On a daily basis we will keep track of business transactions for a small business owner to complete Accounts Receivable, Accounts Payable, Reconciling all Bank Accounts and Credit Cards, providing with biweekly payroll reports and paychecks for your employees, determine federal and state income tax liability, sales tax liability, and other services as requested.
Reconciliation of Bank Accounts and Credit Card Statements
The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company’s books) is consistent with the amount of cash shown in the bank’s records. We will reconcile your accounts to identify lost checks, lost deposits and unauthorized wire transactions. With us you will 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 agency of responsibility for the shortfall and transfer the risk to the bank.
Maintaining a Clean General Ledger
The General Ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners’ equity, revenues and expenses. Having us review your general ledger each month allows us to track any discrepancies such as double billings or any unrecorded payments. We will reconcile the accounts which typically comprise the following steps:
- Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period. If the amounts do not match, we will investigate the reason for the variance in the prior period. If the account has not been reconciled for some time, it is possible that the error lies several periods in the past.
- Current period investigation. We will match the transactions reported in the account within the period to the underlying transactions, and adjust as necessary.
- Adjustments review. We will review all adjusting journal entries recorded in the account within the period for appropriateness, and adjust as necessary.
- Reversals review. We will ensure that all journal entries that should have reversed within the period have been reversed.
- Ending balance review. We will verify that the ending detail for the account matches the ending account balance.
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!