Accounting software programs like QuickBooks are perfectly suited for small business owners. These programs have simplified the bookkeeping process for you. However, in order to take full advantage and for better understanding of software features and to maximize functionality you must take a look at what we offer:
As a small corporate owner you have more significant things to do than keeping your own accounting. At LBS, we take care of your business books for you, so you can concentrate on running your business and generating profits.
Each month and quarter we will...
Clean your General Ledger
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
• Identify lost or void checks, lost deposits and unauthorized wire transactions.
• Detect and prevent excess bank charges and ensures transactions are posted correctly in your register.
• Prevent misuse of funds from within your company.
• 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.
Profit & Loss Report
A Profit & Loss report is an detailed list of all your revenues and subtracts all of your expenses to come up with a profit or loss for the period.
A profit & loss report allows you to...
• Track incomes and expenses so that you can determine the operating performance of your business.
• Define what areas of your business is over-budget or under-budget.
• Identify specific items that are producing unforeseen costs. Like phone, fax, mail, or supply expenses.
• Track big increases in product returns or cost of goods sold as a percentage of sales.
• Decide or figure out your income tax liability.
A Balance Sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A Balance Sheet helps you:
• See your financial strength and capabilities of your business.
• Identify and break down trends, especially in the field of receivables and payables. For instance, 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.
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 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 fully understand how to interpret and utilize the financial information we provide.
If you'd like to receive a free consultation on our Small Business Accounting Service, please complete this form.