The team of accountants at Richard A Hall PC has enjoyed providing full accounting services to the Washington area since 1987.
We provide accounting services from basic bookkeeping through the preparation of corporate and individual tax returns. Our team can provide any of the accounting needs you require. We scale our services to match the needs of each client.
Our team can become your accounting department. We understand that you need reliable financial information to make business decisions. Yet many business owners are pressed for time and cannot keep up with the changes in accounting regulations and software.
We provide full accounting services to enable you to focus on your business. The tasks we can handle for you include the following.
When you reconcile a bank statement, you compare the bank balance shown in your company’s bank statement with the amounts in your company’s corresponding accounting records. This process makes sure those corresponding accounts match up. You should reconcile your accounts every month. We can do this for you.
Why reconcile bank statements monthly? You should reconcile bank statements each month in order to:
- Find any discrepancies (caused by missed deposits, lost checks, unauthorized wire transfers, for example)
- Manage your cash flow and businesses finances more effectively. With proper cash management, you can save money and even increase your revenue. For example, if you consistently hold a large amount of money in cash, you may benefit by opening a money market account to accrue interest.
- Determine your company’s financial health. You need to reconcile your statements in order to prepare financial statements properly.
- Uncover any unjustified disbursements or bank charges.
- Help detect and prevent embezzlement of company funds. Using an outside company to reconcile your statements can reduce the likelihood of embezzlement.
- Identify check fraud. If your company is the unfortunate victim of check fraud, you must promptly report the event. By promptly alerting the bank of a fraudulent check, you are more likely to get restitution and to stop any future events.
Managing payroll can be a time consuming and risky endeavor. If you make late payroll tax payments, you risk penalties and interest. The Federal and state governments make regular changes to withholding payment schedules and to tax rates. If you pay against an old schedule, you can also incur liabilities.
We can handle your payroll preparation. If you have a large staff, we can also help you setup your payroll with a reputable payroll services company.
Accounts Receivable Management
Cash flow is the lifeblood of every business and nonprofit organizations. If your customers are not paying timely, your business can run out of cash to pay its own expenses. You must monitor your accounts receivable to identify late customer payments. Sometimes invoices get lost for very simple and honest reasons; but you will not know the customer is late if you do not watch your A/R. A well-established account receivable management program will improve your cash flow.
Accounts Payable Management
Proper management of accounts payable can have a significant impact on your cash flow. For example, you can work with your vendors to negotiate terms or use electronic funds transfer to control payment timing, precisely. You may want to alter your account management process based on the economy or your own company’s needs. Sometimes you may want to pay an invoice before it is due, to improve relations with a vendor for example. Other times you may want to pay just as the invoice is do, to maximize cash in a down economy. Whatever your situation, we can help you create the appropriate account payable process for your organization.
Financial Statement Preparation and Analysis
Your financial statements consist of your balance sheet, income statement and cash flow statements. You should compile financial statements on a regular basis to measure the health of your business. These statements are very important if you ever need to seek a loan.
Your income statement calculates your company’s net profit or loss for a given period, whether a year, a quarter or any other time frame. Some people refer to this statement as a profit and loss statement or a P & L. You can use the income statement to:
- track revenues and expenses and compare the accounts to previous periods or budget to spot trends or errors
- pinpoint when you are going over budget on certain accounts
- project cash flow
Your balance sheet gives you a clear picture of the health of your business. The balance sheet details the company’s assets, liabilities and owner equity. When you create a year-to-year comparison, your balance sheet can depict trends.
Your cash flow (technically called the statement of cash flows) reports the cash your company generated and used during a specified time interval. You can use your accounts payable and accounts receivable to project your future statement of cash flows. This statement can help you flag any financial issues before they arise.
Our team will help you prepare and analyze all of your financial statements. For a no obligation discussion about your accounting needs, please complete the form on the right of this page.