If you are fortunate you can afford to lose some money and still have hope of gaining back your losses. For most people, however, what they cannot afford to lose is…time. As a small business owner, how much time do you lose by keeping your own books?
At Streimer and Flusberg, we handle the books for you so you can focus on running your business and generating profits. Whether it’s each month or each quarter, we will…
- reconcile your bank account
- prepare financial statements, income statements, and a balance sheet
- maintain your general ledger
- provide consultations
A small business accounting package can be customized to include payroll, tax planning, tax preparation, or any other of our services, in any way that will help you do more of what you love and less of what you have to do.
“Do what you love, grow your business”
We do not work for you part-time. We are with you in the fight—always available and always willing. We welcome the opportunity to walk alongside of you helping you fully understand how to interpret and utilize the financial information we provide.
If you’d like to receive a free consultation on our Small Business Accounting Service, please complete this form.
A valuable service that we offer is to reconcile your business checking account each month, which allows us to keep your bank account, accounting, and taxes, all up-to-date.
Our bank reconciliation service 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
- Discourage 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 you more money.
- 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.
- Peace of mind. You will have greater peace of mind knowing that your bank accounts are reconciled, in balance, and that all escrow funds, accounts, checks, and disbursed funds are properly accounted for.
Also known as a profit and loss statement, this document adds an itemized list of all revenues and deducts and itemized list of all your expenses. The result is a consequent profit or loss for that 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
- Identify specific items that are causing unexpected expenditures.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales
- Assist in determining your income tax liability
This tool provides 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 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 of your books.
You don’t want to fix something after it’s broken; having us maintain your general ledger system each month allows us to identify any discrepancies such as double billings or any unrecorded payments while there is still time to rectify them. Staying ahead of the game assures your books are always accurate and in tip top shape.