Small Business Accounting

T: (503) 657-6055
info@serenity-tax.com

As a small business owner you have more important things to do than to keep your own books. At Serenity Tax & Accounting, we take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we'll do the following things for you...

These tasks form the solid foundation of your small business accounting system. We can customize a package of services for you to meet your specific needs and circumstances.

Books a mess?  No problem! 

If you own a small business and haven't kept up your bookkeeping, don't worry.  We can help you!  We'll clean up your books and get them ready for tax preparation.  The we will help you set up an easy system that allows you to keep your books up to date and good shape going forward.  We can get you on a path to peace of mind.

 
Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having Serenity Tax & Accounting reconcile your account each month 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.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing? 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.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough.
  • Sleep Better. You will sleep more peacefully at night knowing your bookkeeping is taken care of by someone who cares about your success.

 
Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

Srerenity Tax & Accounting can prepare an income statement which allows you to...

  • Track revenues and expenses so that you can 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. Like phone, fax, mail, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

 
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:

  • quickly get a handle on the financial strength and capabilities of your business
  • identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your 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
  • determine if you need to take immediate steps to bolster cash reserves
  • determine if your business has been slowing down payables to forestall an inevitable cash shortage

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you. At Serenity Tax & Accounting we can help you create a strong and coherent balance sheet for your company.

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

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