Small Business Bookkeeping Services

Eugene PalovikMy Orange County Small Business Bookeeping Services firm offers accounting services, routine bookkeeping, monthly, quarterly, and annual tax preparation at affordable prices for both individuals & business owners. If needed, we can take these time-consuming, critical accounting and bookkeeping tasks off your hands so you can focus on building your business.

Tax Return Preparation – One of my specialties is preparing income tax returns for individuals and businesses. Call me, Eugene, at (714) 863-7857.

Small Business Accounting

Palovik Financial Services provides affordable small business accounting, bookkeeping services, preparation of accurate and useful financial statements, help setting up QuickBooks including designing you a workable Chart of Accounts that will take your financial data and make usable reports that you’ll really appreciate.

Each month or quarter we can do the following things for you…

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger
  • Provide unlimited consultations (within reason)

Common bookkeeping tasks are the base foundation of any small business accounting system. We can sit down and brainstorm exactly what you need and customize a list of tasks that will keep your books up to date and ready to make any estimated tax deposits and the required quarterly and annual tax returns. I offer free annual tax return preparation for new accounting clients, and then more than affordable tax return preparation thereafter.

Bank Reconciliation

Reconciling your business checking account every month allows you to keep your bank account, accounting, and taxes up-to-date. Bank reconciliationHaving us reconcile your bank account each month allows you to…

  • Identify lost checks, lost deposits and unauthorized withdrawals.
  • Detect and prevent excessive or unjustified bank charges.
  • Uncover transactions that are incorrectly posted by your bank.
  • Detect and prevent embezzlement of funds from within your company.

Know how your business is doing?

You can’t really know how your business is doing unless all your accounts are reconciled and meaningful reports and financial statements are generated.

Protect Yourself and your Business

Those who regularly reconcile their bank accounts, find it easy and obvious to uncover unauthorized, fraudulent or forged checks presented to your bank and paid by that bank. We have clients who, unfortunately, have caught these problems far too late — at the end of the year — when pulling data together for Income Tax Return preparation. Too much time had passed and they were forced to absorb the criminal and unfortunate losses.

Peace of Mind

Those who keep on top of their bank account and finances experience peace of mind knowing their bank accounts are reconciled, in balance, and all their accounts, checks, credit cards, and disbursed funds are properly accounted for.

Primary Financial Reports: General Ledger – Balance Sheet – Income Statement

Primary Financial Reports – your General Ledger, Income & Expense Statement and your Balance Sheet are the primary financial reports that ALL businesses rely on to understand the financial condition of their business and business activities.

These Primary Financial Reports are absolutely necessary – should you want to get loans from banks or the SBA. For most business owners, proper and well-presented financial reports are really valuable to seduce vendors into offering them the best possible credit line for materials and services. Finally, accurate and meaningful financial reports can save you tax money by identifying ALL legally deductible expenses that most business filers overlook. You;d be surprised (or impressed) by how much tax liability can be offset by logging receipts into your financial software carefully on a regular basis where it is not a 4-day binge accounting marathon just because it’s closing in on tax filing day!

General Ledger

Your General Ledger is the core of your businesses’ financial records. Maintaining an accurate General Ledger is critical. The General Ledger is the CORE of a businesses’ “books.” Every business transaction, by definition, is recorded in your General Ledger. Unfortunately, most QuickBooks Chart of Accounts are set up by a well-intentioned business owner without the oversight of an accountant and small errors push legitimate expenses into the wrong areas. A problem with your General Ledger causes ripple-effect problems in your entire accounting system.

When business owners, with no formal accounting training set-up – their own QuickBooks Accounting System, for example, they will often make a series of small errors in their General Ledger —or in their Chart of Accounts— that affects their General Ledger. At that point, almost all reports (Income & Expense Statements, and Balance Sheets) are never quite “spot-on” until those errors are uncovered and corrected.

Having me (Eugene) review your General Ledger each month, or each quarter, or annually prior to tax preparation time, allows me to track down any discrepancies such as double billings. duplicate entries, or unrecorded payments. We can identify and fix any discrepancies so your books are always accurate and will be useful tools for you to grow your business.

Income & Expense Statement

An Income & Expense Statement is a primary business report that itemizes of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for a month, quarter or year.

An Income & Expense Statement will help you:

  • Identify and quantify revenues and expenses so you can see at a glance the performance of your business.
  • Identify any areas of your business that are over-budget or under-budget.
  • Determine your income tax liability that allows us to brainstorm ways to lessen it.
  • Identify areas causing unexpected expenditures. Recently a client discovered just how much an old-fashioned copper landline phone, fax, and phone-company-provided Internet modem were costing per year. He could have leased a new car for his sales manager with the savings! Those expenses were dramatically reduced in just a few phone calls over two hours.

Balance Sheet

A Balance Sheet is a primary business report that gives you a financial snapshot of your businesses’ financial condition at a specific dates.

A Balance Sheet helps you:

  • Get a handle on the financial strength of your business; identify trends – especially payables and receivables.
  • Determine if your business is in a position to expand
  • Determine if your business is healthy as to the flow of revenues and expenses
  • Determine if you are getting into trouble so you can take actions to collect receivables

Unlimited Consultations

The handful of clients that I accept for small Business Accounting Services and Bookkeeping tasks can take advantage (within reason, mind you) of unlimited access to me so that you can fully understand how to interpret and utilize the primary financial reports we oversee and generate for you — and — tax advice to put to good use to reduce next years’ tax liability.

If you want a 27-year experienced accountant who teaches and works in the real world to oversee your small business accounting system, person, or accounting staff — to assist them with month-end, quarterly, and annual closings, tax returns and whatnot, call me and let’s talk. You can reach me at (714) 863-7857 most hours. If I’m not available, leave a message and e-mail me too, so I know that you’re serious.

Palovik Financial Services

Eugene Palovik
Palovik Financial Services
P.O. BOX 206
Buena Park, CA 90621

[Call for Directions to Office]

(714) 863-7857 – Office

(714) 441-1626 Fax

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Call Palovik Financial Services at (714) 863-7857

Orange County Accounting Services – QuickBooks™ – Tax Preparation

Orange County Accounting Services is a full-service Accounting, Bookkeeping, QuickBooks Training and Income Tax Return Preparation service in Orange County, CA.

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For New Accounting Clients

(714) 863-7857