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Small Business Accounting from Phases Accounting & Tax Service


We’re an accounting firm licensed in Colorado.  If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and we’re friendly. Please call us for a free initial consultation.


 

Phases Accounting and Bookkeeping Services

As a small business owner you have more important things to do than to keep your own books. At Phases Accounting and Tax Service, we take care of your books for you, so you can get back to the job of running your business and generating profits!

Each month or quarter our accounting and bookeeping experts do the following things for you…

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll services, tax planning, tax preparation, or any of our other services.


Accounting: 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.

Accounting: 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.

As part of the accounting services we provide for you, 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.

Accounting: Balance Sheet

A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

As part of the accounting services we provide for you, 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.


Accounting: 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.

As part of the accounting services we provide for you, the experts at Phases 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.

Books a Mess? No Problem!  We offer excellent bookeeping services in Colorado Springs

If you own a small business and haven’t kept up your bookkeeping, don’t worry. We can help you. We’ll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in tip-top shape next year.

Unlimited Accounting and Bookeeping Consultations

At Phases Accounting and Tax Service 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 Accounting Consultation on our Small Business Accounting Service, please complete this form.


Phases Accounting and Tax Service, Inc.
1670 Paonia St.
Colorado Springs, CO, 80915
Phone: (719)548-1646
info@phasesaccounting.com


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OUR OFFICE LOCATIONS

 5225 N Academy, Suite 105, Colorado Springs, CO 80918, USA

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1670 Paonia St., Colorado Springs, CO 80915
Phone : (719)548-1646
Fax : (719)548-1936
Business and Personal Tax Preparation
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