General Ledger Maintenance

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 recording error 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. We will then fix the discrepancies so your books are always accurate and kept in tip top shape.

Financial Statements

Financial statement analysis involves gaining an understanding of an organization’s financial situation by reviewing its financial statements. This review involves identifying the following items for a company’s financial statements over a series of reporting periods: Trends: Create trend lines for key items in the financial statements over multiple time periods, to see how the company is performing. Typical trend lines are for revenues, the gross margin, net profits, cash, accounts receivable, and debt.Proportion analysis: An array of ratios are available for discerning the relationship between the size of various accounts in the financial statements. For example, one can calculate a company’s quick ratio to estimate its ability to pay its immediate liabilities, or its debt to equity ratio to see if it has taken on too much debt. These analyses are frequently between the revenues and expenses listed on the income statement and the assets, liabilities, and equity accounts

listed on the balance sheet.Financial statement analysis is an exceptionally powerful tool for a variety of users of financial statements, each having different objectives in learning about the financial circumstances of the entity.

Reconciliation

Comparing transactions and balances is important because it avoids overdrafts on cash accounts, catches fraudulent or overcharged credit card transactions, explains timing differences, and highlights other negative activity such as stolen or incorrectly recorded income and expense entries. This will save your company from paying overdraft fees and keep transactions error-free. It will also help catch improper spending and serious issues such as embezzlement before they get out of control. The goals of balancing your account are make sure you know how much money you have, make sure the bank has not lost money or overcharged you, match your records with the bank’s records, catch mistakes before it’s too late!

Month End Closing

Why is a streamlined month-end process important? Month-end can be a very stressful time for finance departments. Management is often eager to get their hands on financial information that will inform their decisions. Developing an efficient, ‘streamlined’ process for month-end will create a more relaxed environment, free up man hours and ensure that management receives accurate and timely information. What pitfalls can slow down the month-end process? Even a well-designed process can become obsolete as needs change or become cumbersome over time. When data is not recorded correctly throughout the month, it creates a tremendous burden on the month-end process. Finance professionals often find themselves looking for missing expenses, searching for expenses that have been entered multiple times or correcting items that were coded or categorized incorrectly. How can an organization simplify and improve the month-end process? Look out for signs of stress within your month-end process. These symptoms might include monthly closings dragging longer and longer into the next month, finance

professionals putting in significant overtime at the beginning of each month or general tension related to the process. Month-end problems can also be caused by a failure to define and follow effective recording procedures throughout the month. Set strong deadlines for critical tasks and monitor adherence to your procedures. Many of the symptoms that you see during month-end are a manifestation of ongoing problems. Analyze your month-end routine. Follow a checklist but be able to think outside of it. What else should business owners know about month-end? Financial accounting, which includes the month-end process, is an important function within any business. It can either positively or negatively affect overall business performance. Business owners shouldn’t hesitate to ask for outside help when they need it.

Accounts Receivable

Most businesses operate by enabling their clients to buy goods on credit.  The cost of sales on credit is what is referred to as Accounts Receivable. Generally, Accounts Receivable (AR), are the amount of money owed to the company by buyers for goods and services rendered. It is advisable for a company to setup an AR process to determine the customers that have already paid and identify any payments that are overdue. The process is a simple turn of events that make the receivables traceable and manageable.

Accounts Payable

Accounts Payable is very crucial in maintaining a good reputation with vendors and suppliers of a business.  Not having an accurate Accounts Payable may lead to double payments to vendors or suppliers, which only decreases your bottom line as a business. We are here to help ensure your company’s bills are paid on time and eliminate any discrepancies in Accounts Payable.