ACCOUNTING SERVICES
In the current economic climate, it is imperative to keep pressure on constantly improving your business’ balance sheet. Paying close attention to asset values, forecasting liabilities and understanding the capital structure can make the difference between surviving these tough economic times or closing your doors. Wrobel Accounting can do all this for you and more. We’ll manage your books and financial paperwork for you so that you can focus your energy on running your business and generating profit. For a low monthly retainer, we will:
- Reconcile your bank and/or credit account(s)
- Prepare quarterly Income (Profit & Loss) Statements
- Generate a Balance Sheet
- Maintain your General Ledger
- Prepare quarterly Cash Flow Analysis reports
- Provide strategic tax planning and consultation
Allow us to earn your business
Bank Reconciliation
Reconciling your business banking account(s) each month protects you and your business by:
- Keeping your account balance and books up-to-date
- Revealing lost checks, unrecorded deposits, and/or unauthorized transfers
- Identifying excessive or erroneous bank fees
- Ensuring bank transactions are correctly posted
- Detecting embezzlement of funds within the company
- Facilitating more effective cash management
- Allowing you to object to unauthorized/fraudulent activities in a timely manner
Income Statements
An income statement itemizes expenses, lists all revenues, and calculates the difference (the profit or loss) for a given time period. Regular preparation of an income statement improves your bottom line over the long term by:
- Determining areas of your business that are overspending or under budget
- Revealing items or events causing unexpected expenditures
- Estimating your income tax liability
- Tracking fluctuations in the cost of goods sold
- Evaluating the operating performance of your business
Balance Sheet
In contrast toe “big picture” perspective of the income statemet, a balance sheet provides an instant “snapshot” of your business finances at a particular point in time. Generating and reviewing a balance sheet identifies trends in accounts payable and accounts receivabl, determines if your business needs to boost its cash reserves, and provides a financial report potential lenders can use to determine the amount of credit to grant your business.
General Ledger Maintenance
The general ledger is the heart of your company’s financial records. All transactions flow through the general ledger. Therefore, errors in the general ledger result in inaccurate financial reports. A review of the general ledger each month reveals discrepancies such as double billings or unrecorded payments. Any discrepancies found must be adjusted.
Cash Flow Analysis
Cash flow is the most critical concept in financial management. The difference between cash flow and profit is often a difficult concept for mst business owners to grasp. During periods of rapid expansion, small businesses often lurch from large cash balances to cash shortfalls and bank overdrafts. Regular analysis will help you understand and enhance your total cash flow by:
- Learning the nature and source of cash flow
- Developing cash flow forecasts
- Understanding bank financing
- Defining the role of working capital and capital expenditures
- Implementing cash flow enhancing policies
Strategic Tax Planning
Reduce your tax liability and eliminate nasty surprises at the end of the year by planning ahead. Wrobel Accounting will prepare annual income comparisons, regular cash flow analyses, tax projections and estimated tax payments to help you manage your cash flow more efficiently and reduce your tax liability.
