Virtual Accounting Services  accounting services durham nc, black accountants in raleigh nc

As an entrepreneur scaling a business in a fast-paced environment, you need a trusted professional who understands business and finance, focusing on these areas so that you can concentrate on your company’s important core strategy.

Njenga CPA firm is at the forefront of helping startup entrepreneurs with accounting matters so they can focus on creating value to their customers and investors. We help you scale your business without burning your budget.

When you hire our accounting services, you’ll get the following tasks done each month:

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger
  • Train and guide your staff

These tasks ensure that your books are properly maintained and that you have reliable data you can depend on to make sound business decisions.

Bank Reconciliation and Cash Management black accountants in raleigh nc

We reconcile your business checking account each month to keep your bank account, accounting, and taxes up-to-date.

More importantly, reconciling your accounts allows you to:

  •  Identify lost checks, lost deposits, and unauthorized wire transactions
  • Detect unjustified bank charges and ensure that transactions are posted correctly by your bank
  • Detect and prevent embezzlement of company funds

Accurate financial data is critical to making sound business decisions. But you can’t really have accurate financial data unless all accounts are reconciled and properly accounted for on your financial statement.

Accurate cash balances enable you to manage your cash more effectively. Proper cash management not only saves money, but it also helps you invest in your strategic vision.

Having a trusted professional performing these tasks allow you to sleep better at night. This allows you to think clearly and guide your company more effectively.

Income Statement

After all accounts are reconciled, an income statement will be generated for you to see how much income you have made in a given month or year to date, how the funds were spent, and whether you are operating at a profit or a loss.

A CPA will help you to understand the following:

  • The operating performance of your business. We will track revenues and expenses on various metrics.
  • What areas of your business are over-budget or under-budget
  • Areas creating huge expenditures so you can evaluate where to cut costs
  • Whether your company is experiencing high volume of product returns so that you can evaluate the “why” behind it.   

…. And more

 

Balance Sheet

You will need a balance sheet to understand your company’s financial status at a given point in time. black accountants in raleigh nc

A CPA will help you read and understand the balance sheet pertaining to:

  • The financial strength and capabilities of your company
  • Expansion of your company: we will point out if you have enough liquidity or if you can borrow more capital to service expansion.
  • Whether to build a cash reserve or to use excess cash for business expansion
  • Trend identification and analysis: for example, are the receivables cycle longer than usual? We will point out where action is needed.
  • Warning signals, which we will point out. For example, is the company delaying payables to prevent cash shortage?

Most lenders and investors require balance sheets, income statements and a statement of cash flows to determine how much they can lend or to cover a debt covenant. The Njenga CPA firm also provides compilation services.

A Clean General Ledger

The general ledger is the core of your company’s financial data and records. Remember the saying “garbage in, garbage out”?

The general ledger is the central database of your company financial data. As such, every transaction flow through the general ledger. This means that a problem with your general ledger will distorts your data. And you don’t want to be the one making decisions based of unreliable data. black accountants in raleigh nc

Reviewing your general ledger system each month allows us to track any discrepancies or distortion of accounting records. Then, we’ll fix any errors so your financial data are accurate and reliable.