Edith Christian Cpa Waukesha | Accounting Services for Small Business

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.}

 

• ^{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.}

^{Maintaining a Clean 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 us review your general ledger system each month allows us to hunt 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 Accounting Waukesha | Edith Christian CPA

 Don’t squander away your precious time by struggling with complicated IRS forms and complex bookkeeping chores. You can get fast and effective solutions to all of your tax and accounting affairs when you employ Edith I Christian, CPA. We know how stressful your life can be. But when you call on us, you can relax a little bit. Our professionalism, integrity and trusty service make your life less taxing. Plus, we focus on delivering peerless customer service to ensure the satisfaction of every single client. Our name is indelibly linked with characteristics such as honesty, reliability and outright excellence. You can count on us! Are you ready for more information? Call today.

Payroll Taxes

• The most important function of payroll accountants is to process the payroll taxes for the federal and state taxes. Each employee's W-4 is reviewed and entered into the payroll system accordingly. Most payroll systems automatically calculate the tax percentages.

Additional Withholding

• Some individuals require additional withholding amounts from their paychecks. Items such as garnishments, child support and student loan repayments can all be withheld legally from an employee paycheck.

Company Benefits

• Each company offers certain employee benefits such as medical, dental, vision or life insurance that must be properly deducted from employee paychecks. These items are handled by the payroll accountant, who deducts them from the paychecks and moves the money into the company benefits plans.

Direct Deposit

• Most large companies use direct deposit for paying employees. Payroll accountants must verify the information in the payroll file before it is sent to individual banks. After submission, an exception report is run and any paychecks not deposited must be paid to the employee by paper check or re-submission.

Payroll Clearing Account

• Companies that do no have direct deposit utilize a payroll clearing account. This is a special bank account that holds only money relating to paychecks. An accountant must reconcile the bank account after payroll checks are issued to ensure that no discrepancies have occurred with employee paychecks.

Read more: What Is Payroll Accounting? | eHow.com http://www.ehow.com/facts_5262312_payroll-accounting.html#ixzz2SXV98pZV