Accounting Services

Accounting Services

 

Overwhelmed with keeping the books in order? 

We understand as a small business owner you have more important things to focus on than your books! Bookkeeping and accounting often fall to the bottom of the list when owners are prioritizing.
WWTS will take the burden from you and allow you to focus on running your business and making profits.

Monthly or quarterly the following services are offered:

It is important to reconcile your bank statement(s) each month. This process ensures that your bank account, transactions and cash balances are recorded properly.

  • Bank Statement Reconciliation
  • Prepare Income Statements (Profit & Loss)
  • Prepare Balance Sheets
  • Manage your general ledger (business transactions)
  • Bank Reconciliation

The Benefits of Reconciliation
• Detect/prevent embezzlement in your company
• Identifying missing transactions (checks, deposits, electronic transfers)
• Effectively manage your cash
• Understand your business performance when accounts are properly reported on financials
• Save money by identify bank errors and excessive bank fees

Income statement
Understanding how your business is performing is essential to running a business. The income statement is a tool, to report your income and expenses for a period of time. This statement generates your net income or loss.

The Benefits of an Income Statement
• Track revenues and expenses
• Maintain your variable costs (phone, utilities, and supplies)
• Determines income tax liability

Balance Sheet
Balance sheets are the most overlooked financial statement for small business owners, since most owners use the income statement for tax purposes. The balance sheet provides a picture of businesses financial condition at a specific moment.

The Benefits of a Balance Sheet
• Understand the financial strength of your business
• Identify business assets
• Determine if your liabilities are weakening your financial net worth
• Identify areas that need improvement (i.e. receivable collections and timely payment to debtors)

The income statement and balance sheets are the most requested documents used when reporting financial information to potential bank lenders, investors, and vendors when obtaining credit.

General ledger
This is the “back bone” of your financial records. Every transaction should flow through the general ledger. Often times when books are maintained in-house, a lot of errors occur in the general ledger due to posting errors, double billing, unrecorded payments, etc. We will review the general ledger and assist you in resolving discrepancies to ensure accurate financial statements.

Consultation
WWTS is available to meet with you and assist in analyzing and understanding your financial position. We offer free 1 hour consultations.

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