Small Business Accounting

Small Business Accounting

No matter what size business you may have, your time would be better spent doing business than keeping the books. Let the small business experts at Kelly & Small take care of all your business bookkeeping needs so you can do what you do best: generating income.

Kelly & Small can perform the following services for you on a monthly or quarterly basis:

Our small business customers often customize their regular package of services provided by Kelly & Small to include such additional services as payrool, tax planning, tax preparation, and any of our other services. Ask us how we can best serve your business.

* While your bookkeeper is most likely proficient at his/her job, a review by Kelly & Small can make sure your business is taking full financial advantage of all available accounting and regulatory options. 


Bank Reconciliation

By reconciling your business checking account each month, Kelly & Small is able to better keep your bank accounts, tax information and accounting complete, accurate and up-to-date.

Monthly reconciliation by Kelly & Small lets you:

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect and prevent excess/unjustified bank charges and ensure that transactions are posted accurately.
  • Reconcile all business accounts so that you know how your business is doing.
  • Manage your cash more effectively to save money and make it work that much harder for you.
  • Protect your money through timely reconciling and prompt reporting to your bank regarding any unauthorized, fraudulent or forged paychecks presented to your bank and paid by them.
  • Rest easier knowing that your accounts are accurately reconciled, balanced and that all escrow funds, accounts, checks and disbursed funds have been properly accounted for.

 
Income Statement

An income state, also known as a profit and loss statement, totals up an itemized list of all your revenues, then subtracts another itemized list of all your businesses expenses to determine a profit or loss for the period.

An Income Statement prepared by Kelly & Small lets you:

  • Track revenues and expenses so that you can determine the operating performance of your business - in other words, is your business strategy working well?
  • Find out what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures, like phone, fax, mail or supply expenses.
  • Keep track of increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your company's income tax liability.


Balance Sheet

A well-prepared balance sheet provides a "snapshot" of your business' financial condition at a specific moment in your fiscal year. You can:

  • Quickly determine the financial strength and capabilities of your business.
  • Identify and analyze trends, especially in receivables and payables. For example, if your receivables cycle is lengthening, a balance sheet could reveal you should be collecting your receivables more aggressively.
  • Determine if your business is in a good position to expand.
  • Decide if your business can survive the normal financial ebbs and flows of revenues and expenses.
  • Determine if you need to take immediate steps to bolster your business' cash reserves.
  • Decide if your business has been slowing down payables to forestall an inevitable cash shortage.

Let Kelly & Small show you how well-maintained and structured Balance Sheets, Income Statements and other basic financial reporting elements can make a significant difference in the way your business is seen by others. This is especially important when considering the impact to banks, investors, and vendors who may be considering how much credit risk to assign to you. 

Maintaining a Clean General Ledger

As the core or central "books" of your company's financial records which every transaction must flow through, the General Ledger must be accurate and up to date. A problem here is a problem with all other books involving your business.

Kelly & Small monitors the General Ledgers of many small business clients in order to track discrepancies including double billings or any unrecorded payments. We correct any and all discrepancies so clients' books are constantly maintained in the most accurate state possible.

Authenticate Your Bookkeeper's Work

Review and oversight of your financial data is a critical control for any size business. Kelly & Small can play an integral part in this area by providing regular accuracy checks and setting up a routine that can help mitigate misappropriations and ensure that your business is taking advantage of all tax benefits available.

We can help:

  • Identify the accuracy of postings and classification
  • Provide support with difficult and atypical transactions
  • Guide, direct and support your bookkeeper in accounting and Quickbooks software
  • Give you the confidence of knowing that a third party is providing oversight for your bookkeeper and is carefully reviewing all financial statements.


Unlimited Consultations

Kelly & Small is always available to discuss all aspects of small business accounting needs and practices and to help you fully understand and utilize any and all financial information provided by us. Please do not hesitate to call us whenever you have any questions or concerns.

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

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Kelly & Small, Certified Public Accountants, LLP

3529 Ocean View Blvd,
Glendale, CA 91208
T: (818) 249-9896
F: (818) 249-6533
E: info@kellysmallcpa.com

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