Balance Sheet Reconciliation & Management Services
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific time and is a valuable tool for assessing a company's financial health, liquidity, and solvency.
Undoubtedly, your CPA would review & correct your Balance Sheet before filing taxes yearly. But, during the year, if a lender requests your Balance Sheet for a loan application or an auditor for a Sales and Property Tax Audit, how would you ascertain your Assets, Liabilities, and Equity are accurately stated? The correct answer would be a Balance Sheet Reconciliation done with every Period Close.
Balance Sheet reconciliations are a vital part of the financial Period Close process that includes comparing the balances of various accounts in a company’s general ledger to their subsidiary ledgers. It is performed to identify and resolve discrepancies, errors, risks, fraud, or inconsistencies in financial records. The reconciliation provides support and evidence that numbers are accurate and ensures the business decision-makers have a crystal clear view of the company’s financial position.
Your Books Live’s Balance Sheet Management package provides a comprehensive solution to continuously review, research, reconcile, and report with recommendations a clear financial picture of your organization.
YBL’s Balance Sheet, Reconciliation & Management package provides the following services and starts at $1,500/month per company with revenues of less than $5 million/per year;
Assets, Liabilities & Equity Management
YBL can provide additional custom services tailored to your needs.
The cost of these services or packages will vary based on each project's size, scope, and length.
Analyze Financials Statements
Analyze prior 18 to 36 months of Income Statements, Balance Sheets, and Cash Flow Statements.
Identify trends, anomalies, and seasonal variances.
Establish parameters for budgeting (Min, Max, Avg.)
Review & recommend or create a W/M/Q/Y checklist to measure performance.
Design & implement metrics to measure trends & catch inefficiencies.
Train, coach, counsel, mentor & manage Accounting Lead.
Assets
Review Bank/CC Reconciliations, Cash Equivalents, Petty Cash
Review Prepaid Expenses, Inventory, Sales Receivables & CIP.
Review AR Aging & Turnover.
Review Intercompany Receivables for multi-entity Family Office portfolios.
Review Capitalization Policy.
Review compliance of Fixed Asset additions, disposals & accounting per Capitalization Policy.
Review Notes Receivables, Intercompany Loans, Leases & Other Assets.
Liabilities
Review Accruals and Deferrals, Sales/Occupancy/Liquor/Payroll/Property Tax liabilities.
Review AP Aging & Turnover.
Review Intercompany Payables for muli-entity Family Office portfolios.
Review Short & Long Term Debt, Amortization Schedule.
Review debt payments and reconcile them to the statement.
Review Notes Payable, Intercompany Loans, Leases & Other Liabilities.
Equity
Review/monitor changes to Equity
Monthly Summary - Business Intelligence, Insights & Recommendations
Provide a monthly performance summary - emailed with charts & spreadsheets.
Monitor your books continuously & accurately so they are tax-ready for your CPA.
Identify & report items to be reviewed and addressed by the client.
Note
Businesses with annual revenues over $5 million will require a free consultation to determine the complexity of the business operation based on sales volume, transactional activity, number of departments or revenue centers, etc.
Service items listed above are generalized, and the package will be configured to encompass each business's unique characteristics.
This package is a “review, report & recommend” service only. YBL will not “actively manage” your staff or post any accounting adjustments in your books.
YBL can customize this package based on client requirements.
This package is also available on a quarterly or annual engagement basis - confirm package pricing.
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