Payroll & Bookkeeping

        

    

PAYROLL

BOOKKEEPING

Reliable Direction


Payroll Service

Payroll entries will include complete recording of gross wages, employer taxes and other payroll expenses, and payroll liabilities, and quarterly and annual reconciliation of general ledger balances to payroll returns.

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Bookkeeping Service

We handle all of your monthly, weekly or daily bookkeeping needs including invoices and statements, accounts payable, cash receipts and disbursements, bank reconciliations and reporting. All bookkeeping is done on QuickBooks, we customize our service to fit your needs and budget. 

 

Choose between Basic and Plus packages

                Bookkeeping Services

   We handle all of your bookkeeping needs, All bookkeeping is done on QuickBooks, we customize our    
   service to fit your needs and budget.

Basic Package

          All fees are customized to your service needs.

Typical Company Profile:

  • Monthly record keeping with all income and expense accounts maintained
  • Cash Basis Financials

Financial Reporting:

  • Balance Sheet
  • Profit & Loss Statements – Month and Year-to-Date
  • Cash Flow
  • General Ledger
  • Bank Reconciliation Report

Plus Package

Fees  Subject to required services and complexities.

Company PROFILE:

  • CASH Basis Financials or Accrual basis

Client Specific Needs

  • Record Sales Invoices
  • Record Customer Payments

Weekly:

  • Weekly Accounts Receivable Aging Report
  • Weekly Accounts Payable Aging Report
  • Record Payroll / Payroll Taxes / Payroll Fees
  • Track Employee Advances

Monthly:

  • Prepare Bank Account Reconciliation
  • Record Individual Credit Card Purchase Transactions
  • Prepare Credit Card Reconciliation
  • Maintain Vendor W-9 Information
  • Email/Mail Customer Statements
  • Prepare Sales and Use Tax Return

Financial Reports:

  • Balance Sheet
  • Profit and Loss Statement – Month

 

Other Services

We can prepare as follow:

  • Business Plans
  • Tax Planning
  • Starting a business (Corporation C, S LLC)
  • Bankruptcy Bookkeeping
  • Divorce and its effect on your taxes and finances
  • Policies/Procedures

 

Cash Receipts
Prior to taking deposits to the bank, you need to make a copy and attached to the invoices.

Payroll Service

Payroll entries will include complete recording of gross wages, employer taxes and other payroll expenses, and payroll liabilities, and quarterly and annual reconciliation of general ledger balances to payroll returns.

 

Banking Activities
You will need to bring your bank statements monthly, General Bank Account and Payroll Bank Account. Banking, credit card, and loan accounts are reconciled to the corresponding statements each month, for security and control purposes.

Business Filings
We will prepare required business returns such as sales tax, business license tax, personal property tax, and various industry specific tax filings. we will either file these returns electronically upon approval,

 

Bank Reconciliation
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.
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing. You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough.

 

Income Statement/ Profit & Loss 
An income 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 so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget. Like that hard to control office supplies account.
  • Determine your income tax liability.

 

Balance Sheet 
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time. A balance sheet helps you to

  • Quickly get a handle on the financial strength and capabilities of your business.
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables take longer to collect, maybe you can focus more emphasis on your collection efforts.
  • 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 elements in providing 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 us 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.