Bookkeeping

Capturing and properly coding all bank and credit card transactions.

All the bank and credit card transactions will be captured by QuickBooks Online once your accounts are connected. These transactions need to be coded and categorized properly to their perspective accounts in the general ledger. Two accounting methods are considered when doing so either cash basis or accrual basis. The accounting method used is determined by your businesses activities and ensures accuracy and sometimes compliance.

Bank and credit card reconciliation.

A reconciliation is performed each month to confirm that all the transactions inside of QuickBooks match the bank and credit card statements. Think of this as an ongoing audit of your general ledger. However, the software doesn’t always get it right. If the reconciliation does not balance, knowing what to look for and how to correct it is extremely important. After the reconciliation is performed, the books are closed and restricted to prevent any accidental changes and to maintain accuracy.

Financial Reporting

A Profit and Loss Statement and Balance Sheet will be sent out after the books are closed each month. This is your time to review the financial position of your business and make crucial decisions based on your goals. Upon request your bookkeeper will go over your reports with you to aid in your decision making process. There are many more reports that can be provided such as Statement of Cash Flows, A/R Aging Detail and A/P Aging Detail just to name a few.

Catch Ups & Clean Ups

*Note: This is a basic overview and explanation of the services provided.

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