You have more vital things to accomplish as a small business owner than handle your own books. Make sure your bank account is in order, make a financial statement, produce a balance sheet, ensure your general ledger is in order, etc. These are a few daunting tasks for a business owner every month. Your small business accounting system is built on the foundation of these responsibilities. Choose a Chandler, AZ accounting firm that will take care of all these critical things.
An accounting firm can keep your bank account, accounting, and taxes up to date by reconciling your business checking account each month. What else?
Here is what an accounting firm will do for your business:
-Locate misplaced checks, deposits, and illicit wire transfers.
-Excess/unjustified bank charges are detected and prevented, and transactions are posted accurately by your bank.
-Detect and prevent money embezzlement within your firm.
-Are you aware of the state of your company? You won’t know for sure until all of your accounts are reconciled, and your financial statement has been adequately accounted for.
-Improve your cash management: Money management that, if done correctly, saves you money and makes you money.
-Make sure you’re safe: You can free your agency of responsibility for the shortfall and pass the risk to the bank by timely reconciling and promptly protesting to your bank about any illegal, fraudulent, or forged checks presented to your bank and paid by that bank. This should be enough of a motive to reconcile. There is a crime.
-Better Sleep: Knowing that your bank accounts are reconciled, in balance, and that all escrow funds, accounts, checks, and disbursed funds are correctly accounted for will help you sleep better at night.
How to Keep the General Ledger Organized?
The general ledger is the foundation of your organization’s financial records, and your system’s central “books” are made up of these records. Because every transaction passes via the general ledger, a malfunction with your general ledger throws your entire accounting system into disarray.
A tax accountant can find anomalies in your general ledger systems, such as double billings or unrecorded payments, by reviewing it each month and correcting the errors, so your books are always up to date and in great shape.
A good tax firm will assist you in resolving your tax issues and end the stress that the IRS may cause. Some will also provide you with a complimentary consultation to assess the case.