Small Business Accounting

Invest Your Time in Growing Your Business

Spending excessive time on non-core functions, such as accounting headaches, regulatory compliance, troubleshooting software issues and similar daily business challenges is keeping you from growing your business to its full potential. You need that time to focus on developing the core products or services that you offer to your customers and to understanding and meeting your customers' needs.

Benchmark the Present and Budget for the Future

You need a periodic snapshot of your company's financial performance so you can make adjustments and allocate resources most effectively. Well organized, reliable financial statements will also serve as the foundation for budgeting and planning for future business growth.

Identify and Eliminate Unnecessary Risks

Internal and external risks are constantly lurking to ambush and damage your business. The potential risks range from fraud exposure due to weak internal controls to non-compliance with various governmental regulations. The financial and operational consequences for ignoring an issue that could be easily and inexpensively addressed can be significant. A simple third party review of your current processes and environment can help to alleviate unnecessary risks.

Leverage Our Knowledge, Talents and Resources

The Small Business Services team brings a broad range of knowledge, talent and resources to serve you and your business. Our simple goal is to clearly understand your business needs and goals, and to partner with you in finding ways we can function as a trusted advisor and service provider.

  • Monthly bookkeeping, reviews and compilations of financial statements
  • QuickBooks and Peachtree consulting
  • Loan negotiations
  • Vehicle buy / lease consultation
  • Risk management and internal controls
  • Human resource consulting / employment compliance issues
  • Fixed asset analysis
  • Payroll tax returns and reports/ 1099s
  • Sales tax returns
  • Property tax returns
  • Income tax returns
  • Business succession planning
  • Cash flow and budgeting analysis
  • Key Data Analysis
  • Benchmarking
  • Onsite Bill Pay Services
  • Remote Cloud Hosting for Shared Access

Each month or quarter we'll do the following things for you...

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

 

Bank Reconciliation

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

Having us reconcile your account each month allows you to...

  • Identify lost checks, lost deposits and unauthorized wire transactions.
     
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
     
  • Detect and prevent embezzlement 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 business 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.
 
Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to...

  • Track revenues and expenses so that you can determine the operating performance of your business.
     
  • Determine what areas of your business are over-budget or under-budget.
     
  • Identify specific items that are causing unexpected expenditures like phone, fax, mail, or supply expenses.
     
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
     
  • Determine your income tax liability.

 

Balance Sheet

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

A balance sheet helps you...

  • Quickly get a handle on the financial strength and capabilities of your business.
     
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, 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.

 

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

If you'd like to receive a Free Consultation on our Small Business Accounting Service, please complete this form.

Name
E-mail
Phone Number
Best time to call
Comments
CAPTCHA Image

[ Show a different Image ]

Days until April 17

Latest News




© Sharrard, McGee & Co, PA 2019,
1321 Long Street, High Point, NC 27262
(336) 884-0410

800 Green Valley Road, Suite 200, Greensboro, NC 27408
(336) 272-9777

E: info@smccpa.com

Connect: Facebook LinkedIn Twitter Google+
Links: Search Site Map Privacy Policy Disclaimer
Website Marketing for Accountants Powered by CPA Site Solutions

Get In Touch

Client Portal Login

Subscribe to our Newsletter