Arlington Heights Small Business Accounting

As a small business owner, you must wear many hats to manage your company properly. While you hope everything works out smoothly, you may experience some hiccups without the help of an Arlington Heights small business accounting firm. Jones, Savarese, Harrington & Company will tackle the accounting functions for you, relieving you of these time-consuming and complicated tasks.

Each month or quarter, we’ll do the following things to keep your Arlington Heights small business running at peak performance:

  • Reconcile your bank account

  • Generate an income statement

  • Generate a balance sheet

  • Clean up your general ledger

  • Provide unlimited consultations

Offering our clients accurate accounting information is crucial. Our team provides personalized, quality service that is beyond comparison. We offer you the resources you’d expect from a large firm while maintaining individualized solutions. We know each of our clients by name and strive to build personal, long-lasting relationships so you can keep healthy finances for years to come.

Arlington Heights Small Business Accounting

As a small business owner, you must wear many hats to manage your company properly. While you hope everything works out smoothly, you may experience some hiccups without the help of an Arlington Heights small business accounting firm. Jones, Savarese, Harrington & Company will tackle the accounting functions for you, relieving you of these time-consuming and complicated tasks.

Each month or quarter, we’ll do the following things to keep your Arlington Heights small business running at peak performance:

  • Reconcile your bank account

  • Generate an income statement

  • Generate a balance sheet

  • Clean up your general ledger

  • Provide unlimited consultations

Offering our clients accurate accounting information is crucial. Our team provides personalized, quality service that is beyond comparison. We offer you the resources you’d expect from a large firm while maintaining individualized solutions. We know each of our clients by name and strive to build personal, long-lasting relationships so you can keep healthy finances for years to come.

Bank Reconciliation

Reconciling your Arlington Heights business checking account each month allows us to keep your bank account, accounting, and taxes up to date.

Having us reconcile your Arlington Heights small business account each month allows you to:

  • Identify lost checks, lost deposits and unauthorized wire transactions

  • Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your Arlington Heights bank

  • Stay informed of how your Arlington Heights business is doing by properly balancing and reconciling all accounts

  • 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 Arlington Heights bank about any unauthorized, fraudulent, or forged checks presented to your bank and paid by that bank, you can relieve your Arlington Heights agency of responsibility for the shortfall and transfer the risk to the bank.

  • Enjoy the peace of mind knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement

JSH helps ensure you have complete visibility into your finances. We will work with your Arlington heights small business to comprise an income statement. This statement is otherwise known as a profit and loss statement. It adds an itemized list of all your revenues and then 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, allowing you to determine the operating performance of your Arlington Heights business

  • Determine what areas of your Arlington Heights business are over-budget or under-budget

  • Identify specific items that are causing unexpected expenditures: For example, unexpected 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

Arlington Heights Small Business Balance Sheet

A balance sheet gives you a snapshot of your Arlington Heights company’s 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 Arlington Heights business

  • Identify and analyze trends, particularly in the area of receivables and payables: For example, if your receivables cycle is lengthening, you may consider implementing a policy to collect your receivables more aggressively.

  • Determine if your Arlington Heights business is in a position to expand

  • Determine if your Arlington Heights 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 Arlington Heights 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 your Arlington Heights small business.

Maintaining a Clean General Ledger

The general ledger acts as the core of your financial accounting records. Since every transaction flow through the general ledger, a problem with your general ledger throws off all your books. Our firm carefully examines your ledger, allowing us to find any discrepancies, such as double billings or any unrecorded payments.

When we find mistakes, we bring your books back into balance by fixing them. This process is essential to your financial health and tax accounting strategies. By correcting these issues early on, we can help streamline tax prep and filings.

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