Schaumburg Small Business Accounting

As a small business owner in Schaumburg, your customers are your top priority. You have more important things to worry about than keeping your books. We’re here to help. Jones, Savarese, Harrington & Company specializes in Schaumburg small business accounting. We take care of your bookkeeping for you, so you can get back to the job of running your business and generating profits!

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

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax prep, tax filing, or any of our other services.

Schaumburg Small Business Accounting

As a small business owner in Schaumburg, your customers are your top priority. You have more important things to worry about than keeping your books. We’re here to help. Jones, Savarese, Harrington & Company specializes in Schaumburg small business accounting. We take care of your bookkeeping for you, so you can get back to the job of running your business and generating profits!

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

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax prep, tax filing, or any of our other services.

Schaumburg Bank Reconciliation

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

Having us reconcile your Schaumburg 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 Schaumburg bank

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

Schaumburg Small Business Income Statement

Knowing your income is vital for your Schaumburg small business. An income statement, otherwise known as a profit and loss statement, basically 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 Schaumburg business

  • Determine what areas of your Schaumburg 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

Schaumburg Small Business Balance Sheet

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

  • Determine if your Schaumburg 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 Schaumburg business has been slowing down payables to forestall an inevitable cash shortage

Balance sheets, along with income statements, are essential elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant your Schaumburg small business.

Maintaining a Clean General Ledger

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

Having us 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 significantly assist with overall tax prep and tax filing each year.

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

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