SMALL BUSINESS BOOKKEEPING
At Honest Buck, small business bookkeeping means meticulously tracking what comes into your bank account and what goes back out. From that information, we generate monthly financial reports that give you a picture of how your business is operating financially. You can expand your subscription to include state and local tax filing as well as payroll, invoicing and bill payment services.
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Here's what's included:
These deliverables form the foundation of our small business accounting services:
1. BANK RECONCILIATION
When Honest Buck reconciles your books, we help you keep your finger on the pulse of your business's true financial situation. Here are some things we'll worry about so you don't have to:
- Identifying lost checks, lost deposits, and unauthorized wire transactions
- Tracking escrow payments and disbursements
- Ensuring transactions are posted correctly by your bank
- Detecting and preventing unjustified bank charges
- Detecting and preventing embezzlement of funds from within your company
- Helping you manage your cash more effectively
2. INCOME STATEMENTS
The Income Statement a.k.a. Profit and Loss Statement a.k.a. P&L is an itemized list of all your revenues minus an itemized list of all your expenses. The amount at the bottom equals your profit or loss for the period.
- Know whether and where you're over-budget or under-budget
- Identify specific items that are unexpectedly dragging down your bottom line—like your copier contract or office supply expenses
- Track dramatic increases in product returns
- Track important financial metrics like cost of goods sold as a percentage of sales
- Determine your income tax liability
3. CHECK AND BALANCES
Every month, Honest Buck will deliver an updated Balance Sheet that gives you an up-to-date snapshot of your business’s assets, liabilities, and equity.
- Quickly get a handle on the financial strength and capabilities of your business.
- Present your financial snapshot when you apply for credit from potential lenders like banks, investors, and vendors
- Identify receivables and payables trends, and determine whether you need to collect more aggressively
- Determine whether an expansion makes sense
- Determine whether you need to bulk up your cash reserves
- Determine whether you've been stalling on your payables, why, and how to mitigate your cash shortage
4. GENERAL LEDGER MAINTENANCE
We're obsessed with maintaining a spick and span general ledger. As the repository of every single company transaction that takes place, the general ledger is the single most important financial record you have. It's the seed from which all income statements and balance sheets spring! The well that waters the most valuable financial forecasts you'll make! You get the picture.
Having Honest Buck review your general ledger system each month allows us to hunt down any discrepancies— like double billings or unrecorded payments—that are keeping you from fully knowing your company's financial health.
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