Accounting and Bookkeeping Services
You love running your business, taking care of your customers, your employees, and making sure everything in your business is running seamlessly. Unfortunately, things like bookkeeping and accounting can take up a lot of your time, and can keep you from doing what you love to do. A full-time accounting staff can be costly, and can use up a lot of your resources.
We can help, by performing your day-to-day accounting and bookkeeping for you. We provide you with the peace of mind knowing your accounting is always in order, and you have up-to-date information about how your business is performing.
Each month, quarter, or whenever you need it, we will do the following to help your business:
- Reconcile Bank Accounts
- Prepare an Income Statement
- Prepare a Balance Sheet
- Reconcile General Ledger Accounts
- Prepare any Key Performance Indicators you may need
Ensuring these tasks are always up-to-date provides your business with a strong foundation. At Averkamp CPA Group, we don’t just provide our clients with one-size-fits-all services. We will work with your business to make sure we provide you with customized business intelligence reports and analysis, so your company can run smoothly and successfully.
Bank Account Reconciliation
Reconciling your business bank accounts each month allows you to keep your bank account, accounting, and taxes up-to-date.
Reconciling your accounts each month ensures you can:
- Identify lost checks, lost deposits and detect unauthorized bank transactions.
- Prevent excess/unjustified bank charges.
- Ensure transactions are recorded correctly by your bank.
- Detect and prevent unauthorized spending from within your company.
- Have insight in how your business is performing.
- Provide you with accurate financial data to make the right decisions.
- Manage your cash effectively to save money, and even make more money.
Income Statement Preparation
An income statement, also known as a profit and loss statement (P&L), creates a summary of all your revenues and subtracts all your expenses, and shows the profitability of a business for a set period of time.
An income statement helps:
- Track revenues and expenses to determine the profitability of your business.
- Budget creation. Actual (and accurate) financial data will help show if you are over budget or under budget.
- Identify issues that are causing unexpected expenditures. If, for example, your costs for meals and entertainment skyrocketed this month, what’s the reason?
- Allow analytics to be performed on items such as product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Balance Sheet Preparation
A balance sheet gives you a snapshot of the financial condition of your business as of a certain date.
A balance sheet helps:
- Identify if you have sufficient cash reserves to expand.
- Identify if you business can meet its debt oblications.
- Determine the financial strength and capabilities of the business.
- Quickly identify and analyze trends.
A business should be analyzing their income statement and balance sheet each month. These financial reports provide the foundation of your business and are also essential to proper tax planning. In addition, most banks, investors, and even vendors who provide credit will need this information.
The general ledger is the tracking method for your company’s financial data. These records constitute the activity of your entire business. Every transaction flows through the general ledger, and an incorrect entry on your general ledger will distort the financial outlook of the business, and could cause you to make incorrect financial decisions. It pays to ensure this information is accurate. When a professional maintains the records of the company, you can make more informed business decisions.
Having access to key performance indicators allows you to have insight into your company’s performance, and lets you compare it to other companies in the industry. This way you can see how effectively your business is achieving key business objectives, and how you can make improvements.
We are business owners too! We understand the need to understand and interpret the financial results of your business. We are available any time to discuss any question you may have. Contact Averkamp CPA Group today to see how we can help you and your business be the best it can be!
Averkamp CPA Group is a member of the QuickBooks ProAdvisor Program. We have experience with Xero, Sage, and many other Accounting systems. We recommend online versions as they are constantly updated and provide security and include application interfaces with most major software platforms.