Value Added Bookkeeping Services Starting at $60
Our bookkeeping services include: bank reconciliations, adjusting journal entries, accounts receivable and accounts payable tracking, financial statement preparation, and general input. We have experience with everything from basic bookkeeping for a self-employed general contractor to complex bookkeeping services for multi-million dollar businesses.
Our bookkeeping services are $60 per hour in-house. Please give us a call so we can determine your specific situation.
1. After completing the annual bookkeeping for the first time for a small deli in Oceanside we notice they have $100 thousand in gross receipts, but their operating costs exceed their gross income resulting in a net loss of $20,000. The owners don’t understand because they offer great tasting, reasonably priced food products, a very nice place to come to, and have heard nothing but good things from their customers. After glancing over the income statement for the last year we notice they spent less than $500 on advertising and promotion. Therefore, we recommend that they consider spending more money on advertising because you can have the best product in the world, but without building a strong presence in the surrounding areas most people aren’t going to know you even exist.
2. An insurance broker calls us up and says he knows how to input transactions into his QuickBooks, but wants us to look it over before he has his S corporation tax returns prepared because he isn’t 100% clear on what is tax deductible and doesn’t know bookkeeping that well. We look over his income statement for the last calendar year and notice he has only $60 thousand in income, but has $22 thousand listed under automobile expense. We let him know having automobile expense that high definitely raises a red flag for audit purposes and ask him if he took out a personal use percentage. It turns out he did not so we figure out his personal use percentage was 25% and record an adjusting journal entry with a debit to shareholder distributions and a credit to automobile expense bringing it down to $16,500.
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Some of the documents we will need
- Bank Reconciliations
- Adjusting Journal Entries
- Accounts Receivable and Accounts Payable Tracking
- Financial Statement Preparation
- And More
We also ensure that the whole team is included in the process and that no one is left out during the turnaround. The most crucial part is ensuring some degree of financial stability during the turnaround.
This is the most worrying part for most clients going through or needing a turnaround; it means that incoming cash flows will change completely. We help ease these issues through fantastic financial projections and a realistic view of what can be accomplished.
Creating a list of potential qualified prospects for your service or product can be daunting when you’re beginning your business. However, this needs to be considered as a follow up on your Target Market Analysis so you can hit the ground running.