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Business accounting is one of the most important components of a successful business. With the right insight into your money flow, getting your bills paid on time and having critically needed cash is important. This should be maintained as your business grows. This ensures your company’s health and allows you to compete in today’s marketplace. Here are some areas that we can help.
Onboarding Services
Onboarding services, like catch-up accounting, help clients update and organize their financial records to bring them current. This ensures a smooth transition and clearer financial insights moving forward. It doesn’t matter how bad you think things are. We can help!
The process of bringing a company’s financial records up to date after they have fallen behind. This involves reviewing and recording past transactions and reconciling accounts. This also includes generating financial statements for periods where records were not properly maintained. It’s a way to correct errors, fill in gaps, and ensure accurate financial reporting for a business.
Bookkeeping
Bookkeeping is the systematic process of recording, organizing, and tracking a business’s financial transactions. This is the backbone of a company. It’s crucial for understanding a company’s financial health, facilitating informed decision-making, and ensuring compliance with regulations. Our monthly price plans start at $200 per month. That is the flat-rate price but will be adjusted as needed based on your business size and complexity.
This is the process of verifying that the balance of a financial account in your internal records match. These include ensuring the general ledger matches the balance in an external source or a bank statement or vendor invoice. It’s a critical step to ensure the accuracy and reliability of your financial information.
Financial reports from a bookkeeping standpoint are records that summarize a company’s financial activities and position over a specific period. They provide essential information about a company’s financial health and performance, enabling stakeholders to make informed decisions. These reports are created through a systematic process of recording, analyzing, and presenting financial data.
Every transaction has a proper category in accounting. We take every transaction and properly classify them into predefined groups or categories based on their nature and purpose. This helps businesses and individuals gain a clearer understanding of their financial activities, track spending and income, and improve financial management.
Better Keepers’ support means having access to accounting assistance and expertise on an as-needed basis. This avoids committing to a full-time, in-house team. Let us help you focus on your business instead of the tasks of maintaining your books.
Payroll
Payroll is the process of calculating, processing, and distributing employee wages, salaries, and benefits, ensuring timely and accurate compensation for the work performed.
Better Keepers manages the deductions of an employee’s earnings and directly sends it to government agencies. These are as a prepayment of the employee’s income tax liability. This pay-as-you-go system ensures that individuals meet their tax obligations throughout the year. This can avoid facing a large sum at tax time.
This refers to the management of various types of employee withholdings from wages. This goes beyond the standard federal and state income taxes, social security, and Medicare taxes. These withholdings include items like deductions for employee covered benefits or mandatory wage garnishments.
No matter the way you pay your employees we can take charge and do the calculations for you. We do anything from reviewing time sheet to per job calculation. Payroll wages involves more than just calculating paychecks. It encompasses managing employee compensation data, tracking time worked, and ensuring compliance with tax and legal regulations.
Manual check creation to repay employees for mileage and/or personal money spent on products or services for the company.
Electronic transfer of funds from the employer’s account directly into an employee’s bank account, eliminating the need for paper checks. This is often the preferred method for payroll processing.
If an employee does not wish to receive direct deposit we can handle the process of printing manual checks.
The processes of recording, managing, and analyzing all financial transactions related to employee compensation. This includes tracking wages, salaries, bonuses, commissions, payroll taxes, and benefits. It ensures accurate and timely payment to employees. This also maintains compliance with legal regulations, and provides a clear picture of payroll-related expenses for financial reporting.
Accounts Payable
Accounts payable is the short-term liability that a company owes to its suppliers or vendors for goods and services received but not yet paid for.
Recording, categorizing, and analyzing a business’s expenditures to gain a clear understanding of spending patterns and manage financial resources effectively. It involves monitoring all costs incurred, including operational expenses, subscriptions, and employee reimbursements. This ensures financial control, improve budgeting, and identify areas for potential cost optimization.
Meticulously recording details of payments, matching them with corresponding invoices or bills. Then updating records to reflect the current status of each transaction. The goal is to ensure accurate financial records, maintain healthy cash flow, and prevent issues like late payments.
Initiating and finalizing payments for goods or services purchased. This involves receiving invoices, verifying them, and then processing the payment through various methods. These include checks, electronic transfers, or other digital payment systems.
Verifying that the information on an invoice matches other relevant financial documents, like purchase orders, receiving reports, and bank statements. It ensures accuracy and consistency in financial records by confirming that what was ordered, received, and paid for all align. This helps businesses avoid overpayments, detect errors, and prevent fraud.
Comparing a vendor’s statement with a company’s internal records to ensure accuracy and identify discrepancies in financial transactions. It involves matching invoices, payments, and other transactions recorded by both the vendor and the company. This is to confirm that both parties agree on the outstanding balance and identify any errors or missing information.
The ongoing process of tracking and recording a company’s outstanding obligations to its suppliers and creditors. These are for goods or services received but not yet paid for. It’s a crucial aspect of financial management, ensuring accurate financial data and efficient cash flow management.
Adding new suppliers of goods or services to a company’s accounting system.
This is the process of monitoring and managing the financial aspects of a specific project or program. This involves recording, tracking, and analyzing all financial activities related to that project, including costs, revenues, and profitability. Projects stay on budget, on schedule, and within scope, while also providing valuable insights into project performance and financial health.
A legally binding document issued by a buyer to a seller, outlining the details of a purchase. It signifies the buyer’s intent to purchase specific goods or services at an agreed-upon price. It also serves as a contract once accepted by the seller. POs are crucial for tracking purchases, managing inventory, and ensuring clarity in transactions.
The ongoing process of tracking and analyzing the movement of cash both coming into and going out of a business. It’s a crucial aspect of financial management that helps businesses maintain sufficient liquidity. This is used to meet their obligations, identify potential problems early, and make informed decisions.
Overseeing the entire lifecycle of interactions with suppliers, from onboarding to payment processing and dispute resolution. This ensures smooth operations, timely payments, and the maintenance of positive, productive relationships with vendors. Effective AP vendor management contributes to cost savings, improved cash flow, and reduced risk.
Accounts Receivable
Accounts receivable is the amount of money owed to a company by its customers for goods or services delivered on credit, representing future cash inflows.
The process of creating and sending a document to a customer, detailing the goods or services provided and the corresponding amount due. This is essentially requesting payment. It serves as a record of the transaction for both the seller and the buyer. This is crucial for managing accounts receivable and tracking revenue.
Deposits can be made in various forms, including cash, checks, or electronic transfers. This service is available to local clients as needed.
Adding a new customer’s information into the company’s accounting system. This typically involves creating a record for the customer that includes their details. Information like their name, contact information, billing address, and potentially other relevant information like their credit terms or tax ID. This record is then used for invoicing, tracking payments, and managing the customer’s account.
The early-stage efforts to recover outstanding payments before a formal collection process is initiated. This proactive approach aims to address overdue invoices or payments before they become significantly delinquent. This avoids potentially more intensive and costly collection methods.
Recording and tracking purchase orders (POs) received from customers within a company’s accounting system. This involves entering the details of each customer PO into the system. These typically include information like the customer’s name, the items purchased, quantities, prices, delivery dates, and payment terms. This process helps businesses manage their sales orders, track inventory, and ensure accurate billing and financial reporting.
Monitoring and managing the money your business is owed by customers for goods or services delivered but not yet paid. It involves recording invoices, tracking payments, reconciling accounts, and following up on overdue payments. Effective AR tracking is crucial for maintaining healthy cash flow, ensuring financial stability, and fostering strong customer relationships.
The steps taken to convert accounts receivable (money owed to the company) into cash. This includes sending invoices, tracking payments, sending reminders for overdue payments, and potentially taking further action to recover the debt.
Reporting on customer receivables involves tracking, analyzing, and presenting information about these outstanding payments to business owners or managers.
HR Services
HR services involve managing employee recruitment, onboarding, benefits, compliance, and overall workforce support to ensure a productive and compliant organization
The process of integrating a newly hired individual into your accounting system and their assigned department. This process goes beyond simply filling out paperwork. It focuses on making the new hire feel welcome, prepared, and ready to contribute effectively. They know they have a team behind them.
COIs are documents that verify the existence and coverage details of insurance policies. These include items such as general liability, workers’ compensation, Auto, or professional liability. Effective COI management helps mitigate risk, ensure compliance with legal and contractual obligations. These also protect the organization from financial liabilities related to accidents, injuries, or property damage.
We facilitate the setting up of drug screenings of employees or job applicants. These check for the presence of illegal drugs, alcohol, or certain prescription medications. These could potentially impair their ability to perform their job duties or affect workplace safety.
Researching, acquiring, and managing the benefits packages offered to employees. This involves negotiating with providers to secure benefits like health insurance, retirement plans, and other perks. These are attractive and cost-effective for the organization and its employees.
We facilitate verifying the information provided by job applicants, including their past employment, education, criminal history, and other relevant details. We do this to assess their suitability for a role. This helps professionals make informed hiring decisions by confirming candidate qualifications and identifying potential risks.
The process of collecting, analyzing, and presenting data related to various HR functions and activities. This data is then used to create reports that provide insights into the workforce, identify trends, and support strategic decision-making. These reports can cover areas like employee demographics, turnover, performance, compensation, and training, among others.
We facilitate verifying employee auto insurance coverage and potentially find offers to provide additional coverage to mitigate employer liability. Employers can be held liable for accidents caused by employees driving for work purposes, even if using their own vehicles.
Acquiring and managing General Liability Insurance specifically the organization from certain types of claims related to their operations and interactions. We also oversee the processes related to employee injuries and illnesses sustained on the job. These including claims, benefits, and return-to-work programs. This requires understanding intricacies of workers’ compensation laws and ensure compliance while providing support to employees and employers.
We facilitate the crucial role of documenting and keeping on file any employee complaints or injuries. This is required for maintaining a healthy, safe, and productive workplace. It involves a structured approach to ensure fair, prompt, and legal handling of these issues.
Mandated submission of specific employee-related data to state government agencies by employers. These requirements are crucial for various reasons
Filing Services
Filing services include organizing and submitting essential financial and business documents, such as taxes, invoices, and reports. These services help ensure compliance, accuracy, and easy access to important records when needed.
Businesses, including LLCs and corporations, submit required information to the state where they are registered annually. This report keeps the state’s records current with basic information like the company’s principal business location, officers, and registered agent. It’s a crucial step for maintaining a business’s “active status” with the state and prevent penalties.
Support and guidance provided to businesses in meeting their tax obligations. This assistance is crucial because tax laws are complex and frequently changed. This makes it difficult for many taxpayers to ensure accurate and compliant filings on their own.
General Liability (GL) and Workers’ Compensation (WC) agents generally do annual audits to adjust premiums for the next year. We facilitate working with the agents to provided needed documentation to adequately analyze the business for the audit process.
Sales and use tax preparation and reporting refers to the comprehensive process of accurate maintenance. This includes calculating, collecting, reporting, and remitting sales and use taxes to the relevant tax authorities in a timely manner. This avoids any costly penalties.
We facilitate the periodic payments made by individuals to the taxing authority (like the IRS). This includes income that is not subject to regular withholdings. This typically applies to income sources like self-employment, investments, rentals, or other earnings where the tax isn’t automatically deducted. This process helps reduce or eliminate the big tax bills at the end of the year for individuals.
Inventory Services
Inventory services involve tracking, managing, and organizing a company’s stock of goods and materials. These services help ensure accurate inventory levels, reduce shortages or excess, and improve overall supply chain efficiency.
We have facilitate tracking and controlling a company’s stock, including raw materials, work-in-progress, and finished goods. Inventory adjustments are specific actions taken to correct discrepancies between recorded inventory levels and the actual physical stock on hand. These adjustments ensure that the inventory records accurately reflect the real-world situation. This is crucial for financial reporting, production planning, and overall business operations.
Inventory reporting helps make informed decisions about purchasing, production, and sales, along with managing cash flow and minimizing costs.
Ordering new inventory based on a threshold refers to a system where a new order for inventory is triggered. This can be automatic or manually when the stock level of a particular item reaches a predetermined minimum quantity. This minimum quantity called the reorder point or inventory threshold, serves as a critical signal to replenish stock.
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Our prices vary based on the services required and other factors. If you’d like to learn more about our pricing, please contact us today!