Small Business Virtual Accounting
What Do We Do?
At BPK Financial Services, LLC, we know that accounting is one of the most crucial parts of operating and cultivating your business. We understand and appreciate the demanding task of managing business accounts in a cost-effective and efficient manner. This is a critical phase to the success of any small business. As a result, we provide excellent bookkeeping and accounting services which include much more than providing standard financial statements and budgets.
If you are looking for a company that can help you in the most efficient way possible and that will meet all your small business bookkeeping and accounting needs, your search ends here. BPK Financial Services, LLC is the one-stop-shop that offers the best in class small business accounting services at the most competitive prices.
In our basic package, we can perform the following services for your company:
The above services are the essential tasks of a solid foundation for your small business accounting system. These tasks can be modified with additional services, such as adding accounts payable, tax planning, tax preparation, business incorporation and any of our other services of your choice.
Reconciling your business checking accounts monthly will allow us to keep your bank account, accounting records, and taxes current.
Having us reconcile your cash accounts monthly allows you to:
Identify missing checks, missing deposits, and unauthorized wire transactions as well as to detect embezzlement of funds from within your company.
Detect and prevent and correct erroneous charges from your bank.
Manage your cash more effectively.
These steps help ensure you know your bank accounts are reconciled, balanced and you have accounted for all your transactions properly.
Income Statement (or Statements of Activities for not for profit organizations)
An income statement or profit and loss statement (P&L) is one of the mandatory financial statements of a company. The P&L statement reflects the company’s revenues and expenses for a particular period. This statement tells us if our financial activities for a given time period resulted in net profit or a net loss.
An income statement allows you to:
Assess the financial strength and capabilities of your business so that you will know your amounts of assets, liabilities, and owner's equity at a specific point in time.
Identify and analyze trends. These trends are related to accounting receivables and payables; determining the length of time it takes to receive money owed to you from customers or “Account Receivables” and pay the money you owe to your vendors or “Account Payables”.
Determine if your business is in a position to expand or if you should eliminate or reduce parts of your business.
Determine if you should take the necessary steps to strengthen your cash reserves.
Utilize profitability ratios using data from a specific point in time.
The Balance sheet and the income statements are the 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 (GL) is the foundation of an accounting system. The GL is used by accountants to store and organize financial data and is utilized to create the organization’s financial statements. The GL is a chronological record of financial transactions, and it is itemized by accounts (categorized as Assets, Liabilities, Equity, Revenues or Expenses). Any error in recording transactions results in erroneous financial statements.
By either having us enter your general ledger entries or reviewing your general ledger system, we can ensure there are no discrepancies or errors in your books achieving our objective of ensuring that you have accurate and clean financials.
Our consultations are already included in our price, so feel free to call us whenever you have a question or concern. We are available for our clients.