Managing Your Small Business Accounting
Baltimore | Maryland | Owings Mills | Reisterstown
Could you use some help with small business accounting? Managing a small business in Maryland is hard enough without the pressures of keeping up with your own financial books. If you’re in this boat, along with many other small business owners, let us provide a helping hand. Keep a close eye on running your business and making profits, while we ensure your accounting statements are accurate and up to date.
On a predetermined basis, we’ll help you…
Your small business’s accounting system strength stems from the quality completion of these tasks. We also provide help with payroll, tax planning, and tax preparation. The tasks we complete for you will be customized to your company’s needs.
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online!
Bank Reconciliation
Do you know how your business is performing financially? It’s tough to be sure unless all business accounts are reconciled and added to your financial statements. Each month we’ll keep your bank account, accounting, and taxes up-to-date by reconciling your business. It will also allow…
- Identification of lost or unauthorized wire transfers, checks, and deposits.
- Detection and prevention of embezzlement and unjustified bank charges.
- Transfer risk and responsibility to your bank by reconciling and promptly objecting unauthorized, fraudulent or forged checks and transactions.
Income Statement
Stay on top of your profits and losses each period. The proper preparation of an income statement with an itemized list of revenues minus company expenses will reveal accurate profit or loss for that period. Allow Krengel CPAs to put together your income statements so you’ll be able to…
- Track revenues and expenses to determine the quality of business operations.
- Reallocate budgets to areas that will optimize business processes.
- Identify specific expenditures with fluctuating costs to be better prepared.
- Track notable increases in returns or costs of goods sold as a percentage of sales.
- Calculate income tax liability.
Balance Sheet
Balance sheets are a great way to get a snapshot of the financial strengths and capabilities of your business. They allow you to strategize for the future by exposing trends, particularly within receivables and payables. It will also make it easy to…
- Determine if your company can handle the normal financial flows of revenues and expenses.
- Find out if you can take immediate steps to bolster cash reserves.
- Forestall inevitable cash shortages by altering payable schedules.
The income statement and balance sheet are the most basic but most important elements in financial reporting. Lenders will use this reporting when considering investing a line of credit into your business.
Allow Charles Krengel, P.A. to maintain a clean general ledger for your business. Being that the general ledger is the core of your financial records, we pay very close attention to the transaction flows documented here. Don’t let one problem throw off all your books.
We typically evaluate your general ledger each month in order to avoid any discrepancies such as unrecorded payments and double billings. Monthly analysis will ensure these are promptly brought to light.
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online!
Contact Charles Krengel, P.A. Today!
We’re here to ensure your financial records are not only properly documented, but also to reveal opportunities for growth, budget reallocation, expenditure reduction, and more! Krengel CPAs have helped small businesses in Maryland with their accounting for years. If you’re interested in learning more, contact us for a FREE consultation.
