Critical accounting and financial tasks must be performed daily to ensure your business’ continued growth and profitability. With monthly income and expense tracking, you are better equipped to make confident and sound management decisions for your business. At Sol Schwartz & Associates, we can provide you with all the accounting support you need so you can focus on your business.

Our quarterly or monthly accounting and bookkeeping support includes:

  • Bank Reconciliation – Reconciling your business checking account each month allows you to keep your bank account, accounting, and taxes up to date.
    Reconciling your account each month allows you to:

    • Identify lost checks, lost deposits and unauthorized wire transactions
    • Detect and prevent excess/unjustified bank charges and ensure that transactions are posted correctly by your bank
    • Detect and prevent embezzlement of funds from within your company
    • Know exactly how your business is doing
    • Manage your cash more effectively
    • Protect yourself by timely reconciling and promptly contacting your bank to object to any unauthorized, fraudulent or forged checks
  • Income Statement – An income statement, also known as a profit and loss statement, provides an itemized list of all your revenues and provides an itemized list of all your expenses to calculate 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 items of your business are over or under budget
    • Identify specific items that are causing unexpected expenditures
    • 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 evaluate the financial strength and capabilities of your business
    • Identify and analyze trends, particularly in the area of receivables and payables
    • 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

    Also know that balance sheets and 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. Reviewing your general ledger system each month helps you identify any discrepancies such as double billings or any unrecorded payments.

We invite you to contact us directly, or continue browsing our website to learn more about how we can help you.