Paying Bills (Accounts Payable) Invoicing Clients (Accounts Receivable)
This portion of our service offering handles all of the functions of a bookkeeper. We would code and maintain your accounts payable including credit cards, ensure bills are paid timely, and make sure that your accounting software is updated regularly. Our Cash Flow Management Service is always included in this option.
Handling customer invoicing and relations can be a sensitive item so in order to ensure success we need to have a point of contact on your team that we can work with to confirm all outgoing customer invoices before they are sent. At the beginning of the engagement we will establish a protocol for what, where, and when information needs to be pulled to prepare customer invoices. As part of this service we will record payments in the accounting ledger as well as reach out to past due customers with either a regular account statement or a soft reminder phone call.
- Payroll Management
- Cash Flow Management
- Credit Card Receipt Tracking
- Business and Personal Tax Returns
Although we are not a payroll provider such as ADP or Gusto, we do assist our clients with this aspect of the business. This is an important control for many businesses that do not want someone internally to have the ability to either see or modify other team member compensation. Please note that we are not an outsourced HR option, so we are not maintaining team member information or making intuitive changes to any staff’s payroll withholdings, reimbursements, or compensation without express written consent. Our role is to submit payroll to the third party payroll provider, update employee information as directed, apply for new state IDs when applicable, and transfer the information into the accounting file.
In order to ensure that we have a strong handle on the company’s short-term cash position we create a 4-8 week cashflow forecaster and then meet with a member of your internal team for a 30 minute meeting to discuss the cash ebbs and flows for the near term. In preparation for this report and meeting we will reconcile all of the business checking and credit card accounts as well as review the outstanding accounts receivables and payables. During this meeting, we collectively review the anticipated inflows and outflows to determine any action items needed such as pinging customers for payment. The result of the meeting is that you will have a strong handle on what needs to happen in the short term to ensure there are no business interruptions due to poor cash flow.
If you permit your team to possess company credit cards it is important to make sure that all activity is properly documented and coded. We recommend using a service such as Expensify to ensure that all receipts are accounted for its corresponding activity. This software provides a strong platform for management approvals if required as well as an ability for the user to select from a list of accounts so that the activity is properly coded. If you choose to have us handle this aspect of the finances, your team would be responsible for sending all reports to us for approval. We would ensure that everything is accounted for and coded. If requested, we would send reports up to another member of your internal team for final approval once everything is properly accounted for within the system.
As part of the forecasting and goal planning, we are always making sure we have a close feel for the year-end tax liability so there are no surprises. Monthly we will request to move money into a tax savings account to set aside a reserve based on our month-to- month assessment. In the fourth quarter we will take a deeper dive incorporating the shareholders individual information into the planning so we can “true-up” the reserve account. And of course, at the end of the year we would prepare the business, shareholder, and property tax returns. And don’t forget those pesky 1099s!
Serving clients across Blue Bell, Allentown, Philadelphia, Wilmington Township, Norristown, King of Prussia, Horsham, Lower Gwynedd Township, Montgomery County, and the surrounding areas.