Reconcile your business checking account to keep your bank account, accounting, and taxes up-to-date. Find checks, deposits and authorized wire transactions quickly. Detect and prevent bank charges; rest assured that your transactions are posted correctly by your bank. Avoid embezzlement of funds from inside your company.
- Know how your business is doing with reconciled accounts and financial statements.
- Manage your cash flow and time more effectively.
- Protect your business from unauthorized, fraudulent or forged checks presented to your bank and paid by that bank.
- Relieve yourself from liabilities due to shortfalls and risks taken by a bank, because crime does exist.
- When your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for, you will sleep better at night.
An income statement is a profit and loss statement that has an itemized list of revenues subtracted by an itemized list of all your expenses. You report a profit or loss for the time period specified. An income statement allows you to…
- Track revenues and expenses so you know the performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that cause unexpected expenditures.
- Track dramatic increases in product returns or cost of goods sold.
- Predict your income tax liability.
The general ledger is the core of your company’s financial records that constitute the central “books” of your accounting system. Every transaction flows through the general ledger; therefore most problems of inaccurate bookkeeping procedures will throw off your general ledger reports. Having NWBSS review your general ledger each month to hunt down any discrepancies such as double billings or any unrecorded payments. We will fix the discrepancies so your books are always accurate and kept in tip-top shape.
A balance sheet gives you a moment-in-time glance of your financial condition. It helps you to…
- Know the financial strength and capabilities of your business.
- See trends of receivables and payables, for important tasks such as collecting your receivables more aggressively.
- Determine if your business is in a position to expand.
- Understand the normal financial ebbs and flows of revenues and expenses incurred for your business.
- Know if you need to take immediate steps to bolster cash reserves.
- Observe if a slow down in payables has started to occur to prevent an inevitable cash shortage.
Balance sheets, along with income statements, are the most basic reports needed by potential lenders such as banks, investors, and vendors who may be considering how much credit to grant you.
