Financial Statement Preparation and Analysis
We don't just hand you a income statement and balance sheet at the end of the month. We will analyze your financials for you and
Give you an assessment of your company's financial health
Review trends we have identified from analyzing your financials
Asset Purchase, Replacement or Disposal
We want to be a trusted advisor offering unbiased advice on any and all significant business decisions towards asset aquisitition, sale and/or disposal.
Do you know which clients or products you produce are the most profitable?
You may not realize, but if you are not in a retail business you need to be looking at two different sets of financials, internal and external. Internal financials, are just as important, if not more so, than the external financial statements. Let us explain: External financial statements are the financial statements most people are familiar with. They consist of the Income Statement, Balance Sheet, Owners Equity, and Cash Flow statement. They are the financial statements that you give to outside sources, such as owners or loan officers. Internal financial statements are solely for use by employees of the company. These statements measure the profitability of locations, divisions, departments, or even single items. They analyze items such as
Full Bookkeeping Capabilities
GJW Accounting & Tax Service will help you choose the right software to start your business off with, or help you upgrade your existing software. We will help with implementation and training of your staff.
Prior or Catch Up Work, Correcting the Books, Unfiled Tax Returns
Doing the books is usually one of the most dreaded responsibilities of business owners, because they either don't understand exactly what they are doing or they understand it but utterly loathe it. Often times this results in the daily recordkeeping being delayed which delays all other accounting work.
GJW Accounting & Tax Services understands that these sorts of things happen for a variety of reasons, maybe it wasn't a loathe for accounting just a shortage of hours in the day, after all a business owners first love and responsibility is the day to day serving of its customers. However, not keeping current books can lead to employee theft, over-paying vendors, under-payments by customers, as well as a host of other problems such as increased late fees and penalties, not maximizing profit margins, and loss of sales.
We are not here to judge, we are here to help!
If you are you not current with your business's books contact us for help, we will get the work done, get you the answers of what happened during that period financially, and most importantly help you set up systems to make sure you do not fall behind again.
Remember, most businesses fail because of a lack of cash flow, keeping up to date books can help guard against declining profit margins, increased expenses, or even theft and fraud.
Any outlay of cash can have consequences many times the amount being spent factors that need to be considered are
Upkeep of your general and subsidiary journals
Reconciliation of bank or loan accounts statement
Accounts payable and receiveable tracking
Re-doing work that was done wrong in the past, or not done at all
Fraud & Employee and Vendor Theft Detection
Changes in Regulations
There are changes in the tax code all the time. GJW Accounting must stay at top of these changes and how they affect current and future clients. Knowing the regulations and changes enacted are not enough though, we must communicate those changes to our clients on a proactive basis.
The inflation adjusted price versus the inflation adjusted cash generation
The return on investment, you spend money to make money, you need to make sure the money you spend is giving you the proper return on your investment
The potential for deferred or accelerated taxes, and taxable gains verses non-deductible losses
Cost of Goods Manufactured
Activity Based Costing Systems
Job Order Costing
Standard Costing & Variance analysis
Service Department Costing
Pricing Products & Services
A good way to think of cost accounting is to think of it as measuring the potential of your company. Internal accounting takes away the guess work or hunches, and a system can be set up to give you this information real time.
GJW Accounting can help put in controls that reduce the risk of employee or customer fraud. Sometimes simple ratios can point to possible employee theft. Other times a more thorough analysis might be needed. In those instances, partial or full auditing might be in order. Most times when people hear audit they get an uneasy feeling in their stomach. Auditing your books can be a simple and straight forward process; it can even be used as an occasional tool to make sure your financials are giving you an accurate picture of what is really happening in your business. For instance, sales to a certain customer could be booked into some other account, understating your actual profits.