Accounting ServicesDid the work necessary to prepare your company’s tax return last year result in any surprises? While some surprises are fun, very often these “year-end surprises” are not! Learning that your organization was less profitable than you had expected can be devastating, and learning that it was more profitable can be equally frustrating — by causing you to speculate on expenditures you should have made! Probably the most effective way is to prepare compiled financial statements throughout the year. Compiled financial statements are more than a listing of your receipts and expenses. They involve going through many of the procedures, often done only at year-end, to recognize early those situations which could result in “surprises.” Compiling your financial statements monthly — or even quarterly — allows you to respond quickly and appropriately to these situations, rather than to merely react to surprises after it’s too late. If the expertise required to compile financial statements is more than you want to staff for, you may opt to staff for your daily operations and outsource the compilation function. The result will not only be periodic realistic “pictures” of your business, it will also allow for enhanced internal controls. Outsourcing components of the accounting function can decrease the opportunity for embezzlement or collusion. In addition to reviewing your accounts, posting appropriate journal entries and compiling your financial statements, our staff can:
“The only surprise I would welcome is winning the lottery. I don’t like surprises in my business — they are generally unwelcome and make me wonder if they are the tip of the iceberg!” To learn more about your business and the services that will benefit you most, we look forward to talking with you. Please click on one of the names below or call us at 785.233.0536.
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Welcome LWO Associates & Clients!
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