Small Business

Businesses of all shapes and sizes depend on accurate, insightful financial information to manage their day-to-day operations, capitalize on opportunities, and sustain profitability. We lend our expert support to meet your accounting needs so that you can focus your time and energy on building a strong business.


Bookkeeping

We create and maintain a chart of accounts to capture all of your financial transactions, provide the right information to manage your business, and prepare federal, state, and local tax returns. Through periodic internal audits, we’ll identify and resolve discrepancies (e.g., double billings, unrecorded payments) to ensure that you have a complete and accurate picture of your financial position.

Small Business Accounting, Client Writeup And Business Valuation

Call Megilligan Accounting For All Your Tax Service Needs.

Bank Reconciliation

While a clean set of “books” is a key objective for every accountant, it’s also important to match the accounting records with the monthly bank statements. Our bank reconciliation services ensure that every deposit and withdrawal aligns with entries into your accounting records. This assessment enables us to identify lost deposits, lost checks, unauthorized transactions, and inappropriate bank fees. It triggers investigation into any fraudulent activity (identity theft, forgery, embezzlement, etc.), and expedites restitution. And it gives you a clearer picture of your cash position for addressing planned outlays and investments.

For Payroll, Compilations And Cash Flow Management

Call Megilligan Accounting For All Your Tax Service Needs.

Financial Statement Preparation

We can prepare a complete set of financial statements to help you assess the health of your business. This package includes:

A Balance Sheet that gives you a snapshot of your overall financial condition at month, quarter, and/or year end.

An Income Statement (a.k.a. Profit and Loss Statement) that summarizes revenues, expenses, and net profits so you can assess the operating performance of your business.

A Comparison of Actual Performance to Budget so you can identify trouble spots in your revenue stream or spending patterns.

A Cash Flow Statement that shows how changes in your Balance Sheet and Income Statement affect your available cash Estimated tax liabilities.

Our analysis of your financial statements helps you frame strategic initiatives (e.g., business expansion, acquisition) as well as tactical plans (e.g., accounts receivable and accounts payable management). Professionally prepared financial statements are also an essential resource when dealing with creditors (e.g., vendors, banks) and investors.