BOOKKEEPING SERVICES

DAILY TASKS:

Check Cash Position:


Start every day by knowing exactly how much cash you have on hand. You don't want to be running on empty.


WEEKLY TASKS:


  RECORDING TRANSACTIONS

  • Record every transaction (i.e. customer billings and payments, vendor payments, etc.) into the proper account at least every week
  • File Receipts - we can attach receipt images to it's corresponding transaction.

REVIEW OF UNPAID BILLS

  • Create records for each vendor and keep track of billing dates, amounts and payment due dates.

PREPARE and SEND INVOICES


PREPARE and PAY VENDORS


PROCESS PAYROLL:

  • Withhold, report and deposit the applicable income, Social Security, Medicare and disability taxes to the appropriate agencies by their due dates.


MONTHLY TASKS:


RECONCILIATIONS of

  • Bank Accounts
  • Credit Card Accounts
  • PayPal Accounts
  • Amazon & Ebay Accounts
  • Other Accounts

ACCOUNTS RECEIVABLE:

  • Review of past due receivables
  • Send out friendly reminder letters to customers & anyone else who owes you money
ACCOUNTS PAYABLE:
  • Review 

REVIEW OF ACTUAL PROFIT & LOSS vs BUDGET
  • If you don't have a budgtet prepared we can assist you, but in the interim comparison of P & L with the same prior period year-to-date statements

QUARTERLY TASKS:


File Estimated Quarterly Taxes
  • Pay estimated taxes every quarter to avoid fines & lower your year-end tax burden
Review Quarterly Payroll Reports
  • The IRS and most states require quarterly payroll reports and payments.
Review Sales Tax & Make Payments:
  • If you operate in a state that requires sales tax, be sure you comply with all required payements

Prepare Annual Profit & Loss Estimate
  • Evaluate how much money you're actually making, the difference between revenue and expenses and what caused those changes.
ANNUAL TASKS

Review Past-Due Receivables
  • Check past-due receivables and decide whether to send them to a collection agency or write them off for a tax decuction.
Fill Out IRS forms W-2 & 1099-MISC:
  • February 1 is the deadline to report the annual earnings of your full-time employees (W2) and independent contracts (1099)
Review & Approve Year-End Financial Reports & Tax Returns
  • Be sure to review everything before sending your documents to your accountant and/or the IRS.


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We Support ALL QuickBooks 

Desktop & Online Versions

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FINANCIAL REPORTING:

Business Overview:


Profit & Loss Statement - Shows money you earned (income) and money you spent (expenses) so you can see how profitable you are. Also called an income statement.


Balance Sheet - Lists what you own (assets), what your debts are (liabilities), and what you’ve invested in your company (equity).


Statement of Cash Flows - Shows cash generated by your business (operating activities), cash spent on your business (investments) and cash in or out from stock and dividends (financing).


A/R Aging Summary - Shows unpaid invoices for the current period and for the last 30, 60 and 90+ days so you can see how long they’ve been open (outstanding).


Collections Report - Shows overdue invoices grouped by customer. Includes the due date, days past due, and total for each customer.