Small Business Accounting

Kanter Accounting Innovations takes care of your books for you, so that you can do perform the job of running your business and generating profits rather than getting buried in financial paperwork.

• Bank Account Reconcilement
• Income Statement (Profit and Loss) Preparation
• Balance Sheet Generation
• General Ledger Maintenance
• Business Consultation

Reconciling your business checking account each month allows us to keep your bank account and accounting up to date. The process helps you by doing the following:

• Identifying lost checks, unrecorded deposits, and unauthorized wire transfers.
• Detection of excess bank fees and insures correct posting of bank transactions.
• Detects embezzlement of funds within the company.
• More effective cash management.
• Prompt reconciliation protects you and your business by allowing you to object to any unauthorized or fraudulent activity in a timely manner.

The income statement itemizes the expenses, lists all the revenues and calculates the difference between revenues and expenses which is the profit or loss for the period. The income statement does the following:

• Tracks revenues and expenses to determine the operating performance of your business.
• Determines the area of the business that is over or under budget.
• Shows the items causing unexpected expenditures.
• Determines the income tax liability.
• Tracks dramatic changes in cost of goods sold.

The balance sheet is a "snapshot" of the business finances at a particular point in time.

The balance sheet:

• Quickly give a financial picture of the business.
• Identifies trends in accounts payable and accounts receivable.
• Determines if the business needs to take steps to boost cash reserves.

Financial statements provide financial reporting to potential lenders to determine the amount of credit to grant the business.

The general ledger is the core of the company’s financial records. Because all transactions flow through the general ledger, problems with the general ledger result in inaccurate reporting. A review of the general ledger each month allows us to discover discrepancies such as double billings or unrecorded payments. We adjust any discrepancies found for you.