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Accounting Software Onboarding
- Accounting Software Setup
- Establish Chart of Accounts
- Convert to Accrual Accounting
- Ensure GAAP Compliance
- Payroll Software Integration
Chart of Accounts
- Define Account Categories
- Organize Financial Transactions
- Standardize Account Codes
- Customize for Business Needs
- Establish Reporting Structure
Conversion to an Accrual Basis
- Transition from Cash to Accrual Accounting
- Record Revenue When Earned
- Record Expenses When Incurred
- Adjust for Prepaid and Deferred Items
- Align with GAAP Standards
Ensure GAAP Compliance
- Adhere to Standard Accounting Principles
- Implement Consistent Financial Reporting
- Maintain Accurate Record-Keeping
- Reduce Errors and Misstatements
- Align Financial Statements with GAAP
Payroll Software Onboarding
- Standardize Reporting Formats
- Ensure Accurate Revenue Recognition
- Follow Expense Matching Principle
- Disclose Financial Information Transparently
- Review and Adjust for Compliance Regularly
Full-Service Bookkeeping
- Record Daily Transactions
- Manage Accounts Payable and Receivable
- Reconcile Bank and Credit Card Statements
- Track and Categorize Expenses
- Prepare for Financial Reporting and Analysis
Bank Reconciliation
- Match Bank Transactions with Ledger
- Identify and Resolve Discrepancies
- Verify Deposits and Withdrawals
- Adjust for Outstanding Checks and Deposits
- Ensure Accurate Cash Balance
- Prepare Monthly Reconciliation Reports
Payroll
- Process Employee Salaries and Wages
- Calculate Taxes and Deductions
- Manage Employee Benefits and Contributions
- Ensure Timely Direct Deposits
- Generate Payroll Reports
- Maintain Compliance with Payroll Regulations
Audit Readiness
- Maintain Accurate Records
- Ensure Accuracy of Depreciation Records
- Implement Strong Internal Controls
- Document Policies and Procedures
- Prepare for External Audits
- Document Related Party Transactions
General Ledger Maintenance
- Ensure Accurate Record-Keeping
- Regularly Reconcile Accounts
- Implement Consistent Coding Practices
- Review and Adjust Journal Entries
- Generate Financial Statements
Budgeting
- Develop Comprehensive Budget Plans
- Monitor Actual vs. Budgeted Expenses
- Conduct Variance Analysis
- Engage Stakeholders in Budgeting Process
- Adjust Budgets Based on Financial Performance
Cashflow Forecasting
- Analyze Historical Cashflow Trends
- Project Future Cash Inflows and Outflows
- Identify Seasonal Variations in Cashflow
- Monitor Cashflow Against Forecasts
- Adjust Forecasts Based on Changing Conditions
Financial Literacy
- Understand Basic Financial Concepts
- Analyze Financial Statements
- Manage Business Budgets
- Recognize Risks
- Make Informed Financial Decisions
Month-End Close
- Review and Reconcile Account Balances
- Prepare Journal Entries for Accruals
- Finalize Financial Statements
- Ensure Compliance with Internal Controls
- Distribute Financial Reports to Stakeholders
Financial Dashboards
- Design User-Friendly Dashboard Interfaces
- Integrate Key Financial Metrics
- Update Data Regularly for Accuracy
- Provide Visual Insights into Financial Performance
- Facilitate Decision-Making with Real-Time Data
Financial Governance: Segregation of Duties & FPPM
- Define Roles and Responsibilities
- Enforce Segregation of Duties
- Monitor FPPM Compliance
- Provide Governance Training
- Reduce Risk of Fraud
