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As a business owner, you have more important things to do than to manage your own accounting books. Cole, Newton & Duran takes care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter, our experienced accounting professional will do the following for you. These tasks form the solid foundation of your accounting system.

Bank Reconciliation

Having our experienced team of accountants 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.
  • 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 and cashed by your bank, you can relieve your business of responsibility for the shortfall.
  • Sleep better 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 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 or under budget
  • Identify specific items that are causing unexpected expenditures like phone, fax, mail, or supply expenses
  • Track increases in product returns or cost of goods sold as a percentage of sales
  • Determine your income tax liability

Balance Sheet

A balance sheet helps you:

  • Quickly get a handle on the financial strength and capabilities of your business
  • Identify and analyze trends, particularly receivables and payables
  • Determine if your business is in position to expand
  • Determine if your business can handle the normal financial ebbs and flows of revenues and expenses
  • Determine if you need to take immediate steps to bolster cash reserves
  • Identify problems with collection of receivables and past due invoicing

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 Your 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 an accounting professional at Cole, Newton & Duran review your general ledger system each month provides you the comfort that we will find any discrepancies such as double billings or any unrecorded payments. We will bring discrepancies we find to your attention so that your books are up-to-date.