Services
We are your one-stop shop for all your bookkeeping needs. From basic to advanced, we have the tools you need to get a clear picture of your business finances.
Our team of certified bookkeepers can help you make sense of your finances.
Our Core Duties
The two foundational tasks in small business bookkeeping are data entry and bank reconciliation. Without these, all other bookkeeping tasks fall over. Let’s walk through the core duties, common additional duties, and advanced bookkeeping.
Data entry
Recording financial transactions and balancing the books.
Bank reconciliation
Cross-referencing the books against bank statements and other source documents to confirm accuracy.
Monthly reports
Summarizing the business’s financial position
What is bookkeeping?
Whether you’re bookkeeping for a family business, or planning a career in it – this is a good place to start learning.
Accounts payable
Making sure invoices from suppliers are accurate and paid in a timely manner.
Payroll
Calculating pay and deductions.
Tax Prep & filing
Preparing tax returns
End of year reporting
Assisting with annual income statement and balance sheet reports
Business strategy
Creating budgets and forecasts, and advising on how to improve the business
Business Process
Reviewing, researching and implementing software solutions and internal controls to streamline the business and enhance performance
Liaison
Meeting with accountants, on behalf of their clients, about financials and tax queries. Acting on behalf of the client with the tax authorities
Virtual Office
Providing a full-service virtual office, for example telephones, postal address, and email communications
QuickBooks & Xero Set- Up
Set up Chart of Accounts, Vendors, Customer, Invoicing and Reporting
General ledger maintenance and transaction recording
Posting Income/Revenue Transactions: Adding any income or revenue that a company receives to the appropriate general ledger accounts.
Recording Expenses/Accounts Payable: Recording payments made and bills incurred for the company’s operations, including but not limited to hires, utilities, salaries, mileage, advertising, and office expenses, as well as any money paid or debts owed to suppliers or providers for the provision of sales or services.
Categorizing Transactions: Categorizing bank transactions manually or automatically imported to the bank feeds into proper general ledger accounts.
Bank Reconciliation: Comparing the company’s records with the bank statements to ensure all transactions are accounted for, there are no discrepancies and the book balances match the bank balances.
Accounts Receivable Management
Invoicing Customers: Creating and delivering invoices to customers for the delivery of goods or services.
Recording Customer Payments: Documentation of payments received from customers against their outstanding invoices.
Collections on past due invoices: Contacting and collecting payments from customers with overdue invoices.
Accounts Payable Management
Processing vendor bills: Collecting, confirming, and remitting payments to vendors or providers for goods or services received.
Recording bill payments: Documentation of payments made to vendors or suppliers against outstanding bills.
Vendor Statement Reconciliation: Comparing vendor statements and company records to ensure the company records are accurate and any discrepancies are resolved.
Payroll Services
Wage Calculation: Determining the wages to be paid to each employee based on the number of hours worked, the pay scale, and other considerations.
Processing Payroll Taxes and Deductions: Calculating payroll taxes and deductions, filing them, and making the respective payments.
Financial Reporting
Generating Financial Statements (Income Statement, Balance Sheet, Cash Flow): Presenting relevant financial information in an organized manner related to the health and performance of the business for a specific period of time. The income statement shows the financial performance of the company (revenue, expenses, and profitability), the balance sheet shows the company’s financial position (its assets, financial obligations, and sources of capital), and lastly, the cash flow shows ins and outs of a company’s money.
Accounts Receivable/Payable Aging Reports: Provide a comprehensive summary of customers’ and vendors’ outstanding invoices by customers or vendors, as well as due dates.
Cash Flow Projections: Forecasting cash coming in and out of the company to assess its ability to pay debts and develop long-term plans.
Tax Preparation and Filing
Tax liability calculation: Computing the amount the company owes the government based on earnings, out-of-pocket charges, and other relevant statistics.
Filing required tax returns (income, sales, payroll, etc.): Completion and submission of required tax returns to respective offices to comply with tax laws.
Inventory Management
Inventory Level Tracking: Keeping an eye on the amount of products that a business has in stock, in route, or in production.
Inventory valuation: Assigning the current inventory a monetary value that may have an effect on taxes and financial statements.
Cost of Goods Sold (COGS) Calculations: An essential step in figuring out profitability is determining the direct costs of producing goods sold or services performed over a given period.
Forecasting and Budgeting
Creating Budgets: Planning income and expenses for a given time frame helps direct financial decisions.
Financial models/projections: Creating tools to forecast a company’s future performance and growth based on available statistics.
Cash Management: Coordinating and monitoring the movement of cash into and out of the company to ensure there is enough to cover the company’s expenses.
Configuring and Training for Bookkeeping Software
Accounting software Set-up (QuickBooks, Xero, etc.): Setting up the company’s preferred accounting software to be ready for use.
Training staff on using the software: Providing training to the company’s employees on how to use the software correctly to ensure accuracy and efficiency.
Bookkeeping for Catch-Up and Clean-Up
Reconciling accounts from past periods: Comparing transactions and balances in the books with those in the bank statements for the past periods to ensure they are accurate and up to date.
Reconstructing Records: Ensuring that financial data is dependable and compliant by reconstructing or rectifying accounting entries for previous periods where records may be erroneous or incomplete.
The two foundational tasks in small business bookkeeping are data entry and bank reconciliation. Without these, all other bookkeeping tasks fall over. Let’s walk through the core duties, common additional duties, and advanced bookkeeping.