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Bookkeeping Services

We can provide as many of the following services as you want:

 

  • Paying bills and managing accounts payable.
  • Handling all payroll functions, including quarterly and annual payroll tax reports.
  • Invoicing your customers, posting collections, aging accounts receivables.
  • Doing your bank reconciliations and providing cash balance reports.
  • Maintaining sales journals and general ledgers.
  • Preparing all required business tax reports and filings.
  • Preparing any customized reports you find useful.

 

Where do we begin?

 

We'll work with you to identify the services you need. Then we'll set up a schedule so data is collected, recorded, and handled efficiently and timely.

 

How much will it cost?

 

You're likely to save more than our services cost. Your in-house staff needs will be reduced, so you will reduce associated employee costs such as payroll taxes, employee benefits, training time and expense, equipment and software costs, and employee management costs.
 

Best of all, your bookkeeping and accounting functions will be taken care of, so you can concentrate on running your business. Contact us for an estimate of the cost savings for your business.


BUSINESS SOLUTIONS

Whether you are starting a business or operating a going concern, we can help you select the proper organizational structure and help you secure adequate financing. We will work with you and your banker, lawyer, insurance agent, and other advisors to solve your business problems.

We can assist you with loan applications, pricing, credit policies, cash flow concerns, cost controls, and other management issues. We will gladly assist you in reviewing your operations to see what you might do to be more profitable.

What makes a business successful?

Never stop investigating ways to improve all areas of your business. The astute businessperson will seek information to assist him or her in making the changes necessary to stay profitable in a competitive business world.

Here are some ideas that could improve your profits:

  • Do your homework.
    Before you start a new business, be sure the community can support such a business. Some areas are not large enough to warrant certain specialty shops. A bicycle shop, for example, may take a population base of 50,000 people to make it profitable. A grocery store, on the other hand, can be profitable in a town of only a few thousand.
  • Carefully review business proposals.
    Business deals and special franchises which sound too good to be true usually are. We will gladly assist you in reviewing any business purchase or business proposal.
  • Enlist the services of professionals.
    Accountants, bankers, insurance agents and lawyers can help you solve your business problems. These professionals handle a variety of business problems every day. They make excellent sounding boards for proposed transactions.
  • Check reasons for incorporating.
    Don't incorporate your business without first checking the long-range tax and nontax considerations. There are many small corporations that would have been better off operating in some other legal form.
  • Listen to your customers.
    You are not only selling products or services, you are selling customer satisfaction. Satisfied customers return to spend more money and are likely to refer new customers to you.
  • Strive to retain customers.
    It is estimated to cost ten times as much to acquire a new customer as it does to retain a current customer through good customer service.
  • Don't make yourself indispensable.
    If your company runs well now in your absence, it will run well in the event of your disability or death. If you are currently indispensable, start training people now. One of the most rewarding forms of retirement is to own your own company and to be absent as much as you like.

 

Please contact us. We invite you to interview us, as you would any professional, to determine if we will be a good long-term match for you and your business. We are confident we are. We always welcome your questions.

Financial Statement Preparation

Good financial records are necessary for several reasons:


  • Daily operating decisions are based on financial reports.
  • Bank loans require reports of past performance.
  • Tax return numbers need proper substantiation.


Prepare financial reports monthly. For year-to-date comparisons and to make quick management decisions, financial reports must be done monthly. "As goes the month, so goes the year." You can compare the sales, gross profit, and net profit at, say, the end of May, with prior years and get a good idea of how the current year will finish. You can compare the total accounts receivable or payables with prior years to spot problems and then quickly take corrective action.


Here are some common business ratios you should monitor on a month-by-month and a year-by-year basis:

  • Current ratio — Current assets divided by current liabilities will measure your ability to pay your current debts.
  • Debt to equity ratio — Total liabilities divided by net worth will provide you with a year-to-year comparison of your ownership in the company.
  • Receivables outstanding — Receivables divided by average day's sales will give you the number of days' sales on the books.
  • Profit margin — Gross profit divided by net sales will allow you to compare your business operations to other companies in your industry, as well as monitor your own operations over time.


Understanding financial statements can increase business profits. If you would like to learn more about using financial statements to make sound business decisions, we would be happy to assist you. No one was born understanding financial information, but it is easier to learn than most people think.


Please ask as many questions as you like; we will help you until you are comfortable with business numbers and can use yours to increase your profitability.