Our Professional Accounting services will help keep your business moving forward with the critical financial information you need to make informed decisions.

Covid-19 Relief Funds Tracking

During these uncertain times, many small businesses are applying for relief loans. We can help provide the financials and information needed for the application process. Additionally, once funds are received we can closely track the activity.

Recording Accounting Transactions

The cash basis is a method of recording accounting transactions for revenue and expenses ONLY when the corresponding cash is received, or payments are made. Therefore, we will only record your bank, credit card, and PayPal activity each period.

Itemizing lump sum deposits

If you have merchant accounts in which you receive payments from clients or customers, it is likely that the funds from these individual transactions are transferred to your bank account as batched daily lump-sum deposits. We will itemize these deposits within your online cloud accounting file (instead of recording them as one lump sum figure) should you find this detail important in assessing the status of your financial position.

Record Accounts Payable and Accounts Receivables - Modified Accrual Basis

We use the MODIFIED ACCRUAL BASIS of accounting when it is necessary to not only record your bank and credit card activity but also to record all of your accounts receivables (what is owed to you) and accounts payable (what you owe to others) each period. This additional layer of recording will allow you to receive A/R and A/P reports that will provide insight into your anticipated cash inflows and your required cash outflows for effective planning purposes.

Full Accrual Basis Recording

When using the FULL ACCRUAL BASIS of accounting we will record your revenues and expenses when they are incurred, regardless of when cash is exchanged. This means that, in addition to recording all your bank, credit card, and PayPal activity, your accounts payable and accounts receivable, we will also record all prepaid expenses, accrued expenses, accrued payroll, and deferred revenue each period.

Record Funds Disbursed for business purposes

There are times when the business uses cash or personal funds to make business-related purchases. In these cases, these transactions DO NOT flow through the business’ bank, credit card, or PayPal accounts and could, therefore, be easily missed and not reflected on the books. We will establish a process for capturing the details of these transactions and record them into your accounting system to ensure that your books are accurate and up to date.

Track Petty Cash

Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than writing a check. Petty cash is also referred to as a petty cash fund. We will work with you to establish the appropriate petty cash balance, a petty cash use policy, set up your process for managing the fund, and record all petty cash activities in your books.

Reconcile Bank, Credit Card Accounts, PayPal Accounts

To be certain that the amount of cash reported on your balance sheet (and the balance in its general ledger cash account) is the correct amount, AND to detect any fraudulent or unauthorized activity in these accounts, we will compare (reconcile) additions and deductions on the bank, credit card, PayPal statements with the items that are entered in your general ledger cash account each month.

Prepare Financial Statements

As part of our Professional Accounting Services, we will prepare a standard set of financial statements for your organization. The standard contents of a set of financial statements are:

  • Balance sheet. Shows the entity’s assets, liabilities, and stockholders’ equity as of the report date.
  • Profit & Loss (or Income) Statement. Shows the entity’s operations and financial activities for the period. It includes revenues, expenses, gains, and losses.
  • General Ledger. Shows all transactions for the period.
Allocate Expenses to Jobs (Job Cost Tracking)

There are times when it is necessary for our clients to track expenses they have incurred in relation to the fulfillment of jobs that they have been awarded. This is done in order to not only understand the profitability of a job but also to inform the amount to be billed for products provided or services rendered under the contract of the job. This requires an additional layer of recording the financial transactions within your accounting system. In these instances, we will customize a process for capturing the information needed from you to perform this work as part of our Professional Accounting Services.

Managing non business account deposits

There are times when businesses receive cash (checks, money orders, etc.) that IS NOT deposited into their bank or PayPal accounts. (i.e. when funds received for services rendered are used for personal reasons or are spent on a business-related purchase). When this occurs, these funds are not reflected in the books, thus rendering all financial reports inaccurate. We will establish a process for capturing these transactions and recording them into your accounting system.

1099 Filing

We will review all payments to contractors and vendors, prepare a summary report for your review, issue approved 1099s by mail to all contractors, and submit the required copies to the IRS. This service is paid for during the year payments are made, and the filings take place in Q1 of the following year. 1099’s are normally issued to vendors that are not corporations and individuals you pay throughout the year $600 or more.

Payroll

We’ll make the pay run to pay all of your staff and contractors so you don’t need to worry about finding the time to make sure this vital process is carried out on time.

Sales Tax Filing

We will utilize accounting records and sales reports to properly file all sales and use tax returns on time, for as many states as are required. You’ll experience complete management of the paperwork preparation and payment process.

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