Business Accounting

Business Accounting

As a business owner or executive, you need to be working on your business, not in it. We take care of your books for you, so you can concentrate on running your business and generating profits.

Business accounting may include the following services performed on a regular basis (i.e. weekly, monthly, quarterly, annually):

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.


Bank Reconciliation

Reconciling your bank accounts regularly allows us to keep your accounts balanced while keeping your accounting system and tax obligations up-to-date.

Having us reconcile your account on a regular basis 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.
  • Help detect and prevent embezzlement of funds from within your business.
  • Know how effectively your business is operating. 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.

Balance Sheet and Income Statement

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:

  • Understand the financial strength and capabilities of your business.
  • Identify and analyze trends. For example, if your receivables cycle is lengthening, you can focus on collecting receivables more aggressively.
  • Determine if 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.

Income Statement

An income statement, otherwise known as a profit and loss statement, presents an itemized list of your revenues that is reduced by an itemized list of your expenses to arrive at a net profit or loss for the period.

An income statement allows you to:

  • Track revenues and expenses to 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 such as costs for phone, postage, or office supplies.
  • Track fluctuations in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance sheets, along with income statements, are the basic elements in providing financial statement reporting to potential lenders, such as banks, investors, and vendors.


Maintaining an Accurate 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 will cause your financial statements to be inaccurate.

Having us regularly review your general ledger system allows us to identify any discrepancies such as double billings or unrecorded payments. Then we will fix the discrepancies so your books are accurate and up-to-date.


Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Please feel free to contact us whenever you have a question or concern.

Please complete the form below or call us to schedule a consultation related to any of our business accounting services.

If you'd like to receive a consultation on our Small Business Accounting Service, please complete this form.

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At Kutas & Associates, PC, we have been fulfilling the accounting and tax needs of clients throughout Michigan for years. If you need help managing any aspect of your personal or business finances, we want to hear from you!

Please fill out this form or call and let us know how we can be of service. We will schedule an initial consultation to determine how we can best serve you.

Thank you for visiting. We look forward to working with you!

Kutas & Associates, PC

6017 W. St. Joseph Hwy, Suite 201
Lansing, Michigan 48917
T: (517) 323-7508
F: (517) 323-0585
E: info@kutaspc.com

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