Accurate and complete financial bookkeeping is crucial to any business, but it's also important to those who work with your business such as investors, financial institutions, and employees.
Bookkeeping is a continuous cycle starting starting with financial transactions, recording those transactions in journals, posting those transactions to the ledger, testing your books to be sure they are in balance, making necessary adjustments or corrections to the books to keep them balance, prepare financial reports to help you understand how well your business is doing during the year and starting the process all over again for the next year.
We take you through the process of recording all your transactions- sales, purchases, and other activity. Also, we handle and manage payroll, governmental reporting and external financial reporting.
- Set up chart of accounts of vendors, customers, office expenses, employees and inventory accounts into QuickBooks to track revenue, expenses, assets and liabilities.
- Record all financial transactions: income and expenses, deposits and adjusting entries needed on a monthly basis.
- Reconcile checking account with the bank statement each month for proper account balance and to identify any errors. We will make correcting entries directly to and identify the source of each adjustment. We will tell you of these adjustments and make you aware of any corrections.
- Review, analyze and reconcile general ledger accounts for accuracy and confer with you regarding any items not fully understood.
- Prepare and record all necessary journal entries in accounting software and MS Excel to reflect correct accounting records.
- Perform monthly and year end closing of the financial books.
- Review and prepare outsourced payroll records and payroll tax deposits. For any error found, we will take appropriate action as required to correct such errors.
- Prepare financial statement and reports monthly, quarterly and/or annually to help you understand how well your business is doing during the year.
- Prepare monthly, quarterly, and/or yearly budgets and cash flow projections to manage profits and overspending. Interpret historical financial information to project and plan for future profits.
- Interpret historical financial information to project and plan for future profits.
- Setup, prepare and organize company filing and paperwork duties of vendors, customers, employees and inventory.
- Install accounting policies and procedures for company financial operations and segregation of duties.
- Process and file federal withholding W-4 and W-5 Forms.
- Process and file state withholding MD 507 and 508 Forms.
- Process and file identification I-9 Forms.
- Review Sales Journal and prepare Sales Tax Returns (if applicable).
- Review and reconcile Payroll Records and Employment Tax Returns.
- Prepare and process Form 1099 and 1096 for independent contractors.
- Prepare and process Form W-2s and W-3s for salaries and wages.
- Prepare and process Form 571 L (annual County Business Property Tax)
- Prepare and process federal and state unemployment tax returns; quarterly (941 Form) and annually (940 Form). You agree to provide the required forms to send to state and federal offices.
We have a affiliate partnership with QuickBooks for our clients to receive a 20% discount and free shipping on accounting software. Also, 30 days free and low cost on online services.