Accounting and Bookkeeping
Frazier's Accounting & Tax Services, LLC understand that it's difficult to make confident decisions without reliable financial information. As a small business owner you know the importance of keeping your books up-to-date but don't always have the time you need to spend on them. We can take care of those tasks for you, while you focus your time on running the business and generating profits to turn your vision into reality.
Let us do the task to make the accounting function of your business easy, while ensure that your financial reports are maintained correctly and accurately. We will do the following services on a monthly basis:
We can customize the package of services you receive to include accounts payable, accounts receivable, payroll, tax preparation, and any of our other services.
ACCOUNTS PAYABLE - Managing accounts payable isn't just about paying bills. We will process, organize and file your invoices, mail receipts to customers, post payments to your general ledger accounts, monitor aging reports, produce accounts payable reports and other functions as needed to reduce your time and energy spent monitoring and processing your accounts payable functions.
Reconciliation should be performed regularly to eliminate any discrepancies in the General Ledger.
All correspondences should be addressed immediately to produce and maintain good working relationships with vendors.
W-9s need to be issued in a timely fashion to ensure vendors are paid appropriately and to comply with the Internal Revenue Service.
1099s should be prepared for all appropriate vendors and service providers at year-end.
ACCOUNTS RECEIVABLE - To streamline your accounts receivable functions we will perform aging report analysis to ensure timely payments and collections, process your sales receipts and invoices, mail your customers statements and invoices, post your deposits, reconcile your aging reports, produce accounts receivable reports and other functions as needed.
We can process your sales receipts and invoices in a proficient professional manner.
We can produce and mail your statements and invoices to your customers.
We can post your deposits into the appropriate accounts.
We can produce and reconcile your aging reports.
BANK RECONCILIATION
Reconciling your business checking account each month allows us to keep your bank account and bookkeeping records up-to-date.
Having us reconcile your account each month allows you to...
- Identify lost and unauthorized transactions. Detect and prevent embezzlement of funds from within your company.
- Detect and correct excess/unjustified bank charges.
- Ensure transactions are posted correctly by your bank.
Manage your cash more effectively. Proper management of funds allows you to know how your business is doing. You can't make the day to day decisions needed to operate your business if you are unsure of the financial standing.
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.
COMPILATIONS - Financial statements essential to the preparation of your year-end income tax returns. They also provide you with a snapshot of how well your business is performing.
We can provide a complete set of financial statements to you on a monthly, quarterly or annual basis.
We can customize and reconcile your financial statements to your business needs.
At your fiscal or calendar year-end, we can use your financial statements to prepare your income tax returns or provide them to your preferred tax professional.
Income Statement
An income statement, otherwise known as a profit and loss 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.
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 is 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.
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, 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.
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.
Contact us for a FREE Initial Consultation to discuss our Accounting and Bookkeeping Services.
Send us an email or call us today at 336-209-2008 to discuss our services and how we can help your business.