Accounting

When you are considering if you need help with your accounting, there are many things to think about.  Can you relate to any of the statements below?

If you find yourself in need of assistance call us at 816-781-0020.  
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Taxes
  • I feel that I am paying more than I should in personal income taxes.
  • I feel that I am paying more than I should in business taxes.
  • Payroll taxes are too time consuming and/or difficult to do.
  • I am not sure that I am handling my payroll taxes according to the most current laws and requirements.
  • I need help keeping track of our tax exempt purchases.
  • Sales tax filings are not being done on time.
  • We are frequently penalized for late filings.
  • We frequently have to file extensions because our taxes are not on time.
 

Bank Reconciliation’s
  • I don’t reconcile my bank statements in a timely manner and sometimes don’t do it at all.
  • I spend excessive amounts of time reconciling my account to the penny.
  • I have to put extra cash into my account frequently to be sure I don’t bounce checks.
  • I am using my overdraft protection too often.
  • I have other business activities to attend to and I don’t have time to deal with banking.
  • I hate reconciling my bank account. I simply don’t like doing it.
 

Budgeting and Financials
  • My accountant provides me with financial statements but doesn’t give me real practical advice or suggestions for improvements based on them.
  • I would like to know how my financial statements can help me make better business decisions.
  • I don’t use a budget currently, but I know it would be helpful in managing my expenses.
  • When the bank asks for financial statements I find that I am under a lot of pressure to put something together quickly.
  • I am loosing revenue dollars by doing bookkeeping functions myself because it takes me away from my income producing activities.
 
 
Business Plan
  • I have a generic business plan that we used when we opened but I have not updated it in a long time. I feel we may have lost some focus as a result.
  • I have a business plan that shows what we are but does not really map out where we are going for the next three to five years.
  • I have not identified all possible business opportunities, potential risks and pitfalls.
  • The opportunities I have identified are marketable and have profit potential but I do not have a written plan for my vision that I can share with my team.
  • My current business plan is good but it does not include sales projections and the strategy to hit our goals.
 

Cash Flow
  • I feel like I am putting too much money back into the business unexpectedly. Things that are necessary but unplanned.
  • I want my business to run as efficiently as possible to generate higher profits. I feel we could streamline some expenses or procedures.
  • I have money sitting in the bank that I feel should be earning more interest.
  • I find that my personal money and business money are always getting co-mingled it’s a bookkeeping nightmare.
  • I need additional cash to expand my business and am not sure how to get the money.
  • I want to apply for a small business loan, but I need help putting together the information the application is requesting.
 

Risk Management
  • I do inventory on an annual basis but sometimes find that I am surprised by shortages and overstocks.
  • I am all too often surprised to learn we are out of something we or our customer need immediately.
  • I am frustrated by the amount of money tied up in overstocks of things we do not need.
  • We have to deal with a lot of things at year end that have “disappeared” from inventory without paperwork.
  • I think that a sound inventory and tracking process would save us money in purchasing.


 If any of these sound like your financial situation, you should consider getting some outside help from a professional at Larson Accounting.