We produce timely financial statements so you can make business adjustments quickly (while they can still make a difference.) We will work with you to determine which monthly/quarterly statements are most useful to you in your business.
We work to not only reduce your costs, but to also improve profitability, which isn’t always about just cutting costs. One of the ways of doing this is with monthly financial statements, which many small business owners do not understand the importance of.
Monthly Bookkeeping vs. Once a Year Accounting
This is an example of how the year-end taxes of many of our clients, who had typically been doing their own bookkeeping, were handled prior to coming to Foster Results:
- At the end of the year, the client would bring all their information to the accountant.
- Come April, the accountant files for an extension because, being their busy season, because they did not have enough time to compile all the information and file before April 15th.
- It isn’t until September of the next year that the taxes are actually filed and they find out if they have made or lost money the previous year, too late to make a single change to affect their business for the current year.
"For two years, bookkeeper was one of the dozen hats I wore as a small business owner, and handing that off to Foster Results has eased a lot of my pain. I love that I can view my books remotely through iFi and that we're able to handle everything with zero paper...."
Ade Olonah, Founder & CEO,
Formspring LLC
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Financial Statements Help You Keep Track of Your Money
Financial statements we prepare for your review each month include:
- Profit and Loss (Income) Statement
- Balance Sheet – shows what your financial position is today, who owes you money, and who you owe money to
- Accounts Receivable Aging – how far out your clients are from having paid them
- Accounts Payables Aging – who you owe money to and who you’re late paying
With these monthly financial statements, you can make informed evaluations and changes quickly to positively affect profitability.
Our year-end financial statements are completed by January 31 for the prior year so that you can get your paperwork to your accountants in February, and not have that mad rush as April 15th approaches.
Questions? Call us today at 877-399-8920, or submit this form for more information!
