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Business Services

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Providing meaningful financial information to our clients on a timely and accurate basis is a commitment that we feel cannot be compromised. We can provide your business with special project support, Accounting, QuickBooks, Passport, RealWorld, Consulting, Management, CFO and Controller Services, interim and part - time Accounting Management services, monthly closing support, forecasting and budgeting, feasibility studies, financial statements, financial planning, cash management, and analysis of manufacturing and overhead costs.

Accounting and Cost Accounting Services

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At DeSmidt Consulting, Inc. we can perform monthly and annual Accounting and Cost Accounting services on an ongoing basis, keep you informed on a regular schedule, as well as, analyze your business on a revenue and cost basis to determine opportunities for increased profitability.

 

Engaging qualified Accountants allows your business to regain controls and allows you to focus on your on going business issues. Accounting services that we can provide include:

 
  • Monthly Accounting and Bookkeeping Services
  • Accounts Payable and Receivable Management
  • Financial Statement Preparation
  • Cash Flow Analysis and Management
  • Inventory Management and Control
  • Fixed Assets Reporting
  • Bank Reconciliations
  • Tax Return Preparation
  • Payroll Tax Compliance
  • Variance Analysis and Reporting
  • Accounting and Management Training
  • Profitability Analysis by Service or Product Line
  • Strategic Business Planning
  • Business Start Up
  • New Business Formation
  • QuickBooks Training, Setup and Support
  • QuickBooks Review and Tune Up Services
  • QuickBooks Implementation and Follow Through 
  • Activity Based and Job Costing
  • Revenue and Expense Analysis
  • Staff Training and Utilization
  • Business Consulting and Guidance
  • Financial Projections and Forecasts
  • Accounting Systems Setup and Support

Income Statement 

 

An income statement, also known as a profit and loss statement, adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

 

An income statement allows you to...
 
  • Track revenues and expenses so that you can determine the operating performance of your business.

  • Determine what areas of your business are over-budget or under-budget.

  • Identify specific items that are causing unexpected expenditures.

  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.

  • Determine your income tax liability.

 

Balance Sheet

 

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

 

A balance sheet helps you... 

 
  • Quickly get a handle on the financial strength and capabilities of your business.
  • Identify and analyze trends, particularly in the area of receivables and payables.

  • Determine if your business is in a position to expand.

  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.

  • Determine if you need to take immediate steps to bolster cash reserves.

  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage.

Statement Of Cash Flows


A cash flow statement, along with the balance sheet and income statement, are the three most common financial statements used to gauge a company’s performance and overall health.  The same accounting data is used in preparing all three statements, but each takes a company’s pulse in a different area.


The cash flow statement discloses how a company raised money and how it spent those funds during a given period. It is also an analytical tool, measuring an enterprise’s ability to cover its expenses in the near term. Generally speaking, if a company is consistently bringing in more cash than it spends, that company is considered to be of good value.


A cash flow statement is divided into three parts: operations, investing, and financing.


Cash from operations.  This is cash that was generated over the year from the company's core business transactions.


Cash from investing:  Some businesses will invest outside their core operations or acquire new companies to expand their reach.


Cash from financing:  This last section refers to the movement of cash from financing activities.  Two common financing activities are taking out a loan or issuing stock to new investors.  Dividends to current investors also fit in here.



Ratios


Quick ratio: This measures Target’s ability to meet its obligations without selling off inventory; the higher the result, the better. 
Current ratio: This is another test of short-term liquidity, determined by dividing current assets by current liabilities. In Target’s case, that is equivalent to 14,706 divided by 11,117, which equals 1.32.
Debt-to-equity ratio: In brief, divide total debt by total equity. In Target’s case, the denominator is termed a shareholder’s investment because Target is a public company. Using Target’s data, that ratio is expressed as 8,675 divided by 15,633, which equals 0.555.
Interpretation: Long-term creditors will view this number as a measure of how aggressive your firm is. If your business is already levered up with debt, they may be reluctant to offer additional financing.
Working capital: This refers to the cash available for daily operations. It is derived by subtracting current liabilities from current assets, which in this example is 14,706 minus 11,117, which equals 3,589.
Like a balance statement, an income statement is a means for measuring a company’s financial performance. Some of the ratios discussed draw data from both the income statement and the balance sheet.
Gross profit margin: The money Target earns from selling a T-shirt, minus what it paid for that item -- known as cost of goods sold, or COGS -- is called gross profit. Sales minus COGS, divided by sales, yields the gross profit margin
Operating income: This is gross profit minus operating expenses minus depreciation. It is also called EBIT (earnings before interest and taxes
Operating profit margin: Use the total derived in the previous step and divide it by total sales
Net profit margin: Net earnings divided by total revenue yields the net profit margin. In this case, 2,787 divided by 59,490, which equals .047, or 4.7 percent.
ROA: This stands for return on assets and measures how much profit a company is generating for each dollar of assets. Calculate ROA by dividing the revenue figure from the income statement by assets from the balance sheet
ROE: The same idea as above, but replacing assets with the equity. In this case, 59,490 divided by 15,633, which equals 3.81.
Accounts receivable collection: Many businesses experience a lag between the time they bill customers and when they see the revenue. This may be due to trade credit or because customers are not paying. While you can note this potential revenue in the balance sheet under accounts receivable, if you’re not able to collect it, eventually your business will lack sufficient cash.
Interpretation: To measure how many days it takes to collect all accounts receivable, use this formula: 365 (days) divided by accounts receivable turnover (total net sales divided by accounts receivable

Quick ratio: This measures your ability to meet your obligations without selling off inventory; the higher the result, the better.

 

Current ratio: This is another test of short-term liquidity, determined by dividing current assets by current liabilities.

 

Debt-to-equity ratio: In brief, divide total debt by total equity.

 

Working capital: This refers to the cash available for daily operations. It is derived by subtracting current liabilities from current assets.

 

Gross profit margin: The money you earn from selling products, minus what you paid for that item -- known as cost of goods sold, or COGS -- is called gross profit. Sales minus COGS, divided by sales, yields the gross profit margin.

 

Operating income: This is gross profit minus operating expenses minus depreciation. It is also called EBIT (earnings before interest and taxes.

 

Operating profit margin: Use the total derived in the previous step and divide it by total sales.

 

Net profit margin: Net earnings divided by total revenue yields the net profit margin.

 

ROA: This stands for return on assets and measures how much profit a company is generating for each dollar of assets. Calculate ROA by dividing the revenue figure from the income statement by assets from the balance sheet.

 

ROE: The same idea as above, but replacing assets with the equity.

 

Accounts receivable collection: Many businesses experience a lag between the time they bill customers and when they see the revenue. This may be due to trade credit or because customers are not paying. While you can note this potential revenue in the balance sheet under accounts receivable, if you’re not able to collect it, eventually your business will lack sufficient cash.

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