Winfield Small Business Accounting

Accounting is time-consuming and challenging to handle, especially for small business owners who are short on time. At JSH, we think you should spend less time in the back office and more time running your business. We provide Winfield small business accounting services that can help you reach your goals and save you the frustration of dealing with the numbers.

Each month or quarter, we’ll do the following things to keep your Winfield 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 accounting firm knows your struggles, and we are here to help. You don’t need a generalized, premade solution. You need Winfield small business accounting services that are based on your unique industry and goals. JSH will give you the accounting strategies you need while offering you the personalized attention you deserve.

Winfield Small Business Accounting

Accounting is time-consuming and challenging to handle, especially for small business owners who are short on time. At JSH, we think you should spend less time in the back office and more time running your business. We provide Downers Grove small business accounting services that can help you reach your goals and save you the frustration of dealing with the numbers

Each month or quarter, we’ll do the following things to keep your Winfield 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 accounting firm knows your struggles, and we are here to help. You don’t need a generalized, premade solution. You need Winfield small business accounting services that are based on your unique industry and goals. JSH will give you the accounting strategies you need while offering you the personalized attention you deserve.

Winfield Bank Reconciliation

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

Having us reconcile your Winfield 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 Winfield bank

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

Winfield Small Business Income Statement

Our team wants to make sure you know whether you’re turning a profit or suffering a loss. JSH will work with your small business to comprise an income statement. An income statement, otherwise known as a profit and loss statement, adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to generate 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 Winfield business

  • Determine what areas of your Winfield 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

Winfield Small Business Balance Sheet

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

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

Balance sheets and 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 Winfield small business.

Maintaining a Clean General Ledger

Every business transaction flows through the general ledger. In other words, if there’s a problem with your general ledger, your entire accounting approach is thrown off. Our goal is always to keep your books accurate and kept in top shape.

Our team can review your general ledger system each month. This analysis will allow us to hunt down any discrepancies. If we find issues such as double billings or any unrecorded payments, we’ll fix them and get you back on the right track.

Ready to talk?

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

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