Why bother dealing with the account books when GlobalTax can handle it for you? It’s our job to take care of the account and give you more time for running your business while making more profit. We would achieve the following:
- Generate a balance sheet
- Main your general ledger
- Reconcile and manage your bank account
- Generate an income statement
These tasks make up the core of your business accounting system. You can decide to add other services like payroll sorting, tax preparation, tax planning etc.
- Generate balance sheet
The balance sheet and income statements consist of the primary components which provide financial reports to possible lenders such as investors, vendors, and banks who may be considering how much credit to grant you. A balance sheet provides you with a specific record of your business financial condition at a given time and this would help you to:
- Know when to take immediate steps to improve cash reserves and expand your business.
- Easily identify and observe trends especially in the area of payables and funds received.
- Know the financial strength and capabilities of your business and determine if your business can easily take care of the usual financial dynamics particularly in revenues and expenses.
- Determine if there has been a slow down on payables aimed at forestalling an inevitable cash storage.
- Maintaining a clean general ledger
The core of your company’s financial records is the general ledger. These records consist of the central “books” of your system. Any problem with your general ledger renders all other books invalid as every transaction flows through this general ledger.
- Bank reconciliation and account management
By monthly checking and reconciling your business, we are sure to continually update your bank account, accounting, and taxes. This will allow you:
- Identify on time and prevent excessive bank charges and also make sure your transactions are correctly posted by your bank.
- Detect early and deter any form of fund embezzlement within your business.
- Detect lost checks, deposits, and other unauthorized wire transactions.
- Effectively manage your funds hence will help you save more money.
- Know the outcome of your business as all accounts are reconciled and accurately accounted for. This will appear in the financial statement.
- Income statement
The income statement primarily adds itemized list of all your revenues and minuses all your itemized expenses which then gives a profit or loss report for the period. This profit and loss statement, as also now allows you to:
- Detect items responsible for unexpected expenditure
- Determine your income tax liability and the overall performance of your business venture.
- Track and analyse increases in product returns or cost of goods sold as percentage of sales