When obtaining monthly financial tracking services, you will receive the following:
Δ Recording of transactions monthly from connected accounts utilizing Generally Accepted Accounting Principles as the basis accounting principle for proper recording to track the movement of your money.
Δ Reconciliation of accounts to detect and prevent excess, missing, or unjustified bank or credit card transactions.
Δ Provide basic journal entries to ensure information is reported properly to tie to outside source documentation or to your preferences. EX: dividing up sales between sales, tips, and taxes.
Δ Posting cash transactions as the software can only pull from accounts and ATM withdraw does not provide enough information to report properly.
Δ Monthly Financial Statements are required for a business owner to make the best CEO-level decisions they can for their business.
→ Income Statement (aka: Profit & Loss) tracks revenue and expenses for a specific period of time which allows you to identify trends, identify areas that are unexpected or unusual, and helps determine tax liability.
→ Balance Sheet shows the financial strength and capabilities of the business. It helps determine metrics and other reports used in analyzing the performance of a business.
→ General Ledger, provides a breakdown of each transaction within profit & loss or balance sheet accounts to ensure transactions are reported properly and what transactions make up each account.
Δ Year-end close to make sure all accounts are cleared for the year to start off fresh. Any adjustments that need to be made; such as depreciation, are made from the tax return.