We provide you with periodic Profit & Loss reports which allows you to monitor, review and navigate your business. You are able to identify first hand where your financial strengths and weaknesses are at.
- 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, what your financial strengths and weaknesses are.
- Identify specific items that are causing unexpected expenditures.
- Determine your income tax liability.
- Having this information on a periodic basis allows you to make changes and be proactive instead of reactive to a situation.
Periodic balance sheet gives you a snapshot of your business financial condition at a specific moment in time. This helps you:
- To quickly get a handle on the financial strength and capabilities of your business.
- Identify and analyse trends, particularly in the area of receivables and payables.
- Determine if your business is in a position to expand
- Analyse if your business can easily handle the normal financial ebbs and flows of revenues and expenses
- Make decisions if you need to take immediate steps to bolster cash reserves
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.
Maintaining 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 track down any discrepancies such as double billings or any unrecorded payments. We can fix the discrepancies so your books are always accurate and kept in tip top shape.