Expense tracking is an important part of creating a budget for your small business. I will help you keep a daily record of your expenses by tracking receipts, invoices and other outgoing expenses to improve the financial health of your budget. Tracking expenses can help you stay on top of your cash flow and prepare you for tax season.
I will ensure that your customers are invoiced and payments are collected from them on time, that any outstanding bills to suppliers are paid on time without running out of cash, and that bills are paid on time so as to avoid any delay in deliveries or holding back of supplier credit.
Bank deposits allow you to group multiple Cash Receipts and/or Debit Journal Entry Lines together as a means to reconcile to your bank statement.
I will facilitate the process of comparing the financial transactions in your books of accounts against the transactions reflected in your bank statements. Bank reconciliation is important for your business as it helps to find and correct data entry errors or overlooked transactions.
I undertake payroll services, involving calculating employee salary, adjusting deductions, and ensuring that the net salaries are paid to the employees on the required due date. Timely payment of salaries would ensure that your employees are happy. Also, proper payroll is important from the point of view of compliance.
Working with a bookkeeper on your budget is a vital part of creating a roadmap for success and an easy way to stay on track financially throughout the year. A small business budget is simply a calculated plan on how money will be spent for your business. It’s necessary when planning for the future and allocating resources to programs like marketing, operations, and scaling up. Budgets reveal how to use revenue in the most effective ways to work towards your business goals.
A month or year-end close is an accounting procedure that ensures all financial transactions have been accounted for in the previous month or year. There’s a lot of pressure to get the books closed as fast as possible every month because business owners use last month’s financials as a starting point to make business decisions for the upcoming month, so the sooner they get final numbers, the sooner they can see what worked last month, and what didn’t work so they can start making changes for the current month. I am here to make sure that it all happens quickly and efficiently.
Tax season is a stressful time for everyone, especially business owners. I will help you keep an organized record of your expenses to help you avoid digging through shoeboxes, your car and pockets for receipts. Assisting you in knowing what expenses are tax deductible can make sure you’re not losing out on any money.
Escrow accounts are a subset of what bookkeepers call restricted cash. Any cash that's reserved for a specific purpose qualifies. The owners' stake in the company equals the value of the assets, less the liabilities. Escrow counts as an asset.
IOLTA accounts pool nominal and short-term deposits and pay the interest or dividends to the Legal Services Trust Fund Program. I help you make sense of and manage them all.