At BYM Accounting, we provide a wide variety of accounting & bookkeeping services to meet our business clients needs. Our services are designed to make your job easier and provide you with more time to focus on building your business. Accounting & Bookkeeping services include the following:
BANK & CREDIT RECONCILIATION
Bank and credit card reconciliations have to be done on a monthly basis so you can easily identify unauthorized transactions, bank charges, lost checks, incorrect deposits etc. Those reconciliations are a very useful tool that helps business owners to save money. Other reports can be provided such as, general ledger, trial balance, transaction detail by account. In the case that a business has different classes we can also generate financial statements by class.
FINANCIAL STATEMENT PREPARATION
Monthly financial statements that includes: Profit & Loss , Balance Sheet and Statement of Cash Flows.
Why does a small business need a Profit & Loss Statement?
The P & L statement also known as Revenue Statement, Statement of Operations and Statement of Financial, is a financial statement that shows how the money received from the sales of products and services is transformed into the net income. It is useful because it could help potential investors and creditors to determine the past financial performance of a company, predict future performance and assess the capability to generate future cash flows. It is important to point out that this financial statement has several limitations such as depreciation expense that depends on estimated useful life and salvage value.
What is shown on the Balance Sheet?
The Balance Sheet is also known as Statement of Financial Position is a summary of the financial balances of a business organization. It is the only financial statement that applies for a specific date of a business calendar year.
What is shown on the statement of Cash Flow?
This financial statements is very useful because it shows the changes in the Balance Sheet and income affect cash and cash equivalent. In other words this statement tells you the flow of cash in and out of the business.
PROVIDE UNLIMITED CONSULTATION
BYM Accounting is always available to help their clients to understand their financial statements and reports so that they can use the information provided to grow and expand their business. Our consultations are already included in our price so you are more than welcome to call us with any questions or concerns.