Small Business Accounting

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we can do the following things for you...

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

 
Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to...

  • Ensure that you know how your business is doing. All accounts can be reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  • 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.
  • 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. 

 
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 generate a profit or loss for the period.

An income statement...

  • Tracks revenue and expenses so that you can determine the operating performance of your business.
  • Helps determine what areas of your business are over-budget or under-budget.
  • Identifies specific items that are causing unexpected expenditures. 
  • Determines 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...

  • 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 you need to take immediate steps to bolster cash reserves such as 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.

 

Consultations

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.


Days until April 15

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McDonough, McDonough & Corsini, LLP
156 Worcester Providence Turnpike
Sutton Square, Suite 33

Sutton, MA 01590
T: (508)865-1040
F: (888)865-9085
E: info@mmcllp.com

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