Here at FACT Professional Inc, we are known for organization and efficiency in helping you run your business. Business owners should have visibility of their company at their fingertips, without wasting hours of data entry or tracking down business receipts. Most business owners don’t want to focus on accounting, instead, they want to focus on the meat and potatoes of their business.
What is Bookkeeping?
Bookkeeping is the process of recording all the transactions by your company on a frequent basis. As your bookkeeper, we will consolidate all the activities in your company from your check copies to your credit card transactions and beyond; producing clean and informative financial statements for business owners to make decisions.
Many business owners say, “where did all the money go?” or “I didn’t make that much!”. As a business owner, having these financial statements will give you an understanding of the actual income & expenses of the company. Without your bookkeeping, you don’t have full visibility and insight into your business activities.
Transactions such as but not limited to:
- Payroll Transactions
- Checks Written
- POS (Point of Sale) Reports
- Sales Activities
- Credit Card Expenses
- Employee Reimbursements
If you don’t prepare your bookkeeping monthly, you risk spending on unnecessary expenses, having unclaimed tax deductions, or overstating your expenses.
Proper bookkeeping also ensures you are more prepared for your estimated tax planning, avoiding big tax bill surprises during tax season.
Does your business need bookkeeping?
All businesses, regardless of size are required to complete their bookkeeping. A seasoned bookkeeper can help you organize your business and capture any potential missing expenses.
An increase in audits on small businesses by the IRS it is a way to protect yourself by proving the validity of your expenses.
What software does FACT Professional use for bookkeeping?
We use both QuickBooks Desktop and QuickBooks Online for bookkeeping; this includes the Enterprise & Accountant versions of the software.
If it is your first time using a bookkeeping service our firm will manage the entire setup and integration process for your company.
If you already have a QuickBooks Desktop file our office will take the Backup copy and use it to continue bookkeeping on that file. By using your original file, you will not lose the history of your business transactions. If there are corrections or changes that require correction from a prior accountant, we will update you on these changes.
For QuickBooks Online users our firm will need the accountant’s access to your bookkeeping file. Once we have access, we will set up the Banking Feed to make the process more efficient.
Is QuickBooks Desktop or QuickBooks Online better?
FACT Professional, Inc. recommends using QuickBooks Online over QuickBooks Desktop. This web-based version allows you more access and visibility of the live bookkeeping data.
We will collaborate with you to recommend and situate the best platform for your needs if you use other bookkeeping platforms.
In addition, if you are considering transitioning from QuickBooks Desktop to QuickBooks Online our firm will help with the entire migration process to the web-based platform.
What information do you need from me to get started?
FACT Professional, Inc. aims to deliver your financial statements on a prompt basis. To conduct this for you we require accounting or guest access to your bank accounts, credit card accounts, loan accounts, payroll platform, and/or POS systems.
Our firm uses a secure access system so your information is protected. This guest access is limited to accessing and retrieving information only; disallowing users to make transfers, changes on the account, etc. We will only have eyes and access to what the business accounts for your bookkeeping.
What if I need someone to write checks and manage more than bookkeeping?
FACT Professional, Inc.’s team supplies a wide range of services and support for our client’s needs. If your business requires live accounting support, please refer to our back-office accounting services.
My corporation has multiple locations, how can I see the profitability of each location on the financial statements?
If your corporation has multiple locations or departments, we highly recommend having your bookkeeping set up with class accounting.
Class accounting allows us to create a Class code for each separate location/department. Each transaction is individually categorized into a Class.
This setup will allow you to have full visibility of the separate income and expenses in each class even if it is all under the same corporation. Let us know if you are interested in setting up class accounting for your bookkeeping.
Which types of Reports or Financial Statements will you provide?
Our firm will prepare and send business owners or shareholders the following financial statements:
- Income (Profit & Loss) Statement
- Balance Sheet
- General Ledger
If there are new types of transactions or items of concern, our bookkeeping experts will send you a “Suspense Report” indicating items that need more clarification. This process ensures your financial statements are being prepared accurately.,
Does bookkeeping include reading and understanding my financial statements?
Our bookkeeping experts are thrilled to review your financial statements with you as the business owner. This expertise does require additional time and will be subject to a separate service fee.
If you would like this service, our firm will schedule a monthly meeting with you remotely or in person to go over your financials and address any concerns you may have.
What If I prefer to do my books myself?
If you choose to oversee your bookkeeping yourself or in-house it is highly recommended to review your books with a bookkeeping professional quarterly to ensure transactions are being recorded accurately.
Accounting regulations over the pandemic have been subject to a plethora of changes. Our firm aims to stay up to date on these changes and keep you informed.
Call our office today to get started on bookkeeping services.