Accounting

What is it?

Bank and credit card reconciliation are what accountants do to ensure transactions on a bank statement or credit card statement match those on your company’s general ledger. Simply put, we compare your internal records against those of your financial institution.

Why is it important?

Bank and Credit Card reconciliations are important because it ensures that you identify any unusual transactions caused by fraud or accounting errors. A solid monthly reconciliation process is an effective tool for business owners to both identify problems and maintain a clear understanding of their financial position.

What value does it bring to you?

Bank and Credit Card reconciliations will save you money. Reconciling these accounts monthly allows you to identify potential subscriptions you meant to cancel and identify fees you don’t realize you are paying and cancel them in a timely manner.  

What is it?

Accounts receivable (AR) refers to the money a company’s customers owe for goods or services they have received but not yet paid for. Accounts receivable is listed on a company’s balance sheet as a current asset. Invoicing your customers should happen as a product/service is delivered. 

Why is it important?

Analyzing a company’s accounts receivable will help investors gain a better sense of a company’s overall financial stability and liquidity. Collecting cash as it is due puts money in the bank where it can earn interest or be used to pay bills.

What value does it bring to you?

Keeping on top of your Accounts receivable means it is less likely for a customer to become delinquent in paying. Experience has shown that, as more time elapses between the provision of a product or service, the less likely it becomes that payment will be made. By invoicing your customers as a product/service is delivered that puts more money in your bank. 

What is it?

Financial statements are a collection of summary-level reports about an organization’s financial results, financial position, cash position and overall health of an organization. They include the income statement, balance sheet, and statement of cash flows.

Why is it important?

Financial statements are useful for determining the ability of a business to generate cash and the sources and uses of that cash. They help determine whether a business has the capacity to pay back its debts. Current, up-to-date financials track financial results on a trend line to spot any looming profitability issues. Accountants can derive financial ratios from the statements that can indicate the condition of the business and mitigate issues before they arise.

What value does it bring to you?

There is value in understanding your financial statements and knowing when you are profitable vs not. Having the information prepared for you saves you time and money and having someone explain your results in layman’s terms is priceless.

What is it?

The process of paying a company’s employees. It includes collecting the list of employees to be paid, tracking the hours worked, calculating the employee’s pay, distributing the salary on time, and recording the payroll expense.

Why is it important?

Payroll is one of the most important aspects of business. It affects employee morale and reflects a business’s financial stability and reputation. One of your main priorities is to never miss a payroll.

What value does it bring to you?

We will make all the payroll headaches go away from setting it up, to having our final approval meeting to be able to distribute funds. We do not submit payroll until your owner or accountant approves payroll to ensure peace of mind.