How Our Accounting Service Works
Below is a diagram of how our system works with our clients.
The three levels of accounting services described below serve as starting points to help you determine the level of accounting services you require.
Essential Accounting Services
A list of the Essential Accounting Services we provide follows:
- Input Transactions: We enter all your transactions into our accounting package on a monthly basis.
- Assign Items to Appropriate Accounts: We assign all transactions to appropriate income and expense accounts.
- Reconciliation of Bank Statements: Your bank statements can be mailed directly to Financial Connections for reconciliation.
- Financial Statements: We will provide monthly financial statements for your review as part of our essential accounting services package.
- Assist with cost control: Based on our experience working with many customers, we will let you know if you appear to be paying too much for specific items or services.
- Year End Reports for Your Accountant: We will provide your accountant with the information they need to quickly and inexpensively prepare your taxes.
Basic Accounting Services
Basic Accounting Services include all services listed under Essential Accounting Services plus the following:
- Accounts Payable: We prepare your checks for signature and send them to you to sign and mail out.
- Accounts Receivable: We will invoice your customers and manage collection as necessary. We can receive your payments and deposit them directly into your bank account.
- Payroll: We will manage your payroll and maintain your payroll records, including all Quarterly tax payments, Year End W-2 processing and State reporting requirements.
- Assist with Cash Management: We will prepare collection letters for you to sign and send to your customers, and we will make sure your bills are paid on-time, but no earlier than necessary.
- Vendor and Customer Files: We will maintain vendor and customer files for all those you do business with.
Enhanced Accounting and Office Services
Enhanced Accounting Services include all Basic Accounting Services plus custom reports that enable you to better analyze your revenue and expenses and quarterly budget reviews.
Examples of some of the services you can receive with Enhanced Accounting Services follow:
- Custom-Designed Reports: We will prepare custom-designed reports that provide you with the information you need to manage your business better. Samples of some of the reports we might provide include:
- Customer Reports: we can provide reports to help you determine who your most and least profitable customers are.
- Breakout of Expenses: It is often useful to break expenses out into different categories, such as by product line, office, or region. Reports such as these are available as part of Enhanced Accounting Services.
- Project Tracking Reports: we can track and analyze projects you have ongoing or new projects along with their associated costs.
- Employee Reports: we can provide a variety of employee reports, including reports showing company expenses and/or revenue associated with individual employees and year-end reports for employees detailing what their employment costs the company.
- Event Analysis: we can help you track the revenue and expenses associated with specific events.
- Customization: we can customize your needs for information and help with research on topics of Medical Insurance,
- Cafeteria Plans. We can help you set up compliance with the Department of Labor and Industries and other agencies.
- Deprecation and Amortization Schedules: Prepare all necessary Deprecation and Amortization Schedules and keep them current with new Capital Expenditures.
- Information: If you need to get information on Employee Benefit Plans, Insurance Quotes or fill out Loan Documents we are here to help you.
- Financial Connections will prepare all necessary reports and documents for your year end Company Taxes and submit them to either your Accountant or to a local Accounting firm which we have done business with for over 15 years.
Enhanced Accounting Services can be tailored to meet your specific financial needs. If you need a solution that you just can’t seem to get in house or from another agency just let us know and we will work with you to meet your needs.
We are strongly committed to our clients accounting needs!