There is no substitute for keeping track of your income and expenses throughout the year. Besides keeping you informed as to the profit you are earning, those who you seek credit from, such as your banker or equipment leasing company, will want to monitor your profitability also. Your financial reporting will also provide you with all types of comparative information so you can monitor expenses and maintain profit margins. Having current accounting information also makes the preparation of your year-end business income tax returns easier and far less time consuming.
We can provide you with an income statement, balance sheet, general ledger and other reports on a monthly or quarterly basis. Your income statements will show revenue and expenses for a selected period. Your balance sheet shows all of your assets and liabilities as of a certain date. Your general ledger will show how all of your business transactions affected each of your various accounts such as materials, payroll, and utilities, for any reporting period chosen. We will also reconcile your bank accounts, record any automatic payments you make, and bring any discrepancies to your attention.
All in all, this information is a valuable tool in monitoring profitability, managing cash flow, and projecting the future needs of your business. Call us; we can help you with these tasks, and others, such as payroll, quarterly payroll tax preparation, and all of your year-end reporting requirements.