When you own a small business, it is important that you keep a good set of financial records (“books”) that are consistently updated. It is important to know how much money your business is bringing in along with how and where you are spending funds. In addition to saving you from surprises at tax time, good financial data can help you benchmark yourself against others in your industry to determine where you might need to improve your business model. You should also be comparing this year’s sales and expenses to the prior year(s) to note your progress and to identify strategies for improvement. Reviewing this year’s balance sheet accounts (cash, receivables, liabilities, etc.) to prior years will also help establish profit and sales goals. Some businesses also need to have financial statements ready to satisfy a lender to ensure qualification of a business loan.
Many small business owners attempt to figure bookkeeping out on their own without the necessary background. Doing this yourself might save you money at first, but if you aren’t qualified to do the work you could end up landing in more trouble. Posting payroll, reconciling accounts and tracking credit card usage can be tricky and just knowing which account a transaction should be posted to isn’t always clear. Throwing data into QuickBooks® without knowing the key elements of the bookkeeping process can create a disaster. And, that disaster may affect your tax return negatively or prompt a State or IRS audit, an additional headache you simply don’t need.
We have created a solution that is customized to your business structure and needs. Services can include:
- Accounts payable processing
- Sales tax reporting
- Bank statement reconciliation
- Credit card reconciliation
- Financial statement processing
- Break-even analysis
- Cloud GL software
- Budgeting and forecasting
- Financial results analysis
- Adjusting journal entries
- MN Care tax reporting
With the BerganKDV team in your corner, you’ll have confidence in your financials and comfort that we’re watching out for your best interests.