Small Businesses Including Law Firms
Our financial team has over 35 years of experience in GAAP (Generally Accepted Accounting Principles). This allows SKT to meet the needs of those who are desirous of outsourcing the financial component of their company, especially in these challenging times where every dollar counts. Outsourcing a company’s accounting, in lieu of having a full-time employee, delivers working capital in the form of saving on employee compensation, employer taxes on payroll, employee overhead such as office space, vacation and paid sick leave accruals, and other benefits such as insurance coverage.
With regard to law firms, if a firm has a Client Trust Account, they also will have one or multiple operating accounts for the day-to-day income and expenses associated with the running of their firm. Let SKT take the weight of this burden off your shoulders by ensuring that your income is timely deposited and posted correctly; while your monthly expenses (bills and payroll), are handled in a manner that allows you to focus on your business rather than your financials.
Business Accounting Services Includes:
- Accounts Payable & Accounts Receivable – tracking all deposits and paying all bills.
- Payroll processing for what employees a business does have.
- Bank account and credit card reconciliations which allows for the identification of uncashed or lost checks, detection and prevention of excessive or unjustified bank charges, as well as uncovering and precluding embezzlement of funds from within your company.
- Profit & Loss Statements which granularly itemize your business revenues and expenses showing the bottom line of a profit or loss for a month, quarter, or any other time period you desire. You’ll be able to see the tracked revenues and expenses so that you can determine the operating performance of your business, determine what areas of the business are over or under budget, identify items that are causing unexpected expenditures (supplies, phones, etc.), and determine your tax liability.
- Balance Sheets which provides a snapshot of your business’ financial condition at any moment in time.
- General Ledger maintenance and/or clean-up. As the GL is the heart of any company’s financials, and as every transaction is tied through the GL, mistakes in the GL skew a company’s financials. Having the GL reviewed monthly allows for the opportunity to locate discrepancies, rectify the errors, and this in turn allows for accurate and clean books.
- Preparation of year-end 1099s for any non-employee compensation.
- Coordination with your CPAs/Accountants for year-end taxes and tax returns.