Accounting Services For Small Business:
We help small business owners overcome bad bookkeeping. poor record keeping & inaccurate financial statements so they can prosper in the market place.
- Missed Expenses: Failing to record expenses will result in a higher tax bill. Miss even one and it can have a tremendous impact. Year in and year out, small business owners pay higher taxes than they should.
- Late Filing: Penalties and interest can cripple your business and trigger an audit.
- Not Tracking Labor: Have a system to track labor is crucial to good business. Every minute costs you money. When you have staff that signs in early or signs out late, those minutes add up in a year. You also want to be prepared should you have to do your own labor audit. You need numbers and you can’t get them if you don’t track them.
- Lack of Bookkeeping Knowledge: You need to know the different guidelines and rules to manage your books properly. Knowledge of compliance keeps money inside your business by minimizing errors and lost time.
- Late Invoicing: If you invoice late, this sets a particular standard and tone for your business. A good business sends out invoices quickly or routinely. Cash in the account is better than cash left on the table.
- Not Updating the Books Regularly: If you are not updating your books regularly, then you are not able to make good business decisions with current and accurate numbers. How do you if you can afford more staff or replace a piece of equipment if your finances are not up to date? A successful business has accurate and up to date information. Not to mention lost revenue from lost time when you have to catch up on missed bookkeeping.
- Improper Logging of Vehicle Expenses: If you use your vehicle in business, you need to keep a log of the miles driven. This is an expense that is often overstated and theIRS knows this. That is why they pay such close attention to it. It is not a business expense if you are driving to and from work. Not knowing the rules and not having accurate numbers can increase your chances of loss during an audit.
- Not Counting Inventory Regularly: Inventory needs to be counted regularly. Overstocking or under stocking cause your business to lose money. If you are not tracing your inventory then you are not tracking your cost of goods sold which play a huge role in your businesses profitability.
Implement Systems for Good Record Keeping:
We encourage our customers to use Quickbooks – where data can be downloaded and imported easily. The benefits are:
- No data loss due to omissions and errors
- Data is protected and backed up
- Data is easily accessible 24/7
- Reconciliations are easy
- Reports are accurate
- Easy to use – any small business owner can use the screens.
Correcting inaccurate financial statements:
We will correct Profit and Loss Statements to accurately reflect the true nature of your business.
Typical errors include:
- Payroll entries are incorrect – over or understated
- Inventory has not been performed and is affecting the PL and Balance sheet.
- Balance Sheet has debits and credits in the wrong places without reconciliations for lengths of time.
- Equity is not split between partners.
- Misclassified expenses will cause net profit to show incorrect totals.
For More Information Call Matthew Beck
- 440- 533 9224
- Email firstname.lastname@example.org
Areas Served :
- Cleveland and North East Ohio
- North Carolina
- South Carolina