Small Business Accounting
As a small business owner you have more important things to do than to maintain 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'll do the following things for you...
- Reconcile your bank account
- Generate Monthly Financial Statements
- Maintaining a Clean General Ledger
- Provide business and accounting consultation
These tasks are required to form the solid foundation required for your small business's internal controls, growth and company value. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services DCM Accounting provides.
Bank Reconciliation
Reconciling your business checking account on a timely and regular basis allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your bank account(s) allows you to...
- 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.
- Keep unneeded and expensive bank charges down. Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Control bank transactions effectively. Identify lost checks, lost deposits and unauthorized wire transactions.
- Prevent internal theft that can ruin your company. Detect and prevent embezzlement of funds from within your company before it is too late..
- 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 in your books.
Financial Statements
Generating proper and timely Financial Statements allows your business to monitor your progress financially, properly plan now and for your future growth, and demonstrate your creditworthiness and company value to vendors, banks, and investors.
DCM Accounting will produce the following timely reports for your business:
1. Income Statement:
An Income Statement, otherwise known as a Profit and Loss Statement, tracks and itemizes 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 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.
2. 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, you may look to implement a more aggressive collection procedure.
- 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.
As a tandem, the Income Statement and Balance Sheet are your company's only way to demonstrate to potential vendors, lenders, and investors your credit worthiness. As a result, they are essential to not only grow your business, but to value your business.
Maintaining a Clean General Ledger
The General Ledger is the core of your company's financial transaction records. These records constitute the central "books" of your financial reporting system and allows for the accurate generation of your Financial Statements.
Having DCM Accounting review and maintain your general ledger system each month, allows us to track and correct any discrepancies (i.e. double billings, unrecorded payments) that may cause your business to misrepresent the financial strength of your business. It also is a way to provide a timely audit so that you know your business is safe and secure.
Unlimited Consultations
As part of our service to all our clients, DCM Accounting is available for consultation regarding the financial condition of your business as reported in your Financial Statements.
If you would like to receive a Free Consultation on our Small Business Accounting Services, please give us a call at 602-432-6921 or email us at info@dcmaccounting.com.