Bank Reconciliation
We match your bank statement balances to your checkbook, credit card or other activities to ensure that mistakes are caught and all deductions are taken. We also alert you to any important discrepancies we have found or adjustments we have made.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds all your revenues and subtracts 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.
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 ebbs and flows of revenues and expenses.
- Determine if you need to take immediate steps to bolster cash reserves.
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.
Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize your financial statements. We also provide consultations on important business decisions including business setups and incorporation, entity selection, business sales and acquisitions, retirement plans, equipment and vehicle purchases and sales and many of the other decisions you face every day.
Timely Preparation of all Payroll and Sales Tax Returns
We prepare all payroll tax and sales tax returns. These include Forms 941, MN-1, 940, MN-3, DJT-1, W-2's and 1099's. We help you avoid costly penalties and keep you out of trouble with the taxing authorities.
Tax Planning
We review your business and personal tax situation with you annually or anytime when your tax situation changes and give you tax advice. We also send you a year-end reminder letter of actions you should take to close the year and minimize your tax burden. You can also always visit the tax tips, monthly newsletter and monthly messages sections of our website for additional tax savings ideas.
Pick up and Delivery of Your Accounting Records
We will visit your office each month to pick up your accounting records and deliver the prior month's financial statements. If you need your financial statements sooner, we offer a ten-day turn over service for a small additional charge.
