Accounting Services
As a business owner, you need to focus on growing your business and leave the headache of accounting to us. At Excellent Tax & Accounting, we take pride in offering a range of accounting services that can keep you ahead of government deadlines and reduce the stress that comes with owning a business. Our talented team is experienced with all major accounting software programs and can handle anything you need. From accounts payable/receivable and payroll to general ledger accounting, bank reconciliations, financial statement preparation, and financial analysis, we provide top-notch services that ensure your internal financial systems are well-maintained.
We offer small business accounting services on a monthly or quarterly basis, customized to your needs. We’ll reconcile your bank account, generate an income statement, clean up your general ledger, and generate a balance sheet. And, most importantly, we’ll be there to answer all of your questions and provide you with the support you need to ensure that your business has a solid foundation and accurate accounting system in place.
If you have any special areas or services that you need, such as payroll, tax preparation or planning, or anything else, we can customize your package of services and add them on as you wish. We can do it all at a fraction of the cost of hiring a full-time employee. So why not let us handle your monthly bookkeeping, while you focus on growing your business? Trust us to provide top-quality accounting services, and we guarantee you won’t be disappointed.
Each month or quarter, we can perform the following tasks for you:
- Reconciling your bank account
- Generating an income statement
- Generating a balance sheet
- Cleaning up your general ledger
These tasks form the foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bank Reconciliation
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date. This also allows you to identify lost checks, lost deposits, and unauthorized wire transactions. Plus, we can detect and prevent excess/unjustified bank charges and ensure that all transactions are posted correctly by your bank.
Having accurate accounts is vital to understand how your business is doing. Proper management of funds not only saves money, but it also makes money for you. By reconciling your accounts each month, you can protect yourself from:
- 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.
- 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 deposits, checks and disbursed funds are properly accounted for.
Income Statement
An income statement, also known as a profit and loss statement, 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. This allows you to track your revenues and expenses, determine what areas of your business are over-budget or under-budget, identify specific items that are causing unexpected expenditures, track dramatic increases in product returns or cost of goods sold as a percentage of sales, and 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. It quickly allows you to get a handle on the financial strength and capabilities of your business, identify and analyze trends, particularly in the area of receivables and payables, determine if your business is in a position to expand, if it can easily handle the normal financial ebbs and flows of revenues and expenses, if you need to take immediate steps to bolster cash reserves, and if your business has been slowing down payables to forestall an inevitable cash shortage.
Maintaining a Clean General Ledger
Maintaining a clean general ledger is essential as it forms the core of your company’s financial records. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books. Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip-top shape.
We are always available to spend time with you so you can fully understand how to interpret and utilize the financial information we provide. Please feel free to call us whenever you have a question or concern.
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