Business Services

Small 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 Statements
​These tasks form the solid foundation of your small business accounting system. Additionally we can handle your payroll, tax planning, and tax preparation.
QUICKBOOKS 
QuickBooks is one of the best accounting softwares 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.
BANK RECONCILIATION
Reconciling your business checking account each month keeps your bank account, accountin, 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 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.  
INCOME STATEMENT
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
 BALANCE SHEET
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
STATEMENT OF CASH FLOWS 
Since 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 business.

Payroll

​​When it comes to paying employees;  the IRS and state agencies have made the payroll function a time-consuming nightmare for business owners. Business owners spend an average of eight hours a month performing payroll functions.  That's 12 full days a year that could be spent generating sales, prospecting new business opportunities and serving customers. Outsourcing payroll and human resources functions allows business owners to spend more time doing what they do best.
Why Outsource Your Payroll?
  • It's cost effective
  • It saves time
  • Worry-Free Payroll Tax Filing
  • Comprehensive, Accurate, Reports and Filing
  • Human Resource Support
  • Allows You to Focus on Core Competencies
When it comes to payroll service - no one size fits all.  We will work with you to establish the best payroll procedures for your organization.  If we feel that we are not a match to best suit your payroll needs, we will gladly refer you to another professional payroll entity.

Business Valuation

​Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition.
Whether you're negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, an objective valuation can make the difference between loss or gain; success or failure.
Business valuation is not an exact science. It's based on judgment, experience and relevant information. You need professionals who are well qualified with significant experience in evaluating all types of organizations.
Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.
We provide a full range of business valuation services for the following needs:
  • Bankruptcy
  • Business Disputes
  • Buyouts
  • Divorce
  • Estate Planning
  • Financing
  • Gifting
  • Mergers & Acquisitions
  • Other Business Valuation Scenarios

New Business Consulting

​Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
We will help you formulate a methodical plan of action so that you may fulfill your dream of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.
We can help you:
  • Prepare an initial business plan to clarify your marketing, management, and financial plans
  • Determine your start-up capital needs
  • Identify sources of start-up capital and backup sources if needed
  • Evaluate and quantify your borrowing power 
  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability 
  • Select the right accounting software by evaluating your budget, needs and hardware
  • Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful
  • Establish billing and collection procedures to maximize your cash flow
  • Establish procedures to monitor and control costs
  • Setup a home office so you can maximize your tax deductions
  • Prepare and file all required state and local licenses and permits.
  • Prepare and file your application for your Federal Employer Identification Number
  • Provide payroll and payroll tax filing when you bring on your first employee
  • Comply with employment laws so you don't get hit with fines and unhappy employees
  • Identify your business insurance needs
  • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
Starting a business can be a challenging endeavor; there are many moving parts.  Let us help you succeed by getting your new business off to a good strong start!