us whenever you have a question or concern.

These tasks form the solid foundation of your business accounting system. You can customize our small and medium-sized bookkeeping services package by adding QuickBooks payroll or any of our other services.

Book our small business bookkeeping services today to increase your business growth!

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