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Types of Bookkeeping Services

Every profession has its terminology.

Here is a list of bookkeeping services I offer with some extra description:

Catch-up

Entering business transactions a month or more behind into your bookkeeping software. This includes reconciliations of all business bank and credit card accounts. I make sure that the transactions in the books match what the bank and credit card statements show.

This is particularly important to do every month. It helps you catch fraudulent activity in your financial accounts. It acts as a form of quality control. You can delete things that duplicated in the books and add things that you missed. Catch-up and clean-up often need to be done at the same time.

Clean-up

Fixing transactions that were entered incorrectly into the bookkeeping software. This often includes a complete revamping of the Chart of Accounts (COA). Tailoring the COA to your particular business provides you with much more useful information.

For multiple income streams, it is a good idea to change the COA from having the single default income account, “Sales Income.” Instead, make an account for each income stream. For a property investor, that could include “Income – Rent,” “Income – Flips,” and “Income – Wholesale. Each becomes a separate line on the P&L statement (Income Statement).

Monthly Bookkeeping

I keep your books properly posted and up to date. I provide you with monthly financial reports and discuss what these reports reveal about your business to help you make better decisions as a business owner. All for a fixed monthly price.

A clear contract specifies what is needed from each of us to work well together. This frees you as the business owner from the additional task of bookkeeping after a long day, week, or month of running and growing your business.

Set-up

Some businesses are too small to warrant a bookkeeper. The owner could easily handle it themselves if they knew how to do it! In the set-up, I create a Quickbooks Online (QBO) account for you and develop a chart of accounts tailored to your business.

I provide an hour’s worth of training to show you how to post your business transactions and give you a printed cheat sheet manual to refer to in case you forget something. This is useful for tasks that only happen once a month, year, or quarter.

Quarterly Reviews

Owners of small businesses feel more secure having someone double-check their data entry every three months to correct anything off-track before tax time rolls around. It also helps to have someone run off the quarterly financial reports and talk about what the reports reveal about your business. It nips errors in the bud and guides you to greater profitability in your business!

It adds a layer of security to have someone double-check your work so tax time doesn’t catch you unprepared. After double-checking your books, I give you a list of things that need fixing, run quarterly reports, and provide a one-hour video discussion. Contact me to get started today! 

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