Accounts Receivable manages the recording of sales on credit or cash,
issuing invoices to customers and statements
of outstanding balances as well as tracking receipts of customer payments.
Accounts Payable deals with recording of bills
and receipts, matching invoices to
purchase orders, processing payments,
setting up vendors in your accounting system as well as issuing
1099-Misc forms at the end of the year.
Is performed on a monthly basis so that the business owner understands the differences between the
balances shown in the bank statement
and the balance shown in the business’s accounting records.
Balance Sheet accounts need to be reconciled at the end of the accounting period. This process is necessary to ensure
the flow of transactions in the accounts are correct as well as the
Fixed or capital assets refer to property,
plant and equipment
(buildings, land, computers, software) that require a
significant cash outlay to purchase and have a useful life longer than one year.
The task of closing the books is performed at the end of the accounting period - it involves preparing the
necessary accruals, reserves and
posting of journal entries such as depreciation.
Having accurate information about cash receipts and
cash payments helps your company ensure it has enough funds to support
the daily business operations, business expansion and investments.
Preparation of Profit & Loss, Balance Sheet and
Cash Flow statements is essential to small businesses in
reviewing the results of operations, financial position and cash flow of the business.
Having an annual/quarterly budget plan helps you forecast future business operations.
We can help you track progress on a monthly basis vs.
actual performance and help you understand the drivers behind any variances.
Reviewing your business's financial results will help you gain a thorough understanding of your business's
financial health and uncover vital information that can help you make
better business decisions.
Payroll services include monthly and semi-monthly pay runs, required
reporting and tax payment
as well as guaranteed payroll tax compliance services that are efficient and reasonably priced.
We assist small businesses with QuickBooks setup and
clean up, migrations from QuickBooks Desktop
to QuickBooks Online and streamlining existing bookkeeping and accounting processes.