Home » Accounting
As a small company owner in Santa Fe you have more crucial tasks to do each day like manage your employees, generate sales and do marketing, than take up all your important time doing your company’s accounting. Accounting Professionals of Santa Fe takes care of your company’s accounting for you so you can stick the critical task of running your business, creating revenues and most importantly, making a profit.
Monthly or quarterly we will complete the following tasks:
– Balance your bank accounts monthly
– Produce monthly or quarterly income statement(s)
– Produce monthly or quarterly balance sheet(s)
– Rectify company’s general journal
– Meet monthly to review business reports
These activities form the strong structure for company’s accounting system that it needs to run it efficiently and profitably. If you choose to you can customize the services plan with all the solutions you receive from Accounting Professionals of Santa Fe by adding pay-roll services, tax obligation planning and any one of the other services we offer.
Financial institution Reconciliation
Reconciling your company’s bank accounts each month enables us to keep your checking account, accounting, and also taxes current.
Having us reconcile your accounts every month enables you to do the following:
– Identify checks that have not cleared, lost down payments as well as unauthorized wire purchases, ACH payments or PayPayl payments.
– Detect and also protect against excess/unjustified banking institution charges as well as make certain checks your company has written coming in against your accounts and inbound deposits are posted properly by your financial institution.
– Detect as well as prevent embezzlement of funds from your company.
– Know how your business is doing? You cannot really understand unless all bank accounts and general ledgers are reconciled and balanced correctly each month. Doing this monthly will give your business a clear financial picture and allow you to run your business with complete knowledge of where it stands financially.
– Manage your cash better. Proper administration of funds not only saves your business money, it generates income for you.
– Protect your own business. By being a business owner that does prompt reconciling as well as immediately objecting to your financial institution concerning any sort of unauthorized, fraudulent checks presented to your bank and also paid by that bank, you could alleviate your company of responsibility for the deficiency as well as move the danger of the loss over to the financial institution. This need to reconcile alone must suffice. Criminal offenses my already have take place and by not completing a reconciliation of your bank account each month you would never find out.
– Sleep Better. You will sleep a lot more in harmony during the night understanding your financial accounts are integrated and in equilibrium for all escrow funds and checking accounts. Each month by completing a bank reconciliation for your business credits and debits are appropriately accounted for each month you will know exactly where your business stands with respect to cash on hand, liabilities and accounts receivables.
An earnings statement, or else called an earnings and loss statement, essentially puts an itemized listing of all your incomes and also subtracts a recorded list of all your expenditures, ending with a balance showing a profit or loss for the period.
An income statement allows you to do the following:
– Track profits and also costs to make sure that you can readily identify the operating efficiency of your business.
– Determine what parts of your business are over-budget or under-budget.
– Identify specific things that are causing unforeseen expenditures. Like phone, fax, mail, or supply costs.
– Track remarkable boosts in product returns or current price of goods offered as a portion of sales.
– Determine your earnings tax liability.
An annual report provides you a picture of your company’ financial condition at a particular minute in time.
A balance sheet aids you in doing the following for your business:
– swiftly handle the economic strength and also liabilities of your business
– determine and also examine fads or trends, particularly in the area of receivables as well as payables. If your receivables pattern is extending, maybe you can collect your receivables more aggressively.
– figure out if your company is in cash flow and balance sheet position to increase sales
– determine if your business could quickly take care of the regular financial ups and downs of profits and also expenses
– determine if you need to take instant actions to boost money reserves
– establish if your company has been slowing down payables to deter an inescapable money scarcity, meaning if you’re coming up short in cash flow is your business not paying bills to be able to keep money on hand.
Balance sheets, together with earnings statements, are one of the most basic aspects in providing financial reporting to possible lenders such as banking institutions, investors, as well as suppliers that are thinking about just how much credit to grant your business.
Maintaining a Clean General Ledger
The basic journal is the core of your company’s financial records. These records constitute the central “books” of your system. Given that every transaction streams through the basic journal, an issue with your general journal will throw off all the books of your business.
Having Accounting Professionals of Santa Fe evaluate your basic ledger system each month enables us to hunt down any kind of disparities such as double payments or any unrecorded settlements. After that we’ll repair the discrepancies so your books are constantly accurate as well as maintained in excellent form.
We are always readily available to spend time with you so you totally recognize ways to analyze and also utilize the economic information we provide. Our consultations are currently included in our cost, so please don’t hesitate to call us whenever you have a question or concern.
If you would certainly like to get a cost-free consultation on our Small Business Accounting Service, please complete the form below. We will be in contact with you immediately.