Small Business Accounting
We always appreciate the amount of hard work that small businesses put in order to survive in the market. But, to survive, you know you need to manage your resources you that you get the best out of as little as possible. Whether you are a start-up or a small business, you always tend to keep the expenses in check because you don't want to spend much amount on any service. We, at Accounting Outsource Hub, encourage that and hence, we provide all the basic Bank Reconciliation, Income Statement and Ledger Maintenance services at a very nominal charge.
We know that you might be confused about outsourcing your services because you are unsure of how the data will be processed by any third party outside your organization. But we would like you to contact us and get a quotation from us, and then proceed. We leave it up to you to decide, whether you want to give us the opportunity to serve you or not.
We are transparent with our approach and methodologies.
Our Small Business Accounting Services include:
- Bank Reconciliation
Banks are an important part of your business because all the cash-flow needs to be legal to prepare the taxes. So, will you waste your time looking at your bank account every month to check for the cash-in-hand, rather than growing your business by interacting with clients?
This is where we come in. We will check your bank statements and keep you updated about the taxes.
Even though you are a small business, but the risk of fraud is inevitable, and hence, we will check all the cheques for any kind of unauthorized leak of deposit from your account.
Operational Risks always tend to destroy the goodwill of the organization in the market, and hence, we critically analyze the data that is presented to us and then check for embezzlement of funds, if any.
You cannot tell how your business is doing, until and unless you can have a proper cash management team, which can prove costly if you are hiring in-house staff for it. There are certain benefits to it. You save money, time and we will work even when you are sleeping. So, even when you are resting after a long days' hard work, we are working with your bank statements to check for any unreasonable bank charges that might hamper your cash management in a longer run.
- Profit and Loss Statement Preparation
You cannot know how much you are earning from a particular product or department in your organization, until and unless you prepare a proper Profit and Loss Statement. This can be a hectic task, taking into consideration the amount of concentration required to analyze the data to the core.
Hence, we measure the trajectory of your revenues and expenses to come to a conclusion about the operation of your business. This will help us in determining the items or services that might be causing unforeseen dues that might incur.
We will use all the implicit and explicit details of the bank details to calculate your income tax liability
- Balance Sheet Generation
Balance Sheet is a summary of the financial condition of your business. Hence, accuracy is the most important concern while preparing a balance sheet for your business. We have specialized licensed software that can do this tedious task in a small amount of time as compared to hiring individuals to do it manually.
We take into consideration the local auditing standards for preparing your balance sheet with a guaranteed accuracy level of approximately 99% because we have strict quality measure when it comes to providing services because if businesses trust us with their data, it is our foremost duty to provide them the best level of services that are prevailing in the market.
We prepare financial statements that are monitored regularly for an update in the accounting standards.
We use the latest technologies and software for generating accounting reports. Some of them are Quickbooks, Sage, Peachtree, etc.
- General Ledger Maintenance
A General Ledger is the key feature of your organization's financial track record. There are certain "books" that are maintained by the organization to check on the financial stability. If there is an error in the general ledger that is maintained by the organization, it will unsettle all your "books".
If you allow us to review your general ledger, we will find any inconsistency that might prevail in the form of double billing or un-noticed payments. Then, we will resolve any error for maintaining accurate and precise books.
Basic types of bookkeeping accounts for small businesses you can’t afford to ignore
As the small business owner or startup entrepreneur, you are an expert in producing great products and services, but if you don't understand the different types of "accounts" you can take help from an expert bookkeeper and accountant to manage your accounts.
- Accounts Receivable
- Accounts Payable
- Loans Payable
- Payroll Expenses
- Owners Equity
- Retained Earnings