Our Core Services
QuickBooks Financial Transaction Management
It’s very important to track all your income and expenses so that you have a clear understanding of your financials. We enter all your daily transactions into QB’s for you. First, we set up and maintain an accurate Chart of Accounts in QuickBooks. The chart of accounts consists of: bank, accounts receivable, asset, liability, credit card, equity, income and expense. These accounts translate to your Profit and Loss report and to your Balance Sheet. We work with you to design this chart of accounts the way you would like to see your financials reported.
We can also track your income and expenses by separate projects.
After entering all your daily transactions we use your bank and credit card statements to reconcile the accounts. This insures all entries are correct.
Receipt Tracking and Document Management
We can track you receipts and documents any way you would like. Attaching to statements, filing, or scanning into electronic files. We can give you your documents back in an organized filing system or on a USB drive to put on your computer. It’s also very important to track all cash receipts and enter them into QuickBooks as well.
Once your financials are inputted into QuickBooks, we are then able to create your financial reports. Those come in many different forms, the most common are: Profit and Loss, Balance Sheet, Accounts Receivable and Accounts Payable. These reports allow you to know exactly what is going on financially in your business at any point where want to know. Reports also have ability to compare to your previous year with percentages of change, which is a nice tool to have when monitoring your growth.
Year End Processing for Tax Preparation and Interfacing with Your Tax Accountant or CPA
As we are inputting your financial information all year long, we in fact are preparing your financials for your Accountant or CPA who does your income taxes. We work with them and make sure that all your financials are being tracked correctly and then to double check we go over everything at year end. At that point we give your Accountant or CPA a copy of the QuickBooks file so that your income taxes can be completed, and we remain available to discuss if needed.
Next Level Services
Accounts Receivable (AR) and Accounts Payable (AP)
Setting up invoicing in your QB’s file is a great way for you to keep track of AR and therefore gives you a better grasp on who owes you money. We are also available to do invoicing for you and monitor customers who have not paid. If you don’t want to spend time paying your bills, we can do that for you as well either by physically writing out a check or paying a bill online. This helps to make sure all your expenses get paid on time.
It is very important at times to create budgets to see what your projections are for a future period or what you are allotting for a certain expense. We do that with your input regarding your projections and comparisons to your previous income and expenses.
Payroll and Payroll Reporting
We have software that we use to process your payroll, payroll taxes and quarterly payroll reports. This software is automatically updated so we always have the current tax laws and rates. We process the following reports and forms: Quarterly 941, NYS-45, and Annually 940, W-2 and W-3.
Preparation of 1099 and 1096
This is service we provide if you use subcontractors. We report their earnings on a 1099 form at year end for the subcontractor and for the IRS. The subcontractor needs this form to file their income taxes.
Sales Tax and Sales Tax Reporting
Invoicing is a great way to track sales tax payable. What ever way your sales tax payable is tracked, we can work with it and make the online payments for you and process your sales tax reporting with NYS on time. This is usually done on a quarterly basis.
Workers compensation, disability insurances and sometimes liability insurance policies require annual audits. We track the information they need in QB’s and are able too easily provide that information for them in the way they request it. We have worked with many companies and have a lot of experience in this regard.
Non-Profit Audits or Reviews
If you are non-profit organization that have certain annual income earnings, you are required to have an annual Accountants Audit or Review. We are very experienced with this and can set up policies to make sure you are keeping track of your income and expense documentation for this purpose. We can also gather the information requested by the Accountant and work with the Accountant to complete the audit taking the pressure off of you.