Explore our comprehensive array of services, designed to empower you and your business, and let us be your trusted partner in achieving success.
Reconciling Bank Accounts and Credit Cards
Monthly reconciliation of your bank accounts and credit card statements is essential for ensuring financial accuracy. Reliable financial statements, effective cash management, and protection against unauthorized transactions are the key benefits. By allowing us to keep your accounts reconciled, you can enjoy peace of mind, knowing your financial transactions are accurately recorded.
Financial statement preparation
Financial statement preparation is the core of accounting. A precise statement helps identify overspending, aids in budgeting, supports tax preparation, and more. Your statements, including Income Statement, Balance Sheet, and Cash Flow Statement, offer a comprehensive view of your financial performance. At Wirth Bookkeeping, we ensure accurate compilation of your financial statements.
General Ledger Maintenance
The general ledger is the cornerstone of your company’s financial records, acting as the central hub for all transactions. Any issues with the general ledger can disrupt the accuracy of your entire financial system. Monthly reviews are crucial to identify and rectify discrepancies such as double billings or unrecorded payments. Ensure your books stay accurate and in top-notch condition with Wirth Bookkeeping.
Payroll
Wirth Bookkeeping offers comprehensive payroll services designed to meet the unique needs of your business. Utilizing the industry-leading platform Gusto (and sometimes other platforms), we streamline the payroll process, ensuring accuracy and compliance with all relevant regulations. We can assist clients with the initial setup of Gusto, customizing it to fit their specific payroll requirements. Wirth Bookkeeping is always available to run payroll on behalf of clients, or to provide occasional support as needed.
Intro to Financial Statements
Income Statement
The income statement, often referred to as the profit and loss statement, provides a snapshot of a company’s financial performance over a specific period. It outlines revenue, costs, and expenses to calculate net income or loss. By summarizing the profitability of a business, the income statement helps stakeholders understand how well the company is generating revenue and managing its expenses. Key elements include revenue, cost of goods sold (COGS), gross profit, operating expenses, and net income, offering a comprehensive overview of financial health.
Balance Sheet
The balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. It presents the company’s assets, liabilities, and shareholders’ equity, offering a fundamental equation: Assets = Liabilities + Equity. Assets encompass everything a company owns, while liabilities represent its obligations, and equity reflects the residual interest of the owners. Essentially, the balance sheet provides a comprehensive overview of a company’s financial health by illustrating how its resources are financed and allocated. It serves as a vital tool for assessing solvency, liquidity, and overall financial stability. The balance sheet, along with the income statement, is extremely important when providing financials to banks, potential investors, or vendors when they are considering how much credit to grant you.
Cash Flow Statement
The cash flow statement is a financial document that tracks the inflow and outflow of cash within a company over a specific period. It is divided into three main sections: operating activities, investing activities, and financing activities. The statement provides insights into how cash is generated and used, offering a clear picture of a company’s ability to generate positive cash flow. By detailing the sources and uses of cash, the cash flow statement helps stakeholders understand the company’s liquidity, operational efficiency, and financial flexibility. This document is crucial for assessing a company’s short-term viability and its capacity to meet financial obligations. The cash flow statement is arguably the most important statement because it provides a complete and transparent picture of a company’s operations and is much harder to manipulate than the income statement.
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