Accounting for small business and business valuation

If you are spending more time in managing your accounting tasks rather than managing your business. You need to stop now! LKS Consulting & Advice is here to take this burden off from you and make you focus entirely on the real issues for your business growth and create added value to your business. We can handle all your accounting tax and business consulting needs with our vast experience. We will do your day to day following accounting tasks.

Accounts Receivables

Get your invoices out promptly and send monthly statements on the date of your choice to your customers. We will record your sales invoices, customer payments and send you a monthly Account Receivable aging report.

Accounts Payables

Invoices you will receive from vendors will be batched and matched with purchase orders before recording. Create new vendors list and Pay them on a timely basis. Prepare a monthly Account Payable aging report and maintained your vendors W-9 information.

Jounal Entries and Adjusting Entries

Monthly Adjusting journal entries will be recorded fo report depreciation, uneamed revenues, prepaid expenses and accrual. Review your general ledger on a monthly basis to comect any discrepancies and reconcile your accounts.

Bank Reconciliation

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 can help eliminate the following:

Identify lost checks, lost deposits and unauthorized wire fransactions.
Dedect 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 property accounted for on your financial statement.
Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

Payroll processing

LKS Consutting & Advice either processes your company payroll or makes the necessary entries to record payroll processed by a third-party provider. In either case, payroll entries will include complete recording of gross wages; FICA and Medicare faxes; employer taxes and other payroll expenses, and payroll liabilties.

Preparation of Financial Statements

Financial statements (Balance Sheet, Income Statement or Profit and Loss statement and Cash flow) are the most basic elements in providing financial reporting fo potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Balance Sheet

A balance sheet gives you a snapshot of your business financial condition at a specific moment in time. LKS Consulting & Advice will prepare your company’s quaterly and yearly balance sheet.

Income statement

A well-prepared quarterly and yearly income statement of your company allows you to figure out the following:

Track revenues and expenses so that you can determine the operating performance of your business.
Determine what area of your business is over-budget or under-budget.
Identify specific tems that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses
Track dramatic increases in product retums or cost of goods sold as a percentage of sales.
Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

Statement of cash flows

Statement of cash flows provides infomation on the cash receipts and payments for a specific period of time. The statement of cash flows LKS Consutting & Advice will provide fo your company will report:

The cash effects of your company’s operations during a period of time
Company's investing and financing transactions
Net increase or decrease in cash during the period and the cash amount at the end of period.
The statement of cash flows therefore provides answers to the following simple but important questions.
Where did the cash come from during the period?
What was the cash used for during the period?
What was the change in the cash balance during the period?

Prepare Sales & Use tax return

If you make retail sales in any cities, counties or other local taxing areas that have a local sales tax, you must pay to those taxing authorities sales tax that you collect from your clients. LKS Consulting & Advice will help you determine taxable and non-taxable items and then file the sale tax retum on your behaif.