949.590.9998 info@electimgmt.com

ACCOUNTING

Monthly Financial Management Subscriptions

JUST THE BASICS

Basic Level is perfect for the small business who needs to keep track of income and expenses and wants to do much of the data entry themselves.  Just the Basics provides a monthly review of transactions and advises client of proper protocols for entering customer invoices, bills, and other expenses.

 

  • Based on QuickBooks Online Simple Start or Essentials (subscription paid by client)
  • Monthly Bank Reconciliations.
  • Monthly Credit Card Reconciliations.
  • Monthly Financial Reports.
  • Adjustments, Reclassifications and monthly closing of accounting/Books.
  • Semi-annual Review with company owners.
  • Advise on how to use and sync third-party apps with the software if needed.

INTERACTIVE

Interactive is great for the business that wants more detail about their performance and who also wants to outsource more of the work for bills, invoices, and collections.  In addition to the services offered with Just the Basics, Interactive provides these additional benefits:

  • Based on QuickBooks Online Plus (subscription paid by client) or QuickBooks Desktop (Pro, Premier, or Enterprise (client software, in a hosted environment paid by client)
  • Customer invoicing assistance.
  • Recurring customer invoicing assistance.
  • Bill and Bill Payment Assistance.
  • Merchant processing account assistance/maintenance.
  • Customized reports to meet specific client requests.
  • Setup and Assistance on how to handle Job Costing and Classes.
  • Quarterly Review of Financial Statements with Owners and Managers
  • Training on how to use specific features of the software

HANDS OFF

Based on QuickBooks Online Plus (or higher) or QuickBooks Desktop (Pro, Premier, or Enterprise) (client  software, in a hosted environment paid by client)

Hands Off is perfect for the business that wants to outsource the vast majority of their accounting function and wants to benefit from the expertise of trained professionals to evaluate the health and performance of the business regularly.  With Hands Off, our team will develop key performance indicators (KPI’s), monitor progress, and report to the business owner areas for improvement or areas that are exceling.  In addition, Hands Off includes:

  • Develop KPI’s and offer advice based on results.
  • Payroll assistance/submission using third party payroll service.
  • Create and send 1099/1096 to Independent contractors and IRS.
  • Accounts Receivables Analysis. (Only when invoiced through QuickBooks)
  • Accounts Payable Analysis. (Only when using the bill feature in QuickBooks)
  • Detailed Expenses and Cost of Goods Sold analysis on a monthly basis.
  • Unlimited Support and training for owners/Staff.
  • Monthly Revision with company owners Onsite, Remote and/or at our office.
  • Sales Tax Form Preparation
  • Unlimited interaction with your Firm CPA for any type of tax consultation and planning.

What is Outsourced Bookkeeping Service?

What the client (small business owner and team) typically might do inside their accounting system BEFORE the outsourced bookkeeper gets to work

  • Create Estimates and Invoices and send them to their customers.
  • Create Bills for vendors that they owe money to.
  • Scan some receipts, bills, and other documents into accounting system to have records on file.
  • Receive Inventory and perform periodical inventory adjustments .(only if they actually manage Inventory)
  • Create items (products and services) that will be in estimates and invoices.
  • Create new accounts into the chart of accounts when a new category of income or expense arises. (although this is most accountants’ pet peeve)
  • Create new customers and vendors that the company is doing business with.
  • Receive customer payments. (marking invoices PAID or partially paid)
  • Create Checks or Pay Bills with checks. (Print Checks from QuickBooks)
  • Enter employee data into timesheet and/or create Paychecks. (assuming that payroll is managed in-house and not outsourced)
  • Make sure that all invoices have the correct Sales Tax applied based on their customer’s shipping address, exception status, and/or whatever circumstance affects sales tax. Pay the sales tax liability.

Outsourced accounting firm provides the following services
(depending on the package chosen):

  • Adjust or write-off any invoices that were created erroneously, duplicated, or are deemed uncollectible
  • Adjust or write-off any vendor bills that were created erroneously, duplicated, or are that will not be paid for whatever reason
  • Match up / decipher scanned documents to see if they are relevant to accounting results (or that any action needs to be taken upon them, such as creating a bill or expense related to a receipt)
  • Help client make inventory adjustments, merge/delete redundant items
  • Make sure the items (products and services) are mapped to the correct chart of accounts
  • Merge, Delete, or group (make into a “subcategory”) new accounts into the chart of accounts to make sure that reports show in the best possible way that it makes sense to both the client (small business owner) or govt. entity (IRS, State, etc.) – Generally speaking, the outsourced bookkeeper will maintain the chart of accounts integrity
  • Merge or Delete duplicate or redundant customers/vendors created by the client
  • Match up customer payments with bank deposits
  • Match-up or apply vendor payments or expenses with open bills (accounts payable)
  • Make sure paychecks have been accurately prepared and required filings have been done working through a 3rd party processor.
  • Make sure that 1099 eligible vendors are entered correctly in the accounting system with their complete information to easily be able to prepare 1099-NEC and 1099-MISC reports at year end
  • Pay Sales tax and File Sales Tax forms (assuming that responsibility has been included as part of the outsourced bookkeeping engagement)
  • Reconcile all bank and credit card accounts. Delete (or adjust) all uncleared transactions generated by client; except for outstanding checks. Void/Reverse outstanding checks that are no longer cashable, like 90+ or 180+ day old checks
  • Adjust all loans principal balances (liabilities) with allocating loan payments to principal and interest
  • Cleaning up any errors entered by the client or redoing work from transactions deleted or modified by client. Reclassifying transactions that were entered in wrong categories, typically: Business vs. Personal expenses, Fixed Assets vs. Expenses, Admin vs. Direct Costs, Loans vs. Leases, etc.
  • Generate monthly, quarterly, and/or other periodical financial reports requested by client. And creating custom reports at client’s request.
  • Remind clients of numerous deadlines related to compliance, licensing, renewals, and of course, taxes.

Because this is collaborative work, the efficiency of the accounting professional is highly tied to the accuracy of the client entered data. Our professionals make sure that the client is well educated on HOW to enter the information accurately to prevent errors that would necessitate redoing some of the work. As a result, Training Services are a common additional service that we provide.  In some cases, the training services are inclusive of the outsourced accounting engagement and in others, it is sold as a separate service. 

Additionally, sprinkled through our accounting and training services, there is some general “advisory” services, where we answer client questions and offer general advice to items that obviously need attention.  For more intentional, proactive, and scheduled advice, clients are encouraged to get a quote for a planned engagement for these services.  Advisory services are potentially the most valuable piece to accelerating your businesses’ success story.