Our Services
Full Charge Bookkeeping
Just as the name describes, Full Charge Bookkeeping means that we would manage all of your business accounting needs. Small Books would not only process invoices, maintain all ledgers, reconcile accounts, but we would also produce financial statements for your business. A combination of bookkeeping and accounting services would be at your descretion.
Clean-up
You already have an established means of handling your bookkeeping records. Perhaps it is Quickbooks. Small Books will analyze your records and review the accuracy and consistency of your financial state. The following steps would be taken:
Reconcile Bank Accounts.
Review Accounts Receivable.
Review Accounts Payable.
Review Payroll Records.
Review Inventory Records.
Reconcile Credit Card Accounts.
Review Tax Filings.
Clean Up the Chart of Accounts.
Recommendations and changes would be made and directives on how to maintain the accuracy of the records would be implemented to get you back on track.
Accounts Payable/
Accounts Receivable
Accounts Payable is a Current Liability. It pertains to the expenses owed by your company to vendors and suppliers. It is considered short-term debt. A/P may include bills from utility companies, product invoices, employee reimbursements, and credit card statements. All payables would be properly matched with a PO (if used) and entered for payment. All records of expenditures would be updated and maintained. Payments would be made timely upon verifying bank funds and in accordance with company policy.
Accounts Receivable is a Current Asset. It is money owed to your company from clients and customers. A/R ensures that invoices are prepared and disbursed to customers. Also, any delinquent accounts or issues would be handled and resolved by contacting and working with the customer. Timely collections would mean better cash flow for the business.
Key Skills for both would be: Good communication, organized, great attention to detail, and a keen eye.
Small Books could do both for your business.
Payroll Management
Payroll management encompasses the entire process of paying employees and maintaining the financial documentation for your business. It is important to be compliant when it comes to the legality of paying employees.
Some of the key tasks include:
Classifying workers correctly with proper documentation and double-checking all employee information.
Paying the correct amount, tax withholding amounts, and payment information.
Processing payroll on time every pay period.
Assure that all pay is correct, including tax withheld and any benefit payments are correct.
Depositing and reporting employment taxes correctly to all federal, state, and local tax authorities.
Account Reconciliations
Account reconciliations should be done monthly, quarterly, and/or at least yearly. All balance sheet accounts should tie to the coordinating bank statement, general ledger, or other supporting documents to ensure that items are properly documented. Reconciliations determine if there are any discrepancies. Journal entries and corrections can be made to ensure that the accounting books are balanced and correct. These recons can also insure that coding and documentation have been done properly and according to GAAP. (Assets + Liabilities = Owner’s Equity)
Budgets &
Forecasting
We begin with creating a Budget for your business. The budget represents the financial path that you desire for your business. Realistic goals are set and expenses are projected. The most important aspect of the budget is the revenue or sales income you predict for a specific amount of time; usually 12 months. The budget should be reviewed and spending should be adjusted based on the income foundation that management has agreed upon. Special attention must be paid to the recurring expenses and needs not wants.
While Budgets are created before a period begins, forecasts happen during the period at hand. Actual revenue and expenses are reviewed and compared to the budget. If the net income is greater, then purchases or asset replacements can be incurred. Forecasts predict where your business is actually heading and if you will be profitable.
Just remember both are not set in stone!