Small Business Accounting
At Tsamutalis & Company, we understand what it takes to run a small business, and as a small business owner, we know the time and effort that it takes to keep your own books. Realizing that you have many more important tasks to carry out, we can take care of your books for you so that you can do what is most important… focus on running your business and generating profits.
We make it easy. Every month, we will do the following for you to ensure that your business is running smoothly…
We can offer and undertake a number of responsibilities that generate the groundwork of your small business accounting system. Taking your exact requirements into account, you can tailor your needs by selecting the array of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
One of the most pressing issues our small business clients often voice is not knowing how their business is doing, and in particular, their business checking accounts.
Keeping your bank account, accounting, and taxes up to date is arduous and time consuming. We can reconcile your business checking for you every month to ensure that your accounts are current, correct and squared away.
Having us reconcile your account on a monthly basis enables you to stay on top of your records and financial statements without having to take the time and expend the legwork to do so yourself. You will now be able to manage your business, your cash flow and your account more effectively, which not only saves you time and money, it also provides you with added peace of mind by affording you with an added level of protection which is so vital in today’s business climate. We can help to alleviate your risk and responsibility by ensuring that your accounts are appropriately looked after.
Timely reconciliation enables you to readily identify and resolve any unauthorized or fraudulent transactions, forged checks and company embezzlement which, in and of itself, is justification for our experts to assist you with your banking. Whereby it is imperative for all of your accounts to be reconciled, we can help you to spot lost checks, deposits, and even recognize and prevent unwarranted bank charges.
Keeping track of your company’s profits and losses through an income statement is a simple yet imperative manner for you to create an itemized list of your expenses that will help you to determine your profits and losses for any given period.
Following your business’ operational performance through an income statement helps you to monitor your revenues and expenses. By implementing an income statement, not only are you able to pinpoint your company’s specific expenditures, you will be able to fine tune each expenditure, many of which are unexpected, to make your business run more cost effectively and ultimately control your tax liability.
Nothing gives you a more accurate and up to the minute indication of your business’ financial condition and capabilities than a balance sheet.
Along with income statements, balance sheets are a necessity for providing financial reporting to possible lenders or entities who must determine your financial credit.
Balance sheets not only help you to evaluate and recognize your company’s business cycles, such as in your payables and receivables, they are invaluable indicators in helping you to determine and decide what courses of action to takes regarding your expenditures.
Your general ledger, also known as your company’s books, is absolutely fundamental in assessing your company’s finances and records. Whereby every aspect of your business is recorded in your general ledger, it goes without saying that any discrepancy with your general ledger creates a systemic problem that is certain to manifest itself in all other aspects of your business.