Bank Reconciliation

Reconciling your checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.

Having your account reconciled each month allows you to:

• Identify lost checks, lost deposits, and unauthorized wire transactions.
• Detect and prevent excess or unjustified bank fees and ensure they are accurately recorded by your bank.
• Detect and prevent embezzlement within your company.
• Know how your business is doing? You really can't tell unless all accounts are reconciled and properly accounted for on your financial statement.
• Manage your money more effectively. Proper fund management not only saves money, it earns money for you.
• Protect yourself. Through timely and thorough reconciliation, you can find unauthorized, fraudulent, or counterfeit checks presented to and paid by your bank, thus relieving your agency of liability for the deficit and transferring the risk to the bank. This reason alone should be sufficient. Crime exists.
• Sleep better. You will sleep more soundly at night knowing that your bank accounts are reconciled, in balance, and that all trust funds, accounts, checks, and disbursed funds are properly accounted for.

Income Statement

A Income Statement, also known as a profit and loss statement, basically adds up a detailed list of all your incomes and subtracts a detailed list of all your expenses to arrive at a net profit or loss for the period.

An income statement allows you to:

• Track income and expenses so you can determine the operational performance of your business.

• Determine which areas of your business are over or under budget.

• Identify specific items causing unexpected expenses, such as phone, fax, mail, etc.

• Track dramatic increases in returns or cost of goods sold as a percentage of sales.

• Determine your taxable income.

Balance Sheet

A balance sheet provides an overview of your business's financial position at a specific point in time.

A balance sheet helps you:

• Quickly get an idea of the financial strength and capability of your business.

• Identify and analyze trends, especially in the area of accounts receivable and payable. For example, if your accounts receivable cycle is lengthening, perhaps you can collect receivables more aggressively.

• Determine if your business is in a position to expand.

• Determine if your business can easily handle cash flows of income and expenses.

• Determine if you need to take immediate action to bolster cash reserves.

Maintaining a clean environment (General Ledger)

The general ledger is the core of your company's financial records. These records constitute the "books" of your system. Since every transaction flows through the general ledger, an issue with the general ledger affects all your books.

Reviewing your general ledger system each month allows us to chase down discrepancies, such as duplicate invoices or any other unrecorded payments. We will then rectify the discrepancies so your books are always accurate and kept in the best shape.

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