3) Bookkeeping Service: Monthly
- Accounting Type: Cash Basis Reporting
- Staff Supplied: Bookkeeper
- Clients with sales under $500,000
- Monthly: Record Bank Activity, Record Credit Card Activity, Record Payroll , Prepare Sales Return, Bank Reconciliation, Credit Card Reconciliation
- Financials Reports
- Clean up / enter previous months activity
Your Full-Charge Bookkeeper
Your full-charge bookkeeper is responsible for daily entry of accounting transactions: vendor bills, customer invoices, bill payments, customer payments and deposits, other disbursements and withdrawals. The bookkeeper maintains complete and up-to-date detailed accounts receivable, accounts payable and cash account ledgers and provides daily or weekly reports on these and other critical areas of business management. The bookkeeper either processes payroll or makes the necessary entries to record payroll processed by a third-party provider. In either case, payroll entries will include complete recording of gross wages, employer tax and other payroll expenses, and payroll liabilities.
Your controller conducts a periodic review of your general ledger with the bookkeeper to ensure all activity is correct and all necessary cash-to-accrual or income recognition adjustments have been made. After each monthly review, the controller issues financial statements and locks your accounting data file for the period so that no data can be changed after the reports are issued without the controller's full knowledge and permission. The controller then distributes the financial reports package for the month to designated personnel at your company. This report package includes a management letter explaining the significance of your financial reports and calling your attention to critical business ratios and areas of concern. Also included is an invitation to meet with the controller for a thorough review and discussion of your financial reports.
Your Accounting Software Specialist
Your accounting software specialist ensures that your accounting data file is set up correctly to fit your business model and to provide the reporting functionality your business requires, and that your bookkeeper is fully trained in how to process activity appropriately in your accounting file. Although we specialize in QuickBooks and QuickBooks Enterprise Solutions accounting software, we can provide specialists in other packages such as BillQuick, Method, GHG Corporation, Connect+wise, Fishbowl Inventory, PDG Software & webKPI if QuickBooks does not meet your needs.
With AccountingDepartment.com's comprehensive virtual accounting services, all of your financial reporting needs are customized and then realized. When you partner with our team, you get scalable, actionable snapshots of how to steer your business towards success.
Accounts Payable Management & Banking
- Record vendor bills
- Record vendor, debit card, PayPal and electronic payments
- Reconcile vendor statements
- Accounts payable aging report
Accounts Receivable Management
- Create sales invoices/Import sales invoices
- Email/mail customer invoices
- Mail monthly customer statements
- Apply finance charges
- Sales commissions
- Accounts receivable aging report
- Record payroll/payroll taxes/payroll fees
- Employee activity
- Create employee records
- Update employees records
- Commission calculation if applicable
- Track employee advances
Sales & Use Tax Returns
- Sales tax tracked within QuickBooks
- Maintain up-to-date sales tax rates
- Quarterly return
- Multiple filing jurisdictions (state, county and cities)
- Prepare and file sales tax returns
Get your invoices out promptly and send monthly statements on the date of your choice. We offer two options:
- AccountingDepartment.com prepares your sales invoice from information you email to our bookkeeper. We email you the final invoice for approval.
- You generate invoices and statements through time and billing software. Your bookkeeper posts or imports the invoices into your accounting software.
Whether we prepare your invoices for you or you generate them yourself, your AccountingDepartment.com online bookkeeper can print and mail or email customer invoices and statements on your behalf.
Accounts receivable reports for collection and cash flow management are prepared and delivered to you on a schedule of your choice. Finance charges are assessed on overdue invoices based on your company's payment terms and conditions, and statements are initiated and transmitted on a schedule of your choice.
Invoices you receive from vendors are emailed automatically to your AccountingDepartment.com online bookkeeper. Invoices we can't obtain online must be scanned to us. If you need a scanner, we provide one to you at no additional cost.
On a schedule determined by you, your AccountingDepartment.com bookkeeper emails you a report of all open vendor invoices. Just indicate the invoices you want paid, and then email the report back. Your bookkeeper then sets up the requested bill payment checks in your accounting file. Once the checks are ready to print, we offer three options for printing:
- You or a designated staff member can log into your accounting software and print checks directly to your local printer.
- The AccountingDepartment.com bookkeeper can print the checks to a PDF file and email them to you. The checks can then be printed on your local printer without any need to access the accounting data file.
- Your AccountingDepartment.com team can pay the bills online.
Prior to taking deposits to the bank, you scan the deposit slip and each of the items to be deposited. Once that's done, at your convenience, you create an email and upload the file. Your AccountingDepartment.com online bookkeeper will post the customer payments against the appropriate customer invoices and record the bank deposit.
Your AccountingDepartment.com online bookkeeper either processes payroll or makes the necessary entries to record payroll processed by a third-party provider. In either case, payroll entries include complete recording of gross wages, employer taxes and other payroll expenses, along with payroll liabilities and quarterly and annual reconciliation of general ledger balances to payroll returns. If needed, your online bookkeeper can initiate transfers from your operating bank account to your payroll bank account to cover payroll if these accounts are held by the same bank. See more information about this under "Banking Activities" on this page.
Your AccountingDepartment.com online bookkeeper will have access to view and download transaction history and bank statements. Upon request, they can also transfer funds between business accounts at your bank. Your online bookkeeper won't have the authority to sign checks or initiate electronic payments that have not been pre-approved by you or a designated staff member.
Bank account activity is updated daily in your accounting file, so that you always know your available cash balance. If transactions appear in your bank account that your bookkeeper has no knowledge of, the bookkeeper will inform you of these transactions and request supporting information by email. Bank account balance notifications, cash receipts and disbursement reports are emailed to you daily, weekly or monthly as desired.
Banking, credit card and loan accounts are reconciled to the corresponding statements each month, and the reconciliation reports are emailed to you promptly. When emailing the reconciliation report, the online bookkeeper calls your attention to outstanding items that require resolution and also provides a list of any missing check numbers for security and control purposes.
Your AccountingDepartment.com bookkeeper prepares required business returns such as sales tax, business license tax, personal property tax and various industry specific tax filings. Your bookkeeper either files these returns electronically upon approval, or emails the completed tax forms to you for signature and mailing. All such filings are reviewed and approved by your AccountingDepartment.com virtual accounting controller before being submitted to you for final approval.
Reconciling your business checking account each month allows us to keep your bank account, accounting and taxes up to date. Having us reconcile your account each month allows you to:
- Identify lost checks, lost deposits and unauthorized wire transactions
- Prevent excess/unjustified bank charges and ensure bank transactions are posted correctly
- Prevent embezzlement of funds from within your company
- Know how your business is doing because all accounts are reconciled and properly accounted for
- Manage your cash more effectively because of proper management of funds
- Protect yourself by promptly objecting any unauthorized, fraudulent or forged checks presented to your bank
- Sleep better knowing your bank accounts are reconciled, in balance and that all funds are properly accounted for
An income statement -- otherwise known as a profit and loss statement -- basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to:
- Track revenues and expenses to determine the operating performance of your business
- Determine what areas of your business are over-budget or under-budget
- Identify specific items causing unexpected expenditures
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales
- Determine your income tax liability
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time. A balance sheet helps you:
- Identify and analyze trends, particularly in the area of receivables and payables
- Determine if your business is in a position to expand
- Determine if your business is able to survive the ebb and flow of regular revenue and expenses
- Determine if you need to take immediate steps to bolster cash reserves
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage
Balance sheets, along with income statements, are the most basic bookkeeping elements. They provide financial reporting to potential lenders such as banks, investors and vendors who are considering how much credit to grant you.
Maintaining A Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having your online bookkeeper review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip-top shape.
We assist you with external auditor representation and on-site audit support.
Guidance and Consultation
Your AccountingDepartment.com controller is there to help you contain costs and increase profitability. This is done through a variety of measures. We are here to help you grow your business. We strongly feel that your success is our success!
At AccountingDepartment.com, you get more than just an online bookkeeping service. You get comprehensive virtual accounting that provides you with big picture, actionable results from scalable financial reporting to boost your business intelligence.
A La Carte Services
- Foreign banking management
- Purchase orders management
- Sales orders
- Prepaid expense management
- Accrued expense management
- Deferred revenue management
- Fixed asset management
- Inventory management
- Class tracking
- Work in process (WIP)
- Job costing
- Tax & audit support