Accounting Services

Accounting Services

Bookkeeping plays a very important role in the financial success of every business. We at Jayset Consulting believe that business owners have more important things to do than to keep their own books. For that reason we come in to take care of your books for you, so you can get back to the job of running your business and generating profits!

We help business owners each month or quarter by doing the following…

Bank Reconciliation

Reconciling your business checking account each month allows 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 bank transactions.
  • Detect and prevent excess/unjustified bank charges and ensure that transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing. Most often business owners can’t really know how their business is performing unless all accounts are reconciled and properly accounted for on their 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.

Have your peace of mind knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement

As a business owner, your income statement, otherwise known as the profit and loss statement, will give you a clear picture of the financial performance of your business. It basically adds the itemized list of all your revenues and subtracts the itemized list of all your expenses to come up with the profit (or loss incurred) for the period.

An income statement allows you to…

  • Keep track of all 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, fuel, t&t 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

The statement of financial position, otherwise known as the balance sheet gives you a snapshot of your business’ worth or financial condition at a specific moment in time. It is indicative of how your business is doing. How much cash you have in the bank, how much your customers owe you, and how much you owe your suppliers.

The balance sheet helps you to…

  • 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 cyclical 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 suppliers who are considering how much credit to grant you.

Cash Flow Management

There’s an old adage about business that “cash is king” and, if that’s so, then cash flow is the blood that keeps the heart of the kingdom pumping. Cash flow is one of the most critical components of success for a small or mid-sized business. Without cash, profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn’t compare with the amount of cash going out. Firms that don’t exercise good cash management may not be able to make the investments needed to compete, or they may have to pay more to borrow money to function.Cash flow is basically the movement of funds in and out of your business. Everything is better when your cash-in exceeds your cash-out.

A cash crisis can be emotionally devastating and it can even kill your business. If you’ve ever had to beg, borrow and steal to cover tomorrows payroll you know what that means.

You should be tracking this either weekly, monthly or quarterly. Our cash management service allows you to…

  • know when, where, and how your cash needs will occur.
  • know what the best sources are for meeting your additional cash needs.
  • be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.

The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get…

  • Help obtaining an appropriate line of credit
  • Cash collection acceleration techniques
  • Proven effective collection policies
  • Proven effective payment policies
  • Help obtaining the maximum rate of return on your idle cash

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To learn more about how we can help you avoid stressful cash shortages please contact us to get a Free Consultation.

Maintaining a Clean General Ledger

Keeping track of all of the various types of business transactions conducted by a firm can be a difficult task. Nonetheless, keeping an accurate general ledger is a necessity for a company’s bookkeeping department. The general ledger in accounting is the ultimate record for every single piece of business that has been conducted over a specific period of time.

The general ledger is therefore 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.

We can help review your general ledger system each month to allow us track down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.

Payroll

Payroll isn’t just about paying your employees. Consider all the parts of your business that touch – and are touched by – your payroll functions. Now consider all that payroll data and how it can help you with other parts of your business. New business insights. Easier compliance. A simpler way of taking your Human Capital Management to the next level. Doing payroll better means asking us to do it for you while you focus on other core aspects of your business.

We are aware that when it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.

Most business owners spend so much hours a month performing payroll functions, which could have been spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.

We offer payroll solutions that meet your business’ needs and enable you to spend time doing what you do best–running your company.

Why Outsource Your Payroll…

  • It’s Cost Effective
    Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.
  • It’s a Time Saver
    Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system–no more data entry, no more researching updates or new laws, no more worries.
  • Worry Free Payroll Tax Filing
    Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. State payroll tax laws are frequently changing and becoming more complex.  How much time do you want to spend  learning all the rules and keeping your information up to date?
  • Allows You To Focus On Core Competencies
    Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals–you get the experts working for you and with you.
  • Comprehensive Reports
    You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include full reports, certified payroll, workers’ compensation reports and much more.

Custom Payroll Reports Service
There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you.

  • Worker’s Compensation Audits
  • Social Security Audits
  • Pay As You Earn (P.A.Y.E) Reports

How much do we charge?
In order to give you an accurate price for our payroll services we need to know a little more about your business and what services you’re interested in. Our prices are very affordable. You can always contact us for a Free Consultation.

Part-Time CFO Services

Growing businesses often reach a point where they need professional financial advice, but can’t afford a full-time CFO or controller.

If you’re fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success.

The cost of hiring a full-time CFO per year plus bonuses and benefits can be sky rocketing. Our Part-Time CFO services provides you with experienced support at a very affordable cost.

You tend to benefit the following with our Part-Time CFO services…

  • More time to focus on new services, new customers and other core business issues.
  • Better understanding of the financial side of your business. So you have less surprises and more control over the money.
  • Improved decision-making capabilities from clearly seeing the hard and true numbers of your business.
  • A readily available sounding board to help you with those tough business decisions and help you clarify your business plans.
  • The comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business.
  • A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.
  • Training and managing your accounting staff.
  • Improved quality and timeliness of financial information.
  • Budget preparation and monitoring.
  • Profitability analysis by service or product line.
  • Tax saving strategies.
  • Trend analysis.
  • Assistance in defining long-range plans and the quantification of goals.
  • Cash management.
  • Liaison with bankers, attorneys, suppliers, insurance agents, etc.
  • Assistance in obtaining financing from banks, including assistance with negotiations.
  • Review/negotiation of insurance policies.
  • Development of company accounting procedure manuals.
  • Analysis of equipment purchases, expansions, etc.
  • Mergers and acquisitions assistance
  • Custom designed collection policies and procedures

If you’d like to learn more about our Part-Time CFO Services please contact us to get a Free Consultation.

Audits, Reviews, Compilations

Shareholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your shareholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Audit – Highest Level of Assurance

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

An Audit allows you to…

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
  • Comply with banking covenants.
  • Help deter and detect material fraud and error.
  • Facilitate the purchase and sale of businesses.

Here’s what you get…

You get the highest level of assurance because we go outside your company to obtain more information. Typically, we’ll have written communication with:

  • Your customers, to check outstanding receivable balances,
  • Your banks, to confirm cash or debt balances and terms,
  • Your suppliers, to verify outstanding payable balances, and
  • Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.

Review – Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with the International Financial Reporting Standards (IFRS). Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.

Compilation – Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the “representation of management” and express no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.

Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

 

If you’d like to receive a Free Consultation on our Accounting Service, please complete our contact form below.

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