BUSINESS ACCOUNTING
Business Accounting in Northwest Arkansas
As a business owner, you wear many hats and keeping up with your books is just one of them. We verify the numbers and help you evaluate and manage your business decisions. This valuable information can get you back to the job of providing products and services to your customers and generating profits!
As a full-service accounting firm, we will work with you to customize a package of services that meets your needs.
Bank Reconciliation
Having us reconcile your account each month allows you to...
- Know how your business is doing.
- Manage your cash more effectively.
- Protect yourself and your business from fraud
- Identify lost checks, lost deposits and unauthorized wire transactions.
- Detect and prevent unjustified bank charges.
- Detect and prevent embezzlement of funds from within your company.
- Sleep Better.
Income Statement
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.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures.
- Track dramatic increases in product returns.
- Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
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 need solutions to collect your receivables more aggressively
- determine if your business is in a position to expand
- determine if your business can easily handle the 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 creditors.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. Every transaction flows through the general ledger. Therefore, an unidentified problem with your general ledger throws off all your reports and could have a negative affect on your decisions.
Having us review your general ledger each month allows us to identify and fix any discrepancies so your books are always accurate and up to date.
Client Consultations
We are available to spend time with you. While we occasionally have to drag a client in, kicking and screaming, most will utilize our consultation services multiple times every year. We get all "warm and fuzzy", when a new business client says they want an accountant they can talk to!
