Financial Software Set Up
Ensuring bookkeeping efficiency by setting up and implementing a top-quality accounting software. A few things covered under this service are bank account integration, chart of accounts (COA) configuration, defining user roles and permissions, setting up financial reporting templates, defining tax codes and compliance settings, setting up A/P and A/R, setting up back up and security measures, and integrating with other software for synchronicity and data consistency.
A/P Management
Assistance in paying bills with the client's final approval. Client's final approval is required as it reduces the chance for human error and fraud. This service may include verifying and processing invoices, managing and maintaining vendors, setting up an approval workflow, processing payments, and ensuring tax compliance and regulatory requirements.
Recording Financial Transactions
In order to maintain accurate financial records for a business, it is important to track all in and out transactions (revenue ad expenses), as well as any internal adjustments. This would include sales and revenue, bills and expenses, payroll transactions, asset purchases and depreciation, loans and debt, owner's equity/drawings/contributions, bank transfers and reconciliations, inventory transactions, tax payments, adjusting entries, and petty cash/cash on hand.
A/R Management
Assistance in receiving payments. This may include invoice creation, verification, and delivery, payment tracking, identifying and investigating payment/invoice discrepancies, applying payments to the invoices, and following up with customers if invoices are overdue.
Inventory Management
Helping businesses track and manage inventory systems. This may include recording purchases and inventory costs, tracking cost of goods sold (COGS), inventory adjustments and write-offs, monitoring inventory levels, ensuring compliance and record keeping, and generating inventory reports.
Account Reconiliation
Matching a business's internal financial records with bank statements. This ensures transactions are accurately recorded, and helps to reduce the risk of fraud.
Payroll Management
Running payroll with the assistance of a third-party software. Utilizing a third party software helps to reduce the possibility of human error. Assisted payroll management may include employee data management, time and attendance tracking, payroll calculations, and paycheck and payroll distribution.
Financial Analysis
Examining financial data in order to asses and identify performance and trends. Steps in a financial analysis may include data collection (financial statements and supporting documents), analyzing the statements, and continuous monitoring/comparison of any statements created in the future.
Generating Financial Statements and Reports
Generating monthly, quarterly, or annual reports (Profit and loss, balance sheets, cash flow, etc.). Reports generated may include anything from the standard balance sheet/income statement/statement of cash flows to accounts payable aging summary and accounts receivable aging summary.
Forecasting
Assisting in the projection of future revenues, expenses, and cash flows by analyzing financial data (Basically making an educated prediction of a business's future financial health). This would include collecting and analyzing past financial data.
Catch Up
Budgeting
Creating a plan that focuses on expected revenue and expenses over a time frame. It involves reviewing past financial records, defining financial goals, and creating a budget that aligns with those set goals.
Consultations
Consultations/meetings at regular intervals. The intervals will be at the client's discretion (monthly, quarterly, etc.), and they will be 60 minutes long.
Clean Up
Assisting in the projection of future revenues, expenses, and cash flows by analyzing financial data (Basically making an educated prediction of a business's future financial health). This would include collecting and analyzing past financial data.
Consultations/meetings at regular intervals. The intervals will be at the client's discretion (monthly, quarterly, etc.), and they will be 60 minutes long.