Gorilla Tax offers bookkeeping services to businesses through Birmingham at reasonable cost. Our firm has the staff and experience to help you grow your business, you take care of day-to-day operations, we take care of the books. We can help you setup a new business or continue running and existing company.
Maintaining your books, keeping them balanced and up-to-date on a monthly basis is super important so you don’t need to wait at year end for your taxes. We will work with you in order to build a solid financial foundation to help you maintain control, stay in compliance with the tax law, and understand the meaning of your numbers. Through our range of services, Gorilla Tax provides solutions that move you through the process of setting up and maintaining an improved accounting system. Our ultimate goal is to bring you the peace of mind to know that your numbers are accurate and relevant to the growth of your business.
Each month or quarter we can assist with a few of the following accounting services:
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
- Prepare sales and unemployment taxes
- Provide accounting and tax consultations
These tasks form a solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
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.
- Detect and prevent embezzlement of funds from within your company.
- 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.
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.
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.
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.
Sales and Use taxes have become a very complex issue. Each state and city has their own set of rules and they are at time conflicting. The days of the taxpayers preparing their own sales and use tax returns, are quickly coming to an end. The penalties for failure to comply are horrendous. Due to decreased government fund, the states and cities have had to become very aggressive in the policing of compliance. They have had to find new ways to find and prosecute offenders.
And the preparation and filing of unemployment taxes are no different. As a business owner, these are things you must have taken care of. But don’t stress, let Gorilla Tax take the burden of tax preparation and filing for your business away!
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
Contact us today to schedule your bookkeeping and accounting consultation. Call Gorilla Tax now at (205) 640-0002 or visit our CONTACT page for our office location and to utilize our contact form to send us a message.