ACCOUNTING
While bookkeepers and accountants both work with financial data and share common goals, they support your business in different stages of the financial cycle.
Bookkeeping is more transactional and administrative, concerned with recording financial transactions in a consistent way, usually through the accounting system.
Accounting is the process of systemically recording business financial transactions and utilizes financial information compiled by bookkeepers. Accountants design the accounting system and internal controls in order to accurately analyze, summarize, and report the business’ transactions to company leaders to help them make informed business decisions most often in the form of financial statements, adhering to accounting principles, standards and requirements.
In summary, the process of accounting is more subjective than bookkeeping, which is largely transactional.
Accounting services include the following:
ACCOUNT RECONCILIATION
Bank account reconciliations
- Credit card reconciliations
Mortgage account reconciliations
Escrow account reconciliations
Merchant account reconciliations
Inter-company reconciliations
Petty cash reconciliations
GENERAL ACCOUNTING OUTSOURCING (GAO)
General ledger maintenance
Prepaid expenses amortization
Inventory tracking, reconciliation and reporting
Fixed Asset maintenance
Intangible Assets & Goodwill impairment analysis
Monthly accruals of expenses
- Notes payable amortization schedules and reconciliation
ACCOUNTS RECEIVABLE OUTSOURCING (ARO)
Customer master data set-up
Sales Order creation
Billing/customer invoices generation
- Customer receipts processing/cash application services
Aging of receivables and receivables tracking
ACCOUNTS PAYABLE OUTSOURCING (APO)
Vendor master data set-up
Purchase Orders (POs) creation
Vendor invoice creation including 2/3-way matching with POs and packing slips
Disbursements processing: checks, ACHs transfers, wires
Accounts payable reports including aging report
SALES TAX
Sales Tax calculations
Sales Tax reporting and payment processing on state comptroller website
Sales Tax audit review and reconciliation
PAYROLL & PAYROLL TAX
Payroll & Payroll Tax items set-up in ERP/accounting system
- Payroll & Payroll Tax items mapped to general ledger accounts to produce financial reporting
- Payroll processing including gross and net paycheck calculations based on FUTA, SUTA, SS, Medicare, garnishments, and 401(k) deductions
- 940 and 941 Federal Payroll Tax filings with the IRS; W-2 and W-3 IRS filings