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.

It is important to hire a professional financial record keeping firm to handle your periodic financial record keeping because it is too time consuming and risky for small business owners to do it themselves. Even small day-to-day financial record keeping mistakes can lead to increased tax liability and poor business management. We offer monthly, quarterly, and annual services.

Our Small Businesses Recordkeeping Package includes the following services:

These tasks form the solid foundation of your small business financial record keeping 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 allows us to keep your bank account, financial record keeping, and taxes up-to-date.Having us reconcile your account each month allows you to do the following:

  • 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.
  • Detect and prevent embezzlement of funds from within your company.
  • 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. Proper management of funds not only saves money, it makes money for you.
  • 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. This reason to reconcile alone should be enough. Crime exists.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
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Income Statement

An income statement, otherwise known as a profit and loss statement (P&L Statement), basically 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.A n income statement allows you to do the following:

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • 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.
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Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.Having an accurate balance sheet allows you to do the following: the financial strength and capabilities of your business

  • Quickly get a handle on the financial strength and capabilities of your business
  • Understand 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.

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Maintaining a Clean General Ledger

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.

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Handling Sales and Use Taxes

We calculate and file applicable Sales and Use taxes and returns on behalf of our clients on a monthly, quarterly, or annual basis, depending on what is required. Many of our retail clients are required to pay estimated sales tax monthly or quarterly, so we calculate and work with them to pay the estimated sales tax. We also work with many of our hospitality clients to calculate and pay the occupancy tax. We work with many of our restaurant clients to calculate and pay the mixed beverage tax. Bottom line, we take this headache off of your shoulders and make sure you are not spending all of your time worrying about Sales and Use Taxes and avoid costly penalties for missing applicable Sales and Use Tax deadlines. Further, timely filing of Sales and Use Taxes may qualify you for a reduction in tax liability.
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Payroll Taxes
Employers are required to pay and report payroll taxes which are deducted from employees’ wages. We identify our clients’ payroll tax liability to determine their reporting requirements. Subsequently, as part of our Small Business Recordkeeping package, we calculate, help with payment, and file applicable payroll tax returns for our clients on a monthly and/or quarterly basis. By taking care of this for our clients, our clients have more time to grow their business, and spend less time worrying about payroll tax and potentially making costly mistakes and incurring penalties.

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Texas Franchise Tax

In Texas, some companies are subject to pay the Texas Franchise Tax. We work with our clients to determine their potential Texas Franchise Tax liability and help them prepare and file their Franchise Tax Return and applicable reports.

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Managing Accounts Receivables and Accounts Payable

Many businesses manage large numbers of accounts receivables and accounts payable because of the industry standards for billing in their industry. As business owners know, managing large accounts receivables and accounts payable can take a substantial amount of time, and small mistakes or inaction can have severe consequences for the profitability of a business. We offer services to our clients to help them relieve the burdens associates with accounts receivables and accounts payable to ensure a company’s balance sheet is always in good shape.
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Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
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