Bookkeeping

It's important to keep your business's books in order. During your tax planning sessions, you'll review these concepts:

These tasks form the solid foundation of your small business accounting system.

 
Bank Reconciliation

It's important  to reconcil your business checking account each month; this keeps your bank account, accounting, and taxes up-to-date.

Reconciling 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. Crime exists.

  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
 
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.

An income statement 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.

 
Maintaining a Clean General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

During your tax planning and tax maintenaince sessions, we review your general ledger system. This allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.


Get In Touch

We strive to work with clients for whom we can find real tax savings. Our offer is to provide you with a Tax Discovery Session to identify mistakes and missed opportunities in your tax preparation that are costing you thousands.

For $250 we will analyze your last filed tax return, and if you decide to continue with us, this amount will be applied to your first invoice. If we can't identify a way to save you money, we will donate $200 to your favorite charity.

Please fill out this form to get started. We look forward to working with you to reduce your taxes, save cash, grow your wealth, build your business and achieve your dreams.

Frisco Office

699 Summit Blvd Unit F
Frisco, CO 80443
T: (970) 668-0772
F: (970) 668-0434
E:  info@coloradotaxcoach.com

Denver Office

4600 S. Syracuse St. #900
Denver, CO 80237
T: (303) 256-6437
F: (970) 668-0434
E:  info@coloradotaxcoach.com

Get In Touch

Subscribe to our Newsletter