Our Monthly Accounting Package for Small Businesses
for a sample monthly financial statement, see below
Our monthly accounting package is without equal. If you're using Quickbooks or simply a shoebox full of receipts, we can help you. Our job is to provide you with information that helps you run your business with less cost and more profit. And because you will have great, up-to-date records, our year 'round tax planning will also result in your paying less tax. This is because we have a system to get your work done on time every month and a philosophy about how we do it that puts caring about your business success ahead of our billing. At Comprehensive we realize that keeping you in business keeps us in business, too.
Consultation: the key to a great accounting service
We offer simplified monthly reporting systems to help you provide all the necessary information so that we can give you an accurate and timely picture of your business activity. Don't believe the myth that "the more work you do, the less your accountant will have to do, and this will save you money"! Quite the opposite is true: we can do the work more efficiently than you can, which means you will get the results quicker and at less overall cost (after all, anything you or an employee of yours does isn't free). Do you bring your car half repaired to the shop? Better yet, do you start your own surgery, then go to the hospital so the doctor can "finish it up at lower cost"? Of course not.
Any work that you do should be work the accountant would be less able to do well for you. This includes daily tally of cash registers, paying bills, invoicing customers, posting payments, and making deposits. You can see the common factor: all these jobs (and others) are best done in-house because that is where the information and knowledge is to get them done right. Some jobs we can outsource, others we can't. The key to running an efficient business is knowing what to outsource, and what to do yourself.
Sample Monthly Financial Statement
With current financial information in both our hands we are able to talk meaningfully about your business situation at a time when it still matters: now. Each month this includes:
Monthly Operating Statements. . .
Presents your monthly breakdown of sales, cost of sales and expenses; also called a Profit and Loss Statement. Combined with the Detail General Ledger you have a powerful cost controlling and budgeting tool in your hands each and every month.
Balance Sheet . . .Summarize your total business assets, liabilities and net worth at a given point in time so you can make decisions about capital expenditures or how to improve profits. (For cash basis businesses we provide a balance sheet only upon request).
Bank Reconciliation . . .Careful comparison and proof of your bank account statement with your checkbook balance, bank statements and general ledger each month to ensure you are working with the correct total. We also balance out all credit card, PayPal and trade account statements as well. Possibly the most important work done each month to prevent errors and spot mistakes.
Detail General Ledger...a record of the dates, check numbers, payees and amounts of all expenses within each of your business accounts. Whether you prepare your records by hand, or using one of the computerized accounting systems, this report will provide you with the assurance that your reports have been properly prepared. By using the DGL in combination with your operating statement you will be able to control costs and protect your hard-earned profits. Also provides and audit trail in the event of an audit.
Payroll Register...a monthly recap of all payroll and 1099 activity with detail and totals for the month, quarter and year to date. Perfect for employee reviews. We use the information to complete all relevant taxes.
Operating Performance Graphs...a set of three graphs visually displaying what is happening in your business. Two years of sales comparison, year to date expenses, and monthly profit levels.
Journal Entry and Check Register...a transaction register listing in date order all business activity. Part of corporate compliance as well as useful in tracking business by date.
We can provide numerour reports to fit our clients needs. Below are three more that have proven to be very useful.
- Annual Income Statement...shows the current twelve months together on the same page for easy comparsion of the whole year. Great for spotting trends.
- Comparative Income Statement...compares the current month and year-to-date in both dollars and percentages to the same period last year. Can be shown as a comparision to a budget, or as a variance from last year or budget.
- Income Statement for the Quarter...shows the past three months together on the same report. Can be for the quarter or any three month period.
Like to know more? Contact us at AskComprehensive@comprehensiveacctg.com