Let us handle your bookkeeping, while you run your business.
Small business is the backbone of the American economy. As a small business owner, you are an expert in your own field. Building a small business takes a lot of hard works and personal sacrifices. Running and managing one is just as demanding. The last thing you need is a problem with your bookkeeping, payroll, or taxes. This could create negative impact in your business and cause unnecessary problems down the road. That is why LNP is here to help, because LNP is an expert in small business accounting.
At LNP, we understand your world. We understand you need more than merely keeping the books and paying the bills. You need an expert who can help you understand your financial statements, budget your revenue and expenses, and forecast to grow your business. At LNP, we look beyond the accounting, we look to the future with you!
Whether you need short-term or on-going accounting services, we can help you build a strong financial platform necessary to build your company. Our small business services include:
- Addressing your financial, accounting & tax questions timely
- Offering accounting systems analysis, design and training
- Reconciling your bank accounts
- Helping you understand your income statement, balance sheet, and cash flow statement
- Managing your payroll – with years of experience, payroll becomes the tools, not a burden
- Providing financial consultations
- Providing tax preparation and IRS representation
At LNP, we may be small, but we do it all.
Please keep in mind that effective financial management starts with a small business accounting system. LNP will help you, or train your staffs to master this accounting system which can become a great tool to manage your business. Here are some of the benefits you will receive by working with LNP:
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to . . .
- 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.
- 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 (ie: 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.
Maintaining A Clean General Ledger
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.