As
a small business owner you have more important things to do than to keep your
own books. At Streit & Peters, CPA,
Inc. we take care of your books for you, so you can get back to the job of
running your business and generating profits!
Each
month or quarter Streit & Peters, CPA, Inc. will do the following things
for you...
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Provide unlimited consultations
These
tasks form the solid foundation of your small business accounting system. You can customize the package of accounting 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 allow us to keep your bank account,
accounting, and taxes up-to-date.
Having
Streit & Peters, CPA, Inc. 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 business.
- 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. That’s the peace of mind working with
Streit & Peters, CPA, Inc. provides.
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.
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.
- 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. Let Streit & Peters, CPA, Inc. take care
of these things for you.
Maintaining a Clean General Ledger
The
general ledger is the core of your company's financial records. These records constitute the central
"books" of your system. Since
every transaction flows through the general ledger, a problem with your general
ledger throws off all your books.
Having
Streit & Peters, CPA, Inc. 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.
Unlimited Consultations
At
Streit & Peters, CPA, Inc. 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 price, so please feel free to call us whenever you have
a question or concern.
