Small Business Accounting

As a small business owner you have more important things to do than to keep your own books. Through hosted or remote access to your QuickBooks data I can 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 I can perform the following services for you...

 
Bank Reconciliation

Reconciling your business checking account each month allows you to keep your bank account, accounting, and taxes up-to-date.

Performing timely bank reconciliation each month allows you to...

• Identify lost checks, lost deposits and unauthorized wire transactions.
   
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
   
• Detect and prevent embezzlement of funds from within your company.
   
• 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.
   
• 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.

Your income statement, or 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 a specific 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
   
• Monitor specific accounts for unexpected expenditures
   
• Track dramatic increases in product returns or cost of goods sold as a percentage of sales
   
• Estimate your income tax liability by making certain adjustments 

 
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
   
• Assess whether 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
   

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 indicates a lack of reliability of reported financial information.

Having me review your general ledger system each month allows us to work together to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books provide an accurate picture of your business's financial status. 

 
Unlimited Consultations

I am always available to spend time with you so you fully understand how to interpret and utilize the financial information your books provide. 

We can structure our engagement so that consultations are already included in our price, so that you feel free to call me whenever you have a question or concern.

Karla S Geldmacher, CPA
Reisterstown, MD, 21136
Phone: (443)636-6894