As a business owner you have more important things to do than to keep your own books. Our staff at Wilson, Wilson and Taylor will take care of your bookkeeping and accounting so you can get back to the job of running your business and generating profits! Outsourcing your bookkeeping and accounting can save your business huge costs from having to hire someone in-house (wages, payroll taxes, benefits, workers’ comp, payroll reporting on employees), keeping your businesses financial affairs confidential at all times.
We’ll do all of your bookkeeping! weekly, semiweekly, monthly or quarterly, or just the pieces you’d like to outsource to us (payroll, bank and credit card reconciliations, sales tax reports). Below are some professional services that we can offer you…
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
These services form the solid foundation of your business accounting system. You can customize the package you receive by adding various bookkeeping and accounting services to fit your unique business and industry needs.
How is your business doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement. Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.
Benefits to you in having us reconcile your account each month …
- 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.
- Manage your cash more effectively. Proper management of funds not only saves you money, it makes you money.
- 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. 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.
An income statement, otherwise known as a profit and loss statement, 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.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
Benefits of a balance sheet …
- 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.
A balance sheet can help you answer questions like …
- Is you business in a position to expand?
- Can your business readily handle the normal financial ebbs and flows of revenues and expenses?
- Do you need to take immediate steps to bolster cash reserves?
- Has your business 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 will throw off all of your books.
The staff at Wilson, Wilson and Taylor can review your general ledger system each month and 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.