Small Business Accounting Ainsworth Accounting & Tax Service Lenexa, KS

General Bookkeeping Services


Keep current with your financial statements throughout the year with help maintaining your accounting records. Services include: bank reconciliation, accounts payable processing, and billing customers. Our bookkeeping services are designed to make your life easier so that you can focus on what you do best.

Our financial analysis includes:

  • Income Statement

  • Balance Sheet

  • Cashflow Statement

  • Bank Reconciliation

These are critical documents that provide business owners the financial reporting data they need to run their business.


 Income Statement

The Income Statement which is often referred to as a Profit and Loss Statement or P&L Statement, is needed to see how much a business earned and spent in a specific accounting period.

The Income Statement Allow you to:

  • Track revenues and expenses so that you can determine the operating performance of your business.

  • Evaluate financial performance over previous years to provide data and evaluate the year over year performance.

  • Plan Annual Budgets and Sales Projections.

  • Determining what areas of the business are over budget or under budget.

  • Estimate income tax liability as it includes depreciation

 

Balance Sheet

The Balance Sheet is a portrait of the financial standing of a business at a point in time. It shows what your business owns and what it owes. A balance sheet will show a summary of a company’s assets, liabilities and owner’s equity at a specific point in time.

The Balance Sheet allows you to:

  • See all your assets (current and long-term).

  • See your Account Receivables (Money owed by customers who purchased goods or services on credit that was provided by the company.)

  • Current Liabilities – A current liability is a loan due to creditors within the next 12 months from the beginning date on the balance sheet.

  • Accounts Payable – Similar to accounts receivable, accounts payable are short-term loans, typically owed by the business from purchases made on credit from suppliers or vendors.

  • Taxes Payable – Taxes that have accrued but have not yet been paid.  One example would be payroll taxes.  The wages have been paid to the employee but payroll taxes haven’t been paid yet as they weren’t due at the time the balance sheet was created.

  • Long-term Liabilities – Similar to current liabilities, but a long-term liability is a debt that is due more than one year out from the date being reviewed on the balance sheet.

  • Retained earnings – Earnings that are reinvested in the business after the deduction of any dividends.

  • Current Portion of Long-Term Debt – Amount of principal that will be due within one year of the date of the balance sheet.

  • Owners’ Equity – Sometimes referred to as stockholder equity, net worth or paid-in capital and is the amount owners have invested in the business minus any withdrawals (not including salaries) taken since the business began.

  • Determining what areas of the business are over budget or under budget.

  • Estimate income tax liability as it includes depreciation

 

Cash Flow Statement

The Cash Flow Statement tracks what’s coming into your business and what’s going out of your business during a specified accounting period and explains the change in cash by three activities: operating, investing and financing activities. The Cash Flow Statement can be used to analyze the liquidity and long term solvency of a business.

The Cash Flow Statement allows you to:

1.See Cash flows from operating activities includes the following:

  • Cash received for sales of goods and services

  • Payroll and other payments to employees

  • Payments to suppliers and contractors

  • Rent payments

  • Payment for utilities

  • Tax payments


2.See Cash Flow from Investing Activities includes the following:

  • Purchase of property, plant, and equipment

  • Proceeds for the sale of property, plant, and equipment

  • Purchases of stock or other securities other than cash equivalents

  • Proceeds from the sale or redemption of investments

 

Bank Reconciliation

Bank Reconciliation gives our clients a clear view of their cash positions, and that means better decision making.

Our Bank Reconciliation Service allows you to:

  • have clear view of your cash position, allowing for better decision making.

  • detect and prevent embezzlement/fraud

  • make sure bank transactions are recorded properly

  • see a reconciliation of all cleared transactions, open deposits, and open checks



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