Small Business Accounting & Bookkeeping
As a small business owner, you have your business to run, customers to keep happy and income to generate. Let the experts at MLH Assets Management take care of your accounting and bookkeeping so you can concentrate on what you do best.
We can set up your small business accounting system by providing you with the following services on a monthly or quarterly basis:
- Reconcile your bank accounts
- Generate an income statement & balance sheet
- Review and maintain your general ledger
- Provide consultations and advice
You can customize your system by adding payroll services, property management, tax planning and preparation, financial goal setting or any of our other services.
Reconciling your business checking account each month is very important, as it allows you keep your bank account, accounting and taxes up-to-date. Having us reconcile your accounts each month helps you to:
- Identify lost checks or deposits and any unauthorized wire transactions.
- Maintain more effective cash management – not only saving you money but earning money for you as well.
- Protect yourself – through timely reconciling, we help you identify and correct any bank activity problems.
An income statement, or profit and loss statement, provides you with an itemized list of all your revenues and expenses to give you your exact profit or loss for the period. With this statement you can more easily:
- Determine the operating performance of your business by tracking revenues and expenses .
- Determine what areas of your business are over- or under-budget.
- Identify where unexpected expenditures are most often arising.
- Compare current activity with prior periods to help identify significant variations in operations.
- Stay on track with minimizing your income tax liability.
A balance sheet provides a snapshot of your business’ financial condition at any specific moment in time and helps you…
- Quickly understand the financial strength and capacity of your business
- Identify and analyze trends in your business, specifically regarding cash, receivables and payables
- Determine how and when expanding your business makes sense
- Understand how your business is handling the usual ebbs and flows of revenues and expenses
- Improve your cash management system.
Balance sheets and income statements will also be needed to satisfy the financial reporting requirements of most potential lenders such as banks, investors and vendors.
The general ledger, often referred to as “the books”, is the core of your company’s financial records. With every transaction recorded in your general ledger, any problems or discrepancies can distort the accuracy of your financial statements.
Payroll Tax Compliance
We can keep your payroll records in compliance with federal and state reporting requirements by providing you with:
- Worry-free IRS and State tax reporting as well as EFTPS tax deposits
- User-friendly monthly, quarterly and annual payroll tax reports, including W-2, W-3 and 1099 forms