We understand business owners are busy and there are more important matters to attend to, then to keep and manage your own books. For that reason, we take care of your books. This means less stress and more time for you to focus on generating more profits.
Every month, we do the following for our Illinois business clients:
- Reconcile bank accounts
- Make income statements
- Create balance sheets
- Clean up general ledgers
- Offer unlimited, one-on-one consultations
We offer monthly customized services, depending on the needs of your business:
We also do monthly bank reconciliation for our clients which allows us to maintain your bank account, accounting, and taxes updated. Reconciling your account each month allows you to:
- Find lost checks, deposits or unauthorized transactions
- Detect and/or prevent incorrect bank charges
- Make sure transactions are posted correctly by your bank
- Prevent theft or misappropriation of funds from within your business
- Know how your business is doing financially
- Manage cash more effectively, which will save you money
- Protect yourself from unauthorized, fraudulent or forged checks
Income statements (aka profit and loss statement) let you know all of your revenues and then subtract your expenses. This helps come up with a profit or loss for a specific period. An income statement allows you to:
- Track revenues and expenses so you can know the how your business is operating financially
- See what areas are over-budget (as well as under-budget)
- Review items that are causing unexpected expenditures (like the phone bill, supply expenses, etc.)
- Track large increases in product returns or cost of goods sold as a percentage of sales
- Know your income tax liability
Balance sheets give you an overview of your business’ financial condition. A balance sheet helps you:
- Analyze trends in your receivables and payables
- Know if your business is in a position to grow
- Determine if your business would be able to handle normal financial ebbs and flows of revenues and expenses
- Find out if you need to take immediate steps to boost or strengthen cash reserves
Balance sheets and income statements are basic items needed in providing financial reporting to banks investors, vendors, etc., who are considering how much credit to grant you.
Maintaining a Clean General Ledger
General ledgers make up the central “books” of your system. Every transaction flows through the general ledger, which means if there’s a problem with your general ledger, than it throws off all your books.
Our Illinois tax professionals can analyze your general ledger system each month. This allows us to find errors like discrepancies or double billings or any unrecorded payments. If we find an error, we can help fix it so your books are always accurate.
Unlimited Business Accounting Consultations
The staff at Comprehensive Tax Solutions, Inc., are available to speak to you one-on-one, so you can understand the financial information we provide. Our consultations are included in our price, so feel free to call us whenever you need.
Visit our sister company’s website at Comprehensive Accounting Solutions or email us at firstname.lastname@example.org or call (708) 479-1711 or (708) 479-3313 for a complimentary consultation.