Simplify Your Bookkeeping

Efficient, accurate, and reliable bookkeeping services for your business.

Expert Accountants, Proven Success.

The following are detailed explanations of some of the more advance services that we offer:

Start Ups

Spend your time launching and growing your business, instead of building an accounting department.  We work with start-ups to develop a scalable accounting solution for pre-revenue emerging growth businesses.  We use many of the popular bookkeeping software such as QuickBooks, Xero, Zoho, Manage IO, as well as our simplified One Write System for financial reporting that keeps your financial operations under control; and providing timely financial information whenever you need it.  Monthly management financial reporting will keep investors informed and your business in compliance with covenants & regulators.

Benefits of our Bookkeeping & Accounting Solutions for Start Ups:

  • Start your company on a solid, scalable financial platform

  • Ensure investors get accurate, timely board reports

  • Turn accounting into a variable expense

  • Scale your back office - as your business grows

Bank and Credit Card Account Reconciliations

This is how we handle bank and credit card reconciliations for your business:

  • We download and record bank and credit card transactions and then reconcile those accounts to each financial institution.

  • We set up your bank account and credit card accounts to download transactions instead of entering them manually.  This speeds up the month-end closing process.

  • We review the un-cleared transactions at the end of each month to make sure we’re writing off transactions that will never clear the bank.

  • We set up your bookkeeping software to remember recurring vendor activity.  For example, ‘QuickBooks’ will remember that you charged ExxonMobil to auto: fuel.  This ensures posting accuracy and consistency when batch processing frequently used vendors.

Bank account reconciliation is a great way to help reduce the risk of fraud.  We can review the payee on every check and compare it against the payee in your books and records to make sure nothing funny is going on.  If you don’t look at the payee on the bank statement, you won’t know if a bill that shows up in the general ledger “as paid to AT&T”, was really paid to your office manager who had changed the payee.

Chart of Accounts

A chart of accounts is a financial organizational tool that provides a complete listing of every account in an accounting system.  An account is a unique record for each type of asset, liability, equity, revenue and expense.  A chart of accounts, which lists the names of the accounts that a company has identified and made available for recording transactions in its general ledger, establishes the level of detail tracked in a record-keeping system.  Typically, a chart of accounts contains the accounts’ names, brief descriptions and identification codes.  In practice, the chart of accounts serves as the foundation for a company’s financial record keeping system.  It provides a logical structure that facilitates the addition of new accounts and deletion of old accounts.

General Ledger Classification

At the heart of all accounting systems is the General Ledger (often called the 'GL' for short).  The General Ledger is the place where all account entries are kept.  To help organize the account entries, the General Ledger is divided up into several 'Accounts'.  Each Account holds similar types of entries e.g. bank account, rent expenses, salary income, etc. The list of basic categories are: Assets- Things of commercial value (cash, property, furniture, equipment, etc.); Liabilities - Money you owe (mortgages, unpaid bills, etc.); Equity - How much you (or the business) is currently worth (i.e. assets less liabilities); Income - Money coming in (proceeds from sales, interest income, etc.); Expenses - Money going out (bill payments, staff salaries, etc.).  We review all or your transactions each month and classify them into the appropriate GL account.

Fixed Asset & Depreciation

Large purchases that are an investment in the future of your business can greatly affect the presentation of your financial books, making an otherwise successful financial period look dismal.  Basic accounting principles state that if an asset is going to be used over multiple accounting periods, the cost of that asset can also be spread over multiple periods in your financial records.  This is called “Capitalization”.  A guideline to help determine whether you depreciate an asset or just count it as a normal expense is whether this is an asset will last over the course of multiple accounting periods.  Purchases such as Office Furniture, Equipment involved in the production of your products, Computer Hardware: these assets are in continual use over many years of business.  Anything that provides value over the course of several years, should be considered a depreciable asset.  The IRS requires that anything costing more than $2,500 be considered for (Capitalization) depreciation.


Short Term Loan Activity

Short-term debt, also called current liabilities, is a firm's financial obligations that are expected to be paid off within a year. It is listed under the current liabilities portion of the total liabilities section of a company's balance sheet.  Operating debt arises from the primary activities that are required to run a business and is expected to be resolved within 12 months, or within the current operating cycle.  This is known as short-term debt and is usually made up of short-term bank loans taken out, or commercial paper issued, by a company.  The value of the short-term debt account is very important when determining a company's performance.  The higher the debt-to-equity ratio, the greater the concern about company liquidity, (its ability to pay its debts)

Long Term Loan Activity

A company takes on debt to obtain immediate capital.  For example, startup ventures require substantial funds to get off the ground and pay for basic expenses such as research, insurance, licenses, equipment, supplies, and advertising.  Mature businesses also use debt to fund their regular operations as well as new capital-intensive projects. Overall, all businesses need to have capital on hand and debt is one source for obtaining immediate funds to finance business operations.  Long-term debt is debt that matures in more than one year. Entities choose to issue long-term debt with various considerations, primarily focusing on the timeframe for repayment (the debt service) and interest to be paid.  Long-term debt liabilities are a key component of business solvency ratios which are analyzed by stakeholders and rating agencies when assessing solvency risk.  Therefore, accounting for long-term debt is critical when posting this type of financial activity on the books and records of a company.


Payroll 941 Reconciliation

The IRS compares your four 941 quarterly tax forms to your annual Form W-3, Transmittal of Wage and Tax Statements.  A business that issues payroll must reconcile its Form 941 to verify that it is accurate.  Failure to do so will likely create an IRS inquiry or audit. The reconciliation process compares the IRS Tax Form 941 information with the company’s payroll records.
You must reconcile the following for Form 941:

  • Compensation

  • Federal income tax withholding

  • Social Security wages and tips (employee and employer contributions)

  • Medicare wages and tips (employee and employer contributions)

 We typically add to this reconciliation activity by including the state withholdings and the federal and state unemployment insurance.

 Cash Flow Forecasting

Turning financial data from your financial dashboard into business insight helps you understand the implications of your decisions.  We can schedule a monthly or quarterly on-site, in-office, or video conference with members of your management team to discuss key metrics and to answer any questions.  Our financial reports support your financial management team in their role to guide and grow the business.

Monthly Financial Review

Turning financial data from your financial dashboard into business insight helps you understand the implications of your decisions.  We can schedule a monthly or quarterly on-site, in-office, or video conference with members of your management team to discuss key metrics and to answer any questions.  Our financial reports support your financial management team in their role to guide and grow the business.

 Key Performance Indicators

We have the ability to help you gain key insights into your company’s financial health with charts and graphs.  We will customize your financial scorecard with charts and graphs powered by your financial data, so you can make strategic business decisions.  These powerful financial Key Performance Indicators (KPIs) give you a quick snapshot into the financial well-being of your business.
 

Decision-Ready Financial Intelligence
Your Team will deliver your financial scorecards and KPI reports at the end of each month or quarter in a simple to read graphical format, showing exactly what you need to know to make informed financial decisions.
 KPI charts track your actual results by month.
 Trailing Twelve Months (TTM) Reports compare your twelve-month total for current month vs. prior months, amplifying trends and seasonality of your results.
 

Trend Line Charts help even the most non-financial person on your team to tell if business results are trending up or down. We can create a Trend Line graphic for any report, at a minimum: Total Revenue, Gross Profit and Net Income.  We can also add a Trend Line to your TTM to show the overall trend of your business.
 Changes

Monthly Financial Ratio Analysis

Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational efficiency, and profitability by comparing information contained in its financial statements.  Ratio analysis is a cornerstone of fundamental analysis.  Ratio analysis involves evaluating the performance and financial health of a company by using data from the current and historical financial statements.

The data retrieved from the statements is used to compare a company's performance over time to assess whether the company is improving or deteriorating, to compare a company's financial standing with the industry average, or to compare a company to one or more other companies operating in its sector to see how the company stacks up.

Ratio analysis can be used to establish a trend line for one company's results over a large number of financial reporting periods.  This can highlight company changes that would not be evident if looking at a given ratio that represents just one point in time.

Stay Organized

Stay organized by attaching scanned receipts, estimates and other documents from inside some of the more popular bookkeeping software, such as QuickBooks, Xero, Zoho, and Odoo.  Improve your business’s financial records management with PDF attached document.  PDF attached documents make the paperless office a reality.  It’s simple to use and provides quick access to all documents relating to your company’s finances from within your legacy software.
 

Stay organized by attaching scanned receipts, estimates, spreadsheets and other documents to your bookkeeping transactions.
 Save space and gain security by securely storing and accessing your files and attached documents online.
 Save time looking for files or attachments for you and your management team.
 

Easily access your attached documents anytime and securely share with anyone.
 For those clients that choose to use the One Write System, we offer to scan and keep your documents on our secure server (acting as a record retention safe depository) until such time as you need them.


Bookkeeping Fee Policy:

Our bookkeeping packages are designed as a starting point in determining our scope of work.
Fees for our packaged services are billed in advance as a retainer.
Set up fees may be applicable.  Some clients will incur additional upfront costs as we clean up their existing books and records.  The current published pricing silos are based upon transaction level, number of accounts, and complexity of your business.  Set up fees may be applicable and can vary from building your entire books from scratch to a smooth transition from a previous bookkeeper or CPA.  Certain tasks in the set-up process may require extra attention, such as prior tax issues or extensive reconciliation work, in which case these extra services may be billed at a separate or hourly rate.

Once we understand that nuances of your business and the related accounting and compliance requirements, we will discuss with you in advance, any adjustment to the monthly fee structure.  A final package will be presented to you as an engagement letter/contract.

We offer the “Xero Online Software” if you choose to migrate the bookkeeping from a manual system or an existing legacy software provider.  We include Xero within our package price.  All other legacy software will require the client to purchase a license and to provide us with an “accountant invitation” enabling us log in access.