Bookkeeping Functions Performed Daily:
- Record Vendor Invoices
- Reconcile Vendor Statements
- Record Vendor, Debit Card Transactions, Pay Pal & EFT Payments
- Record Purchase Orders (PO) Prepared By Client
- Process Manual Checks Issued As Needed For Emergencies
- Record Sales Invoices
- Email/Mail Customer Invoices And Monthly Statements
- Record Customer Payments
- Track Customer Under Or Over Payments
Bookkeeping Functions Performed Weekly
- Provide Signature and envelope Ready Checks And/Or Set Up Online Bill Payments
- Weekly Accounts Payable Aging Report
- Weekly Accounts Receivable Aging Report
- Process Payroll and Checks or Direct Deposit
- Process Payroll Tax Reports Electronically and make Payroll Tax deposits
- After the Fact Payroll Data Entry
- Track Employee Advances
Bookkeeping Functions Performed Monthly:
- Prepare Bank Account Reconciliation
- Record Individual Credit Card Purchase Transactions
- Prepare Credit Card Reconciliation
- Maintain Vendor W-9 Information
- Create Collections Process
- Prepare Sales Tax Return
- Balance Sheet
- Profit and Loss Statement ? Month
- Profit and Loss Statement ? Year-to-Date
- Accounts Receivable Aging
- Accounts Payable Aging
- General Ledger
- Bank Reconciliation Report
- Credit Card Reconciliation Report
Get your invoices out promptly and send monthly statements on the date of your choice.
We offer two options:
- KAB prepares your sales invoice from information you provide to us. We email you the final invoice for approval prior to emailing, faxing or Mail.
Whether we prepare your invoices for you or you generate them yourself, We can print and mail or email customer invoices and statements on your behalf.
Accounts Receivable reports for collection and cash flow management are prepared and delivered to you on a schedule of your choice. We will send courteous collection letter on your behalf.
Invoices you receive from vendors are mailed or emailed directly to us for processing, we will scan to our secure website for your approval.
. On a schedule determined by you, KAB will email you a report of all open vendor invoices. Just indicate which invoices you want paid, then email the report back. We will set up the requested bill payment checks to be paid by check or online bill pay.
Once the checks are ready We mail them to you signature ready with addressed envelope.
The printed checks are signed and mailed from your office. You maintain full control What and When bills are paid.
Have your customers mail checks directly to us for deposit or you take the deposits to the bank, you will email, mail or fax the deposit slip. We will post the customer payments against the appropriate customer invoices and record the bank deposit.
KAB either processes payroll or makes the necessary entries to record payroll processed by a third-party provider. In either case, payroll entries will include complete recording of gross wages, employer taxes and other payroll expenses, and payroll liabilities, and quarterly and annual reconciliation of general ledger balances to payroll returns. We do recommend direct deposit of employee paychecks.
Bank account activity is updated daily in your accounting file, so that you always know your available cash balance. Transactions that appear in your bank account that the we have no knowledge of will be posted when Bank account is reconciled/Banking, credit card, and loan accounts are reconciled to the corresponding statements each month, and the reconciliation reports are emailed to you promptly. We will call your attention to old outstanding items that require resolution and will also provide a list of any missing check numbers for security and control purposes.
KAB will prepare required business returns such as sales tax, business license tax, personal property tax, and various industry specific tax filings. We will either file these returns electronically upon approval, or email the completed tax forms to you for signature and mailing.
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
- Identify lost checks, lost deposits and unauthorized wire transactions.
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds from within your company.
- Know how your business is doing. You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all funds, accounts, checks and disbursed funds are properly accounted for.
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time. A balance sheet helps you...
- Quickly get a handle on the financial strength and capabilities of your business.
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
- Determine if your business is in a position to expand.
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
- Determine if you need to take immediate steps to bolster cash reserves.
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.