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Prosperity Accounting Hugo H. Hanson, II CPA P.C.

Bookkeeping

Contact Us (828) 689-8800

As a small business owner having your books up to date is critical for you prosperity and success. We assist clients with bookkeeping and payroll at the just the right point in their business activity cycle. For instance, if you like handling your day to day transactions (writing checks, sending invoices, etc) but dislike doing monthly bank reconciliations then that's where we will step in and handle it for you. We use QuickBooks online and desktop exclusively. All of our team members are certified QuickBooks Pro Advisors!

Each month or quarter we can do the following things for you...

QuickBooks is the infastructure of the small business accounting system. It's like the plumbing in your home chanelling water perfectly to the faucets.

You can customize the package of services you receive with tax planning, tax preparation, Prosperity coaching or any of our other services. We also offer our Fixed Price Agreement for business clients that spread the annual cost of our services in monthly installments.

 
Bank Reconciliation

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

Having us reconcile your account each month allows you to...

  • 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.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
 
Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to...

  • Track revenues and expenses so that you can determine the operating performance of your business.
     
  • Determine what areas of your business are 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.
     
  • Determine your income tax liability.

 
Balance Sheet

A Balance Sheet gives you a snapshot of your business' financial condition at a specific moment in time.

A Balance Sheet helps you:

  • 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
  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
  • Determine if you need to take immediate steps to bolster cash reserves
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage

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.

 
Unlimited Consultations

A phone call is always free to any of our team members and we ecourage our clients to reach out any time with their questions or concerns. Unlimited consultations and meetings are available under our fixed price agreements. 

If you'd like to receive a free consultation on our Small Business Accounting Service, please complete this form.

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