Elgin Small Business Accounting Services

As an Elgin small business owner, you have more important things to do than to worry about your business’s finances. The skilled accountants at Jones, Savarese, Harrington & Company specialize in Elgin small business accounting. We take care of your bookkeeping for you, so you can get back to the job of running your business, growing your customer base, and earning profits.

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

As leading CPAs, we want to build a solid foundation for your small business accounting system. We offer customizable services to keep your Elgin business operating at tip-top financial shape.

Elgin Small Business Accounting Services

As an Elgin small business owner, you have more important things to do than to worry about your business’s finances. The skilled accountants at Jones, Savarese, Harrington & Company specialize in Elgin small business accounting. We take care of your bookkeeping for you, so you can get back to the job of running your business, growing your customer base, and earning profits.

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

As leading CPAs, we want to build a solid foundation for your small business accounting system. We offer customizable services to keep your Elgin business operating at tip-top financial shape.

Bank Reconciliation

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

Having us reconcile your Elgin 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 Elgin bank

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

At Jones, Savarese, Harrington & Company, our accounting staff uses our accounting expertise to discover how much of your hard-earned money is actually staying with your business. Our CPAs will work with you to organize an income statement, otherwise known as a profit and loss statement. This includes an itemized list of your revenues and expenses. We determine if your Elgin business has generated a profit or suffered a loss for that particular period.

An income statement allows you to:

  • Track revenues and expenses allowing you to determine the operating performance of your Elgin business

  • Determine what areas of your Elgin 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 Elgin 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 Elgin 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 Elgin business is in a position to expand

  • Determine if your Elgin 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 Elgin 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 Elgin small business.

Maintaining a Clean General Ledger

The general ledger is the core of your Elgin company’s financial accounting records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having Jones, Savarese, Harrington & Company review your general ledger system each month allows us to hunt down any discrepancies, such as double billings, or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip-top shape. This process is also vital for your tax accounting and will greatly assist with overall tax prep and tax filing each year.

Ready to talk?

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

Let’s Talk