Chicagoland Small Business Accounting

Accounting is an essential part of running a successful business. Still, many small to medium-sized companies don’t have the resources needed to hire in-house accounting staff. You don’t have to be an accounting expert because that’s our job. Jones, Savarese, Harrington & Company is a Chicagoland small business accounting firm. We offer premium accounting services to businesses across all industries.

Each month or quarter, we’ll do the following things to keep your Chicagoland 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

Our experienced accountants want you to feel confident about your small business. We are knowledgeable professionals who provide a multitude of services customized to your needs. Our Chicagoland small business accounting services are based on your unique industry and goals. JSH will give you the accounting strategies you need while being maintaining compliance.

Chicagoland Small Business Accounting

Accounting is an essential part of running a successful business. Still, many small to medium-sized companies don’t have the resources needed to hire in-house accounting staff. You don’t have to be an accounting expert because that’s our job. Jones, Savarese, Harrington & Company is a Chicagoland small business accounting firm. We offer premium accounting services to businesses across all industries.

Each month or quarter, we’ll do the following things to keep your Chicagoland 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

Our experienced accountants want you to feel confident about your small business. We are knowledgeable professionals who provide a multitude of services customized to your needs. Our Chicagoland small business accounting services are based on your unique industry and goals. JSH will give you the accounting strategies you need while being maintaining compliance.

Bank Reconciliation

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

Having us reconcile your Chicagoland 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 Chicagoland bank

  • Stay informed of how your Chicagoland 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 Chicagoland bank about any unauthorized, fraudulent, or forged checks presented to your bank and paid by that bank, you can relieve your Chicagoland 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

We are dedicated to making you a well-informed business owner. JSH wants to make sure you know whether you’re turning a profit or suffering a loss. An income statement, otherwise known as a profit and loss statement, essentially adds an itemized list of all your revenues and 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 Chicagoland business

  • Determine what areas of your Chicagoland 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

Small Business Balance Sheet

A balance sheet gives you a snapshot of your Chicagoland 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 Chicagoland 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 Chicagoland business is in a position to expand

  • Determine if your Chicagoland 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 Chicagoland 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 Naperville small business.

Maintaining a Clean General Ledger

A general ledger constitutes all of your company’s financial accounting records. Every transaction, both income and expenses, flows through the general ledger. In other words, if your company has a problem with your general ledger, you have a significant issue on your hands.

Our skilled accountants can review your ledger to keep your finances running in top shape. We can identify any discrepancies, such as double billings or any unrecorded payments, and fix them.

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Give us a call or email us to set up your business consultation today!

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