Are you struggling to get up to date with your bookkeeping and taxes? 

What we will do?.........The full scope

1.Initial Assessment and Planning Gather Information: We will start by collecting all necessary information from the client. This includes bank statements, invoices, receipts, payroll records, tax documents, previous financial statements, and any other relevant financial records.Understand the Business: They will take the time to understand the nature of the business, its operations, and any specific accounting requirements it may have.Scope of Work: Identify how far behind the books are and what periods need to be updated. This helps in setting clear goals and timelines

2. Organizing and Categorizing Sort Documents: Sort through all financial documents and organize them by date, category, and relevance. This might involve separating receipts, invoices, and bank statements.Establish Systems: If the business doesn't have a proper filing or record-keeping system, the bookkeeper may help set one up. This could involve creating digital folders, using accounting software, or establishing a physical filing system.

3. Data Entry Inputting Transactions:  Enter all financial transactions into accounting software or a bookkeeping ledger. This includes sales, purchases, expenses, and other financial activities.Categorization: Each transaction will be categorized correctly (e.g., revenue, cost of goods sold, office supplies, etc.), ensuring that the data accurately reflects the nature of each transaction.

4. Bank Reconciliation: One of the critical steps is reconciling the books with bank statements. Compare the business’s internal records with the bank statements to ensure that all transactions are accounted for and that there are no discrepancies.Credit Card and Loan Reconciliation: Similar to bank reconciliation, they will reconcile credit card statements and any loans to ensure that all payments, charges, and balances are accurately recorded.

5. Adjustments and Corrections Correct Errors: If there are any discrepancies or errors found during reconciliation,we will investigate and make necessary corrections.Adjusting Entries: We may need to make adjusting entries for things like depreciation, prepaid expenses, or accrued expenses to ensure that the financial records are accurate.

6. Generate Financial Statements Trial Balance: Before finalizing, we will prepare a trial balance to ensure that total debits equal total credits.Income Statement, Balance Sheet, Cash Flow Statement: The bookkeeper will generate these key financial statements to provide a snapshot of the business’s financial health.Review Reports: These statements are reviewed for accuracy and completeness. Any anomalies or issues are addressed.

7. Review and Reporting Meet with the Client: We will review the updated books and financial statements with the client, explaining any key findings, discrepancies, or areas of concern.Provide Insights: They may offer insights or advice on improving financial management, cash flow, or other areas based on the financial data.Compliance: Ensure that all bookkeeping is compliant with relevant accounting standards and tax regulations.

8. Implement Ongoing Systems Set Up Regular Bookkeeping Processes: To keep the books current, we might establish regular bookkeeping practices, such as weekly or monthly data entry and reconciliations.Training and Support: If the business owner or their staff will handle ongoing bookkeeping, the bookkeeper may provide training on how to use accounting software and maintain records accurately.

9. Tax Preparation Prepare for Tax Filing: Once the books are up to date, we will ensure that all necessary documentation is ready for tax filing. They may also work with a CPA or tax advisor to ensure that tax filings are accurate and submitted on time.

10. Documentation and Backup Maintain Backups: We will ensure that all financial data is backed up, either digitally or through physical copies, to prevent loss of information.Document Procedures: We may document the bookkeeping procedures and processes for future reference.