As a small business proprietor, you have responsibilities that exceed the repetitive task of maintaining the day to day records and creating accounting reports. At First Class, we take care of your books, while you run the business. Our main objective is to give you accurate and timely information, so that in turn you may make the right business decision. Each month or quarter, we can perform the following tasks for you:
RECONCILE YOUR BANK ACCOUNT: Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.
- 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.
- Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
GENERATE INCOME STATEMENTS: Having access to this report otherwise know as the profit-and-loss report is critical in running your day to day business. In addition, it can prove to be crucial when exploring loans and private financing.
- Track revenues and expenses so that you can determine the operating performance of your business. Determine what areas of your business fall over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses. Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
GENERATE BALANCE SHEET: This report will give a snap-shot of your business performance at a specific moment in time.
- 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 or if your business can easily handle the normal financial ebbs and flows of revenues and expenses?