As a small business owner you have more important things to do than to worry about preparing your own financial statements. We can prepare your financial statements for you, so you can get back to the job of running your business and generating profits. Each month, quarter, or annually we can prepare the following financial statements for you...
- Generate an Income Statement (Statements of Revenue, Expense)
- Generate a Balance Sheet (Statement of Assets, Liabilities and Equity)
- Provide unlimited consultations
These tasks form the solid foundation of your small business accounting. You can customize the package of services you receive by adding tax planning, tax preparation, or any of our other services.
Income Statement (Statements of Revenue, Expense)
What's an 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 (Statement of Assets, Liabilities and Equity)
What's a 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
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Please feel free to call us whenever you have a question or concern.
Small Business Accounting: