Business Accounting and Bookkeeping
Keeping track of your books and accounting transactions is meticulous and time consuming. With the everyday challenges of running your business, it is not economical for you to have to keep track of your books and the more time you have to spend keeping up with them, you are losing valuable time to grow your business.
We take care of your books so you don't have to. Each month or quarter we'll enter the daily income and expense transactions from your checking and credit card accounts, as well as provide the following services to you:
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Provide unlimited consultations
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.
- Helps 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 statements.
- 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.
- 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.
- Determine your income tax liability.
- Quickly get a handle of the financial strength and capabilities of your business.
- 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.
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:
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time. A balance sheet helps 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 period 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.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our general consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
Cory Franklin and Associates strives to be where you are. We serve Los Angeles, Beverly Hills and a multitude of other service areas.