Summary of Accounting Services

Full Accounting Department:
Accounting Type: Accrual Basis Reporting
Staff Supplied: CPA/Controller & Full-Charge Bookkeeper, & Accounting Software Specialist

Company PROFILE:

• Clients with sales between 1-25 million
• Daily Accounts Payable, Accounts Receivable,Banking & Payroll maintained
• GAAP Financials
• Provide Accrual Basis Reporting (including prepaid expenses, accrued expenses, accrued payroll, deferred revenue etc.)
• Higher level of controller function. (Ensure all revenue earned during the period has been recognized, as well as the associated expenses.)
• Reconcile all Balance Sheet Accounts monthly
  
  

Client Specific Needs:

→ All Daily Bookkeeping Functions (AP, AR, Banking & Payrol)
→ Budgeting
→ Forecasting
→ Job Costing
→ Accounts Receivable and Accounts Payable Management
→ Major Expense Analysis
→ Internal Controls Establishing and Managing
→ Inventory Management / Manage a 3rd party Inventory system
→ Fixed Asset Reporting and Depreciation
→ Work In Process (WIP)
→ Cash Management
→ Accounting System Establishing and Maintaining
→ Shareholder Presentations
→ Manager Training for Understanding and Interpreting Financial Reports
→ Assistance with Product Pricing Decisions
→ Profitability Analysis for Products and Divisions
→ Capital Budget Monitoring
→ Special Report Preparation for Investors
→ Accounting Rules and Regulations Compliance
→ Trend Tracking & Profitability Analysis
→ Financial Trend Analysis
→ Banking Relationships

Audit Help:

→ Audit Assistance
→ External Auditor Representation
→ 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!

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, and 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. Click here for full details on daily bookkeeping activities.

Your Controller
Your controller conducts a periodic review of your general ledger with the bookkeeper to ensure all activity is posted correctly and that any necessary cash to accrual or income recognition adjustments have been made. The frequency of the review depends on the level of controllership services you select, but at minimum the review will take place monthly. 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. Monthly or quarterly, this report package will include a management letter explaining the significance of your financial reports and calling your attention to critical business ratios and areas of concern, and an invitation to meet with the controller for a thorough review and discussion of your financial reports. Follow the link for more information on controllership service levels.

What are some of the Controller’s roles at AccountingDepartment.com?
1. Supervise and review bookkeeper
2. Review of the Daily Status Report (DSR) sent by bookkeeper
3. Conduct monthly appointment with bookkeeper to close the books
4. Produce timely/accurate financial statements and management reports
5. Ensure all revenue earned during the period has been recognized, as well as the associated expenses
6. Provide Accrual Basis Reporting (including prepaid expenses, accrued expenses, accrued payroll,     deferred revenue)
7. Reconcile all Balance Sheet Accounts
8. Provide Financial Dashboard Maintenance
9. Provide Phone Consultation

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.