Saturday, August 18, 2018  
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BOOKKEEPING

Accounts Payable/Accounts Receivable

  • Entering Approved Invoices
    • Only invoices approved by the client will be entered for payment.
  • Check Register
    • A report will be sent to the client listing the current cash, the payables that are due, and the ending cash.  The client will then select which payables are approved to pay and send back the report. 
  • Cutting checks
    • After the client has sent back the approved check register, checks will be cut and mailed.
  • Accounts Payable (A/P) and Accounts Receivable (A/R) Reports on a regular basis
  • Entering Deposits Daily
  • Preparing & mailing invoices
  • Chart of Accounts setup specific to your company

Reconciliations

  • Bank Statement Reconciliations monthly
  • Credit Card Coding & Reconciliations
    • Credit Card Coding will be done on a weekly basis.  This entails coding the credit card charges that have occurred and entering them into the Income Statement so the client is aware of the amount spent. 
    • Monthly reconciliations 
  • Balance Sheet Reconciliations monthly.
    • Tie out Assets & Liabilities (i.e. Deposits/Prepaids/Note Payables/Note Receivables)
  • Inventory and Asset tracking
  • Manage inventory counts
  • Keep track of assets for yearend tax reporting and personal property taxes

Quickbooks

  • Set Up
    • If the client is starting a new business, we can help set up items such as: 
      • Industry Specific Chart of Accounts
      • Clients and vendors
      • Recurring charges 
  • Clean Up
    • If the client has not had the proper attention placed on their books, clean up may be necessary such as:
      • Balance Sheet Reconciliations (Tieing out Assets and Liabilities)
      • Chart of Accounts analysis
      • Preparation of financials for prior year tax returns
  • Assistance
    • If the client has questions about Quickbooks or Quickbook functions, assistance is available.
FINANCIAL MANAGEMENT

Budgeting

  • A budget will be prepared based on prior years with future projections.  For new businesses, a budget will be created based on forecasted revenues and expenses.  This allows each business to assess where they are in meeting their objectives and where adjustments need to be made.
  • An Actual to Budget Income Statement, both MTD and YTD, will be prepared monthly so the client can compare if they are over or under budget and make adjustments accordingly.

Cash Flow Analysis

The Cash Flow Analysis will show all the actual information through the current month.  The future months will be based on the current budget.  However, if unexpected expenses or income arise, they will be shown on the Cash Flow Analysis so the client can prepare for the unexpected cash needs.

Monthly Financial Review & Strategic Planning

  • Personal Month End Meetings are available to discuss items such as:
    • Financial performance of the previous month
      • Why are the actual revenue and expenses over or under budget?
      • Are there actions that can be taken to bring the budget back in line?
    • Expectations for the next month
      • Are there any unexpected expenses or changes in revenue that need to be addressed?
      • Can changes be made to increase revenue or decrease expenses?
    • Cash Flow Planning
      • Is there enough capital to continue running the business?  Is a capital call needed or can a distribution be given?
      • Are there any capital expenditures over the next 6 months that need to be saved for?
      • Is Financing or a Line of Credit needed?

Job Costing

Expenses will be tied out to each job or service, so the client can determine the profitability of each job or service.  This will enable the client to know whether prices should be raised, vendor negotiations for lower prices should commence, or if they are where they should be for pricing and expenses.  If the project is ongoing and is being tied out to a budget, the client will be able to see if they are in line with the budget or if there are overages that need to be addressed.

MONTH END REPORTING
  • Month End reports will consist of all or some of the following:
    • Executive Summary
    • Profit & Loss Statement
    • Balance Sheet
    • Actual to Budget MTD & YTD
    • Cash Flow Analysis
    • Accounts Payable Report
    • Accounts Receivable Report
    • Balance Sheet Reconciliation
    • Customized Reports
YEAR END TAX REPORTING
  • Year end financials will be prepared to send to the client’s CPA for tax return preparation.
    • We can recommend a CPA if you don’t have one already. 
FINANCE NEGOTIATIONS
  • Source for financing with banks
    • Prepare financial statements and cash flow projections for bank review
    • Run analysis based on financing to determine if it meets the cash needs of the business
    • Communication with bank/negotiations by telephone
PAYROLL SERVICES
  • Payroll Reports for your approval prior to payroll submission
  • Payment of Payroll Taxes and Filing of Payroll Forms
  • Direct Deposit for Employees
  • Year end W-2 and 1099 Reporting
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