Your role as a small business owner demands your attention to other important tasks besides bookkeeping. KRUPP maintains your books so can focus on your business and increase profits.
We provide the following for your Small Business Accounting need (performed periodically):
- Reconcile bank account
- Generate an income statement
- Generate a balance sheet
- Clean up general ledger
- Provide consultations for general upkeep
These services are included as basic services for your Small Business Accounting. However, you can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services to suit your business needs.
Keep your bank account, accounting, and taxes up-to-date by reconciling your business checking account each month.
Reconcile your account each month 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.
- Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively.
- Detect fraudulentcharges to protect earnings and sesitive information.
Income Statement An income statement, otherwise known as a profit and loss statement, adds an itemized list of all your revenues and subtracts a list of expenses to identify a profit or a loss for the period.
An income statement:
- Track revenues and expenses.
- 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.
- Determine your income tax liability.
A balance sheet gives a picture of your business at a particular moment.
A balance sheet helps you:
- 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.
- 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?
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.
The general ledger is the heart of your company’s financial records. These records are the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger can possibly misguide your books.
Having us review your general ledger system allows us to hunt down any discrepancies such as double billings or any unrecorded payments. If we find any discprepensie, we will fix it so the records are always up-to-date.
Consultations withus help you fully understand how to interpret and utilize the financial information we provide. All consultations are already included in our price, so please feel free to call us whenever you have a question or concern.