The foundation of every small business, accounting & bookkeeping services help to give you a clear image of where your business stands at any point in time as well as make tax planning and payroll easier, too.  PASBA-member professional accountants and bookkeepers can help your small business by creating a strong financial base from which you can:

 ·         Prepare reports and monthly statements

 ·         Identify trends and clarify their meaning for future planning

 ·         Receive monthly counseling and guidance

While each PASBA member individually owns and operates his or her small business accounting practice, many of our processes and services are similar no matter where your small business resides. 

PASBA Small Business Services Typically Include:

Monthly Operating Statements – Understanding where your business has been as well as where it is going is key to growing a profitable enterprise.  Monthly operating statements provide profit and loss statements for the previous month along with a total for all of the months of the year available.  These comparisons will help you see overall performance and identify issues before they become problems.

Operating Statement Performance Graphs – Having a visual representation of how your business is doing can provide a view of trends in your business.  Year-to-year comparisons, fiscal year-to-date expenses and total sales, expenses and profit margins can be broken down into easy to understand tools for more strategic decision making.

Balance Sheets – Available on request, the balance sheet summarizes total business assets, liabilities, and net worth (or shareholder’s equity) at a specific point in time. 

Generally used for investors to gain a picture of a business’ overall health, the balance sheet provides an idea of what the company owns and owes along with what amount is invested by the owner or shareholders.

Bank Reconciliation – A monthly comparison of your bank statements and checkbook balances to ensure that you are working with the most accurate financial information possible. 

General Ledger – A record of the dates, check numbers, payees and amounts of expenses for all business accounts.  This report will provide you with the most up-to-date information and confidence that all reports reflect accurate data.

Cash Flow – A statement of cash flow can show you where your business profits go and where you can rein in expenses in order to see greater profitability.

Payroll Register – A monthly detailed account of each employee’s payroll and deductions with a total for each, by the month, quarter-to-date and year-to-date.  These are necessary records for determining payroll tax liabilities and making accurate payments for Federal, State and local employment taxes.  At year end, we’ll also assist with 1099 creation for vendors and independent contractors requiring this type of financial reporting.

Are you ready to better understand your small business?

PASBA member accountants bring the collective resources of a nationwide network of Certified Public Accountants, Public Accountants,  Enrolled Agents and other practitioners available to answer your tax and financial questions and streamline your business accounting, bookkeeping, and payroll operations. To find a trusted accountant in your area, visit www.SmallBizAccountants.com.

Please be advised that, based on current IRS rules and standards, any advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty that the IRS may assess related to this matter. Any information contained in this article, whether viewed or subsequently printed, cannot be relied upon as qualified tax and accounting advice.  Any information contained in this article does not fall under the guidelines of IRS Circular 230.

Copyright Information 2011 Professional Association of Small Business Accountants

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