Business Accounting
As a small business owner you have more important things to do than to keep your own books. We can maintain your books for you so you can get back to the job of running your business and generating profit! 
The following services may be performed monthly or quarterly:
  • Bank account reconciliation
  • Income Statements
  • Balance Sheets
  • Cash Flow Statement
  • These tasks form the solid foundation of your small business accounting system. Additionally, we can handle your payroll, tax planning, and tax preparation.

QuickBooks is one of the best accounting software available. It has easy-to-understand controls and highly customizable features which make it the favorite of countless small businesses. Here at Barbara D. Penhall we will set up your QuickBooks account and teach you the skills you need to maintain your records. Barbara is an amazing teacher and an expert with QuickBooks.

Reconciling your business checking account each month keeps your bank account, accounting, and taxes up-to-date.
Having your account  reconciled each month allows you to:
  •  Identify lost checks, lost deposits and unauthorized wire transactions
  •  Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank 
  • Detect and prevent embezzlement of funds from within your company 
  • 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 bank about any unauthorized, fraudulent or forged checks presented and paid by your bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists. 
  • Sleep better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for. 

An Income Statement, also 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 so that you can determine the operating performance of your business 
  • Determine what areas of your business are over-budget, on track, or under-budget
  • Identify specific items that may be causing unexpected expenditures
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales 
  • Determine your income tax liability 

A balance sheet gives you a snapshot of your business' 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 business 
  • Identify and analyze trends; particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively. 
  • Determine if your business is in a position to expand
  •  Determine if your 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 business has been slowing down payables to forestall an inevitable cash shortage

Because your books will normally reflect income as billed and expenses as incurred (not paid), a Statement of Cash Flows is necessary to show you your profits on a cash-in/cash-out basis. 

A Statement of Cash Flows will assist you in:
  • Evaluating your cash flow needs
  • Identifying trends in cash flow
  • Predicting cash flows for the near future

Balance Sheets, Income Statements and Statements of Cash Flows, are the most basic elements in providing financial reporting. Not only are they valuable to potential lenders such as banks or investors, they can help you, the business owner, make important decisions.  These financial statements analyze the financial results of your business activities and are essential for any busines