An Accounts Payable system is traditionally used in accrual basis accounting – meaning that your company may have balances due to vendors on a short term basis at any given time. While accounts payable can also be utilized in a cash basis system, your books would be converted at year end for tax reporting purposes. In either case, an A/P system is a useful tool in most business applications.
Accounts Payable systems offer a variety of benefits such as knowing how much your business owes its vendors, having the ability to pull history and statistical reports, and having internal control. Additionally, it can be an effective way to save money. Many vendors offer extended terms, such as 30, 60, or 90 days to pay on invoices. These and other discounts can be implemented by utilizing a well-designed A/P system. Job costing and inventory control can be utilized in conjunction with accounts payable and receivable systems.
The history and information available to your company from vendor history to product purchasing can give a business the ability to maximize its profit. This information can play an important part in strategic planning. We have the skill and expertise to set up and implement an accounts payable system in your business. Call us today and enjoy the benefits of learning how to pay less through purchasing power and how to save money by eliminating costly mistakes.
An Accounts Receivable system is traditionally used in accrual basis accounting – meaning that your company may have monies due from clients/customers on a short term basis at any given time. While accounts receivable can also be utilized in a cash basis system, your books would be converted at year end for tax reporting purposes. In either case, an A/R system is a useful tool in most business applications.
An effective Accounts Receivable system offers the ability to track monies due by your client base on extended credit terms. It is an asset to your business and is generally watched closely by its owners / managers. There are many other benefits to an A/R system. The reporting ability empowers its owners by providing tools for budgeting and projecting future cash flow. It provides customer purchasing and payment histories. Other historical data can provide statistical information such as evaluating growth patterns, determining seasonal behaviors, and understanding product or service preferences. Job costing and inventory control can be utilized in conjunction with accounts receivable and payable systems.
We have the skill and expertise to set up and implement an accounts receivable system in your business. Call us today and enjoy the benefits of knowing who owes you money.
Performing Bank Reconciliations are an essential part of every business operation. To know at all times how much money your operation has, and to have confidence in the accuracy of your bank balance is not only important for managing overhead, it provides a measure of internal control. All bank, savings and credit card accounts should be managed by monthly reconciliations that are balanced to bank issued statement(s). We provide this critical service. If you are not utilizing a well-managed bank reconciling procedure, please call us today. We have the expertise to clean up your books to reflect accurate balances. We will perform monthly bank reconciliations and provide your business with these reports.
Financial Statements provide the financial condition and net income of your company. While the information on the Balance Sheet and Profit and Loss (or Income) Statements are most important to its owners and vested parties, it is sometimes needed for outside interests such as potential investors, lenders, or taxing authorities.
The accuracy of information on these statements is based on the day to day posting to the general ledger system. Misrepresentation of the company’s financial condition and profit can take place when these postings are done inaccurately. Damage can be extensive and costly.
Information is powerful and Profit is what you work for. Let us help you understand your company’s financial condition. We have years of experience in the day to day application of business bookkeeping and accounting. And we understand the importance of accurate general ledger posting. If you are a new or existing company we can set up an accounting system for your operation. If you believe your existing operation reflects inaccurate accounting information, we can provide audit and clean up of your existing books. Enjoy the benefit of having current and historical information represented in your profit and loss statements. Benefit too from reporting tools for strategic planning.
- Having your accounting records current each week, month or quarter, based on service.
- Having your bank accounts reflect accurate, reconciled balances.
- Having your receivables, inventory and payables reflect accurate data, based on service.
- Having your sales tax reporting reflect accurate, timely reporting, based on service.
- Having your payroll service set up for timely, accurate payroll submittals and tax reporting; Coordination and posting direct with your payroll provider, based on service.
- Having monthly or quarterly financial reporting, based on service.
- Having support via phone, email, online portal, and where available – onsite.
- Cost savings of $2,000 to $4,800 per year for office space and equipment costs.
- Cost savings of up to $105,000 per year on employment of in-house bookkeeper/accountant.
- Cost savings of $1,200 per year on office supplies, ink and postage.
- Cost savings of potential damages due to inaccurate accounting of bank balances, receivables, payables, payroll records, sales tax reporting and financial reporting.
- Cost savings to utilize Remote or Onsite Accounting Services over a CPA firm can be $thousands per year!
- Cost savings to have annual records submitted to your CPA for tax analysis and tax return processing. We work directly with your CPA.
- Cost savings to have records available for bank loans and vendor credit, taxing authorities and state compensation audits, or any other source requiring financial records or auditing.
- Your time savings for utilizing efficient, interactive relationship with Remote (or Onsite) Accounting Services in the preparation and completion of your routine bookkeeping could save you $thousands per year!
- Your cost savings for all the benefits of utilizing a Remote Professional Accounting/Bookkeeping Service over costly overhead, could be $thousands per month and/or year!
- Services offered with satisfaction guaranteed!
Contact us today for your FREE, no obligation consultation.