Most business owners do not want to be bothered with administrative task of compiling their own books. Rather, most business owners want to focus on what they do best and generate profits. Adequate books and records are vital to ensure your business thrives.
Krikorian & Company provides a number of different bookkeeping services and can tailor them to best suit your needs. Whether you need assistance on a monthly basis, quarterly basis, or if you require an active bookkeeping service to manage the accounting for your business on a daily basis, we can help.
On a monthly or quarterly basis, we will...
Reconcile your bank account
This extremely important step allows you to manage your cash more effectively. Bank reconciliations will detect lost checks, identify any unnecessary service charges being incurred, identify any unauthorized wire transfers, and identify any deposits that were posted incorrectly by the bank.
Clean up your general ledger
Your general ledger incorporates all of your deposits and expenditures. Proper categorization of your transactions is key to actively keeping track of your revenue, expenses, equipment purchases, etc.
Generate a balance sheet and income statement
Once your general ledger is in good order, we will generate a balance sheet and income statement. Your balance sheet provides you a snap-shot of your financial condition at the end of the month or quarter. It allows you to see the net worth of your business, assess the state of your receivables and payables to see if you may have any cash shortages, and determine if you are in a position to support any current debt service.
If you need help setting up an accounting system, Krikorian & Company can walk you through this process. We are proficient in Quickbooks and recommend using it as an entry-level accounting program. Setting up your accounting system right the first time is extremely important. Not only will your books be in order from the beginning, but it will avoid the major cost and headache of correcting books that were improperly set up.
Aside from being able to actively and effectively track the performance of your business and assess its financial health, the other major benefit of an active bookkeeping relationship is that we will have the ability to accurately project your income tax position and suggest ideas that will reduce what you end up having to pay Uncle Sam. In many cases, the fees that you pay to produce accurate accounting records pales in comparison to what you may end up having to pay in taxes and fees by not having adequate records and missing out on tax planning opportunities.
Please call us if you have any questions about the process of having a CPA firm provide bookkeeping services and how we might be able to provide value-added service that fits your unique situation.