Monthly Bookkeeping Maintenance
- Track and categorize all of your final transactions
- Reconcile bank accounts monthly
- Reconcile credit card accounts monthly
- Review and process invoices
- Track Accounts Receivable
- Track Accounts Payable
- Payroll processing, if applicable
- Reconcile petty cash, if applicable
- Review and adjust journal entries
- Calculate and record any sales tax due
- Address any open issues
- Send your monthly Profit & Loss and Balance Sheet Reports and answer any questions
- Communicate with and coordinate any specific bookkeeping needs required by your CPA
Invoice Management (Account Receivables)
- Create and issue invoices, if applicable
- Track invoice status
- Send invoice reminders, if applicable
- Record and categorize payments
- Reconcile accounts receivable
- Issue credit memos or refunds, if applicable, and track and report aged receivables
- Provide a summary of outstanding and collected invoices to the client
- Run and send report for accounts receivable on an agreed upon schedule
Bill Management (Accounts Payable)
- Record incoming bills
- Verify bill accuracy
- Schedule payments, if applicable
- Track payment status
- Process vendor payments, if applicable
- Reconcile accounts payable
- Manage recurring bills
- Prepare for end-of-month reporting
Clean-up Services
- Review and assess current books
- Reconcile bank accounts
- Reconcile credit card accounts
- Review and reconcile accounts payable
- Review and reconcile accounts payable
- Categorize and classify transactions
- Clean up payroll records, if applicable
- Review and clean up journal entries
- Adjust inventory records, if applicable
- Review and reconcile loan and liability accounts
- Check for duplicates and unrecorded transactions
- Review fixed asset depreciation
- Correct sales tax, if applicable
- Review and clean up equity accounts
- Generate and review financial reports
- Communicate with clients for any missing information
- Keep a record of the changes made during the clean-up
- Provide the client with a summary of what was corrected, updated, or changed
- Communicate with and coordinate any specific bookkeeping needs required by your CPA
Expense Tracking
- Collect and organize receipts
- Record and categorize all expenses
- Reconcile bank and credit card statements
- Monitor recurring expenses
- Manage expense reports
- Track vendor payments
- Review and classify tax-deductible expenses
- Prepare monthly/quarterly expense reports
- compare actual expenses with the budget to monitor overspending or savings
- Assist the client in forecasting future expenses
- Maintain petty cash, if applicable
- Prepare an annual end-of-year expense summary
- Collaborate with the CPA to ensure accuracy for tax returns
Payroll Assistance
- Setup payroll system within QBO-Payroll
- Gather and verify employee time records
- Calculate employee wages
- Apply deductions
- Process payroll
- Record payroll transactions
- File and pay payroll taxes
- Manage payroll compliance
- Maintain employee records
- Manage year-end payroll processes
- Process payroll adjustments
- Provide payroll reports to the client
Financial Reports
- Collect and organize financial data
- Reconcile accounts
- Review and adjust journal entries
- Prepare the balance sheet
- Prepare Profit and Loss Statement (Income Statement)
- Prepare the Cash Flow Statement
- Generate Accounts Receivable Aging Report
- Generate Accounts Payable Aging Report
- Prepare the Trial Balance
- Review financial ratios
- Customize reports to client’s needs
- Perform variance analysis
- Review tax liabilities
- Prepare and review financial projections
- Analyze the client’s budget vs. actual results
- Prepare month-end and year-end financial reports
- prepare financial reports for stakeholders, if applicable
- Ensure compliance with accounting standards
- Discuss financial insights and recommendations