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Small Business Accounting

Powers | Howard | Quimby LLP is a Certified Public Accounting firm located in Eugene, Oregon. We specialize in tax preparation for individuals, businesses, trusts & estates, and non-profits.

As a small business owner you may need assistance in setting up your financial software and maintaining your books. We can assist you and make recommendations regarding financial software. If you prefer not to maintain your own financial records we can assist you or refer you to a qualified bookkeeper.

Your accounting system should be accurate and informative in order to provide a solid foundation for your business.  We will assist you in order for you to generate the reports that provide you with the information you need to monitor your business success. Accurate business financial records are imperative to assist with tax planning and projections.

We can tailor our services and consulting to your needs.

Listed below are some important processes and reports that provide information and are critical to accurate and informative financial reporting.

 
Bank Reconciliation

Reconciling your business checking account each month keeps your bank account, accounting, and taxes up-to-date.

The bank reconciliation can:.

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Ensure 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 you from fraud and theft.

 
Income Statement

An income statement, otherwise known as a profit and loss statement, itemizes your revenues and expenses and nets to your profit or loss for the period.  It is important that your financial reporting system is set up with the appropriate categories to provide you with the information you need for current performance and future planning.  We can assist you with setting up the financial reporting system that meets your needs.

An income statement allows you to...

  • Track revenues and expenses so that you can determine the operating performance of your business and budget for future periods.
  • Identify specific items areas that are profitable or not profitable.
  • Track cost of goods sold as a percentage of sales.
  • Tax planning for income tax.

 
Balance Sheet

A balance sheet gives you a snapshot of your business' assets at a specific moment in time.  We can assist you to ensure you have appropriate asset and liability categories for your business model.

A balance sheet helps you:

  • quickly get a handle on the financial strength and determine if you are in a position to expand
  • track your receivables and payables.
  • verify that your business can handle the normal financial ebbs and flows of revenues and expenses

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

 
Maintaining a Clean General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system allows us to hunt down identify and correct discrepancies so that your financial records are accurate.