…What we offer:
- Bookkeeping is the recording of your business’ financial transactions. This can be done with lump-sum entries made to major categories resulting in simplified Financial Statements or we can enter each transaction and more specifically classify each one resulting in more detailed Financial Statements. Lump Sum entries are quicker, but your detail history is not recorded. Detailed recording of the transactions ensures that your detail history is maintained and accessible in the system, but it is more costly. The key here is: How much detailed information do you need to run your business? If you need help determining what level of service you need or you’d like to discuss getting started tracking your business’ success, give us a call today!
- Monthly Accounting entries are included in this service. These are the non-cash journal entries such as depreciation of vehicles & equipment, the expensing of prepaid costs and the recording unearned revenue as earned income. We also include the bank statement reconciliation as part of the monthly bookkeeping service (which is discussed the Bank Reconciliations page.)
- Financial Statements most typically refer to the Balance Sheet and the Income Statement (a Cash Flow Statement is available at no extra charge, upon request.) The Balance Sheet is a “picture” of your business’ worth by providing your current balances for Assets, Liabilities & Owner’s Equity. The Income Statement presents your business’ success over a period of time (monthly, quarterly or annually), by presenting the totals for Sales, Costs & Expenses There are three things that affect the presentation of your Financial Statements: How much detail is used in setting up the Chart of Accounts (list of accounts that is available for categorizing transactions) and how much detail is recorded during the month and finally, how accurately the transactions are recorded.
- There are numerous, useful ways to present your current results:
- Current with costs & expenses as a percent of Sales
- Current vs. Budget
- Current vs. Year To Date
- Current vs. Prior Year
- Although the Balance Sheet is static, we can compare your assets, liabilities & equity to determine the health of your business. For example, the goal is to have twice as much as assets as you have liability.
…How is it important to your business?
The Balance Sheet reveals the health of your business and provides information useful to in deciding on major purchases and funding growth. The Income Statement shows the performance of your business over a given period and where money is being unwisely spent. The Income Statement provides the information you can use to manage your business as well as the historical basis for budgeting & forecasting. The detail and accuracy of your monthly bookkeeping directly effects the usefulness of the financials.
This is the core of our business- accurate bookkeeping oriented toward timely, management focused financial statements that can equip you to make sound business decisions.
…What sets us apart?
Since understanding your financial results is critical to managing your business, we offer a monthly 1 hour consultation to go over the financials and discuss ways to improve your profitability. Not many Bookkeeping or Accounting Services offer this kind of personalized service.
…Why is Profitable Accounting the right choice for your business?
- Over 5 years of education in Accounting
- Over 9 years of job experience in Accounting
- Over 3 years of job experience working as a temporary in various industries
- Over 21 years of leadership experience in Indiana National Guard
- Experience managing millions of dollars in Government equipment
