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Bookkeeping

Keeping Good Financial Records

Keeping your financial records up-to-date is critical to understanding the health of your business. Good record keeping can tell you the essentials of your business status, like:

Paying your bills-are you generating enough cash to pay your bills on time?
Collecting money-are your customers paying you on time? You cannot pay your bills on time if you do not collect the money that is owed to you on time.
Profit-are you making a good profit for your efforts.
Filing income tax returns-do you show-up at your tax accountant's office each year with a box full of sales and expense receipts hoping he/she can put the puzzle together?
Paying yourself-you started your business because you enjoy what you do, but you also expected to make money doing it. Do you know if you are generating enough profit to safely draw from your business?

Long’s Peak Accounting, LLC can help you do more than just maintain your accounting records; we can help you understand them so your business can grow and thrive. Below are examples of the important financial tools that Long’s Peak Accounting, LLC can provide for you.

Frequency	Activity	Purpose & Benefit
Daily	Record sales Record customer payments	Keeping up to date with sale helps avoid losing track of what needs to be collected from your customers. Recording customer payments provides accurate and timely cash flow position and avoids sending out collection notices in error.
Weekly/Bi-Weekly	Enter payroll and payroll taxes (depending if payroll is paid weekly or bi-weekly)	Paying employees on time and making sure payroll taxes are submitted to state & federal agencies on time. Significant penalties can be incurred if you are even a single day late.
Weekly & Monthly	Accounts Receivable aging report Accounts Payable aging report Cash Flow statement Bank reconciliation File Sales Ta`x returns	Are your clients falling behind in agreed payment terms? This is how you maintain good cash flow. Are you are up-to-date with your providers? Do you risk late fees or collection? The Cash Flow statement tells you if you are generating enough cash to meet your financial obligations. It is a critical report. Reconciling your bank account on a timely basis identifies potential overdrafts, fees, and errors. Timely filing of sales taxes is critical to avoid penalties, fees & interest.
Annually	Income & Expense summary Balance Sheet	Providing your tax accountant with an organized list of all income & expenses for the year can better minimize your tax liability as well as save on preparation fees from your tax accountant. The Balance Sheet is a snapshot of how your business is really doing. It summarizes the total of the assets you own; it summarizes the money you owe; and it tells you what your business is worth-your equity.

Long’s Peak Accounting, LLC provides several cost options for maintaining your financial records so you can keep up-to-date with these important activities.

We can make all the day-to-day financial entries-daily, weekly, monthly, and annually-and then review the resulting reports with you so you can make the right financial decision for your business.
You can enter all the day-to-day financial entries and then we can review the financial report with you on a periodic basis so you can get a handle on what is happening in your business.
Or we can work out some combination of the two choices above.
We offer the flexibility and professionalism that is tailored to your needs and your budget.