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Bookkeeping
This bookkeeping service is ideal for small businesses that would like to spend more time on business management. Seeking a bookkeeper for your small business can give you much of your time back and security knowing your finances are handled.
The services listed below are all included in our bookkeeping service, along with some a la carte services that may be added on to customize your experience.
Click the link below to schedule a consultation.
Accounts Payable
Accounts Receivable represents money that is owed to your company from customers. We will act on your behalf by sending invoices, collecting payments, and sending payment reminders to those customers based on your terms of payment.
Accounts Payable represents short-term liabilities owed by the company to vendors. We will act on your behalf to ensure those liabilities are paid in a timely manner to avoid accruing interest or late penalties.
Delegating your AP & AR responsibilities to a professional allows more time for the owner to focus on more business-oriented tasks, such as customer satisfaction and marketing. Proper maintenance of these accounts will give the business owner a clear view of the monthly cash flow and allow changes to be implemented in a timely manner with foreknowledge of the business’ financial trends.
Reconcile Accounts
Reconciling accounts monthly to match the corresponding statements ensures that all transactions have been posted and accounted for. Monthly reconciliation of banking account(s), credit card(s), line(s) of credit, asset, and liability accounts ensure the debits and credits are accurately represented in the books and on statements.
Monthly Reports
P&L / Balance Sheet
Reviewing your business’ monthly reports provides guidance as to where your company is going financially and allows you to identify seasonal trends for proper planning. Each month, you will be provided with a balance sheet and income statement, a.k.a the profit and loss statement. The balance sheet includes your assets, liability, and equity accounts while the income statement includes your income and expense accounts.
Assign Efficient Chart of Accounts (CoA)
Assembling an efficient chart of accounts is an overlooked but very important detail of bookkeeping. How your accounts are set up will affect how you will be able to read your reports. Our goal is to have a detailed COA to read reports more concisely and to be able to recommend adjustments to the business as needed in the right areas.
Record Keeping
When utilizing our bookkeeping service, we will keep all your receipts, invoices, statements, tax filings, and all other documents digitally stored where you will have access to them at any time. This will keep all your documents organized in one location and alleviate the stress that occurs at the end of the year trying to find all the necessary documents to be eligible for tax write-offs.
Sales Tax
Sales tax is a tax paid to your county and state based upon retail items sold and certain services performed, such as photography, lawn care, towing, and many more. Alaska, Delaware, Montana, New Hampshire, and Oregon are not required to pay a sales tax.
W9s & 1099s
When working with vendors, it is important to have their correct tax information on file. We will act on your behalf to collect your vendor information and send out 1099s by the deadline each tax season.
A La Carte Services
No two businesses are alike and Minor Bookkeeping understands that. We offer a la carte services that can be a one time service or added to your monthly plan customize your bookkeeping experience. A la carte services include software training, payroll processing, book clean up, and business spending plans.