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Accounting Services
Over the years, we have observed that many small business owners handle their own books or have family members with limited financial background or experience handle the function. Clearly this can save money in the short term but in almost all situations, this approach costs the business owner much more money over the long term. Based on our experience, the most successful business owners focus on what they do best, which is running their business. Watson & Associates can help take care of your books, which is our area of expertise, so you can focus on running your business and generating profits.
Watson & Associates can assist your business on a monthly or quarterly business with the following services (please click each title below to view more details):
Reconciling your business checking account each month will assist with the following:
• Help you understand how your business is really doing. You will not 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.
• 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.
Income statements, balance sheets and statements of cash flows 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.
An income statement, also known as a profit and loss statement, lists all revenues and subtracts all expenses to produce a profit and loss for the period.
A monthly and / or quarterly income statement will assist with the following:
• Track revenues and expenses so that you can determine the operating performance of your business.
• Determine what areas of your business are costing too much or not producing.
• Identify specific items that are causing unexpected expenditures.
• Determine your income tax liability.
A balance sheet provides a picture of your business' financial condition at a specific moment in time. A monthly and/or quarterly balance sheet will assist with the following:
• Understand the financial strength and capabilities of your business.
• Identify and analyze trends, particularly in the area of receivables and payables.
• Determine if your business is in a position to expand.
• Determine if you need to take immediate steps to increase cash reserves.
A statement of cash flows provides an analysis of cash sources and uses during a specific period of time. A monthly and/or quarterly statement of cash flows will provide an understanding of the business’ ability to pay creditors, support operations and make investments.
The general ledger is the foundation of your company's financial records. Because every transaction flows through the general ledger, a problem with your general ledger will have an impact on your books. Allowing us to review your general ledger system on a monthly basis will ensure there are no discrepancies (e.g. double billings, unrecorded payments, etc.). If discrepancies are discovered, we will help you correct them so your books are always up to date and accurate.
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Telephone: 937.592.6926
Toll Free: 800.837.6926
Fax: 937.592.5195
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