Small Business Accounting

Small Business Accounting in Oakham, MA - Bruce Coffin CPA, Inc. 

Businesses need precise bookkeeping methods to stay on top of records and inform a successful tax strategy. Bruce Coffin CPA, Inc. provides premium bookkeeping services for small businesses in Oakham, Gardner, MA, and beyond with our goal being the improvement of your company’s stability and awareness of financial status. Our team offers services at competitive prices for varying industries including construction, retail, food service, and independent contractors. 

Accurate Records for Financial Success

Every client who enlists our Oakham, MA, business accounting team can trust our years of experience when it comes to taking on essential, everyday bookkeeping and accounting.. Our CPA, Bruce Coffin, invests his time into your business’ financials and provides essential guidance on how to better manage bookkeeping practices according to his findings. We organize details of your company’s routine business transactions, including:

General ledger maintenance
Bank account reconciliation
Records of services and goods provided
Financial Reports
Updating Balance Sheets

We adjust our services to a schedule that makes the most sense for you, whether bookkeeping should be handled monthly or quarterly. For those in need of more hands-on assistance, outside of tax season only, we help businesses with year-round bookkeeping as well. Whatever the desired frequency and your specific goals, we work alongside you to provide the accurate bookkeeping and accounting that is needed to expand your business and achieve greater success into the future. 

By getting to know a client and their business, Bruce Coffin CPA, Inc. tailors your bookkeeping services to provide the most beneficial assistance possible. In this manner, we help your business minimize tax liability and problems later on. We want our clients to achieve their financial goals, and by handing off the time-consuming task of bookkeeping, business owners can free their hands to focus on their true work, rather than just paperwork. 

Business Tax Services in Oakham, MA

While improving a business’ financials for success is key, accounting efforts are also closely tied into making sure taxes are filed properly and accurately. Bookkeeping services from our Oakham CPA can protect your business from under or overpaying at tax time, saving money and preventing the frustration of complex tax issues. With a detailed understanding of financial transactions, it is much easier to avoid an error in tax forms that would invite scrutiny from the IRS. 

Our CPA offers experience in business taxation for a variety of entities, such as S and C corporations and partnerships, and can take your newly organized books and records to translate this data into accurate tax filings. 

Contact Us for Your Business’ Financial Needs

Bruce Coffin CPA, Inc. works with small business in Oakham and the surrounding communities to properly manage their accounts and avoid tax penalties for over 10 years. For more information, or to schedule a consultation, contact our office today.  We welcome clients from nearby Gardner, Templeton, Westminster, Winchendon, Hubbardston, and Ashburnham, MA.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to...

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect 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 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. This reason to reconcile alone should be enough. Crime exists.
  • 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.

Income Statement

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. Like 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.

Balance Sheet

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 and kept in tip top shape.

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

If you'd like to receive a free consultation on our Small Business Accounting Service, please complete this form.

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