Small and Medium Sized Business Accounting Services

Small and Medium Sized Business Accounting Services


 As an owner of a small or medium sized business your focus needs to remain on what you do best and that is running your business whether a lawn service, small construction trade company, general contractor, restaurant, law firm, pool cleaning service, retail store, farm, ranch, nonprofit organization, radio station, software company, architecture firm, auto repair shop the list is nearly endless.  Small and medium sized business owner have more important things to do than to perform the daily postings and balancing of general ledger accounts of your own books. This is where Oasis Accounting and Tax Corp come into action and shines, we take care of your books for you, so you can get back to the job of running your business and generating profits as you intended when you started your business. 

Bank Reconciliations



  • Reconcile your bank accounts
  • Review all transactions and reclassify as necessary
  • Review sales tax and payroll tax accounts for accuracy and integrity
  • Review and troubleshoot any inventory issues
  • Review all changes within the trial balance
  • Review all A/R and A/P postings to ensure accuracy and no missed discounts
  • Review all deposits and undeposited funds and contra accounts
  • Generate a profit and loss report 
  • Generate a balance sheet report
  • Provide unlimited consultations

The Accounting Cycle



These tasks when they are performed properly and consistently form the solid foundation of your business accounting and reporting system to provide you with information to make sound and informed business decisions. You have the options to customize any of our service packages such as adding payroll processing and payroll tax reporting services, tax planning, business budgeting, tax preparation, or any of our other services.

When your accounting cycle completes on an annual basis your temporary accounts (income and expense accounts) are reset to zero to begin accumulating transactions for the current cycle.  Balance sheet accounts are permanent accounts, meaning they never reset and reflect the balances of net debits and credits for all accounting periods. When the income and expense accounts are reset the resulting net figure, net income or (net loss) is reflected in retained earnings withing the equity portion of the balance sheet.  When your accountant completes your adjusting entries you can be confident that you are reviewing correct information on your financial statements.

General Ledger Maintenance



  • Reconciling your business checking, savings, undeposited, contra, credit card and credit line accounts each month allows us to keep your bank accounts, cash effecting accounts, accounting, and taxes up-to-date.

  • Having us reconcile your accounts each month allows you to;

  • We will review all outstanding checks, deposits and unidentified or unusual transactions as there may be stale transactions, incorrectly posted financial information, lost checks, lost deposits or unauthorized transactions.
  • Detect, address and prevent excessive or unjustified bank charges and ensure that all of your financial transactions are posted correctly by your bank and general ledger.
  • Aggressively monitor and detect to prevent embezzlement of funds from within your company, our firm has a great track record of identifying unauthorized transactions without having to go through a formal or complete audit engagement.
  • Know how your business is doing in its financial stability? You truly cannot really know unless all accounts are reconciled and properly accounted for on your financial statements and regularly reviewed.
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank or other financial institutions about any unauthorized, fraudulent or forged checks presented to your bank and paid by your bank, you can relieve your company of risk and responsibility for the shortfall or loss and transfer the risk to the bank or other financial institution, most banks and financial institutions have policies in place that a dispute must be made within a certain amount of time from the issuance of the statement, normally 30 days. This reason to reconcile alone should be enough. Unfortunately crime exists, many times may be committed by those you consider to be a trusted employee or firm that you work with, and has the potential to negatively impact your business financially at any time from the inside or the outside.
  • Create systems of checks and balances, double checks when possible do not have just 1 person handle the finances from the purchase order to the payment of the invoice or creating the customer billing to posting the cash receipt unless you are the owner or small business that does not allow having multiple persons execute these activities.  Simple system setups such as this is an excellent deterrent to any temptation that may occur in the business world dealing with cash transaction activities.

Profit & Loss Statement




  • A profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to report a profit or loss for the period.  Once your business has a history of at least 1 year it is best to generate comparative profit and loss reports so that you can see how your income and expenses compare against the same time period of a previous period, year or month, we like to include with percentages so that large variances are more easily identified while reviewing.  A company should also generate profit and loss reports that reflect the same comparative to history described above but against your business plan and budget (budget to actual reports), it is much easier to be proactive monitoring trends than to be reactive realizing that your plan has been out of the window for most of the year.

  • A profit and loss report allows you to;

  • Track revenues and expenses so that you can determine the operating performance of your business. We recommend that you compare against history and budget to actual reports.
  • Determine what areas of your business is over-budget or under-budget and identify why and address the problem, we specialize in assisting in such situations.
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, supplies expenses or the often overused miscelaneous, these are areas that are easy to get out of hand without monitoring but fairly easy to get a handle on if everyone is working towards the same goal.
  • Track and monitor increases in product returns or cost of goods sold as a percentage of sales, identify why, do not be afraid to discuss with your customers such as product returns as they will very likely be honest with you if they are not receiving the services or products they have come to expect and provide an external perspective which will give you the ability to better address internally.


  • The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all of your books which in turn invalidates your income statements, balance sheet, profit and loss, statement of cash flow.  The whole system must be monitored regularly and be accurate to provide helpful information and reports to help you drive your business decisions.

  • Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Balance Sheet



  • A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time, it reflects the health of your business, its ability to weather financial challenges or face that new location or expansion to your existing business location.

A balance sheet helps you;

  • Analyze and quickly get a handle on the financial strength and capabilities of your business through the review of your assets, liabilities and equities.
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you should consider collecting your receivables more aggressively. We have many ways to help, receivables turning is as important if not more important than inventory or product turns, it is the length of time it takes your company to bring full circle your business model.
  • Determine if your business is in a position to expand into that new location you have been considering.
  • Determine if your business has the ability to handle the normal financial ebbs and flows of revenues and expenses?  Do you have enough cash on hand, credit availability to make it through a slow time.  The crash of 2008 and really since the housing market collapse in 2007 so many businesses just did not have the capital to hold under the extreme financial pressure of the overly extended financial crisis, this is why it is so important to have current, accurate information so you do not find yourself in the position so many companies did during the financial collapse crisis.
  • Determine if you need to take immediate steps to bolster cash reserves?  There are many steps that can be made through analysis and proper business planning to aggressively preserve your cash reserves and build them at times when many are dwindling.
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage?  Staying on top of payables assists in protecting your company from cash shortages, which increases the risk of credit downgrades and loss of terms which is additional margin to your company, this is something that we monitor meticulously with you.

  •  Balance sheets, along with other income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.