Serving business clients throughout the Greater Boston area, including Burlington, Cambridge, Lexington, the North Shore, and the South Shore
Accounting Services – We provide a wide array of affordable accounting services, from simple transactions to CFO capacity. We help businesses, charities, non-profits and entities that do not have an accounting department, or may not even have an accountant on staff. While some may have a bookkeeper or a part time accountant it is not unusual for us to find that the entity has no one on board that can help with reconciling accounts, trial balances, general ledgers, adjustments, profit & loss statements, payroll, QuickBooks and generating financial statements.
Most business entities no longer use paper checks but conduct business through electronic transactions. While that may be convenient and quick, it requires someone to categorize all of this activity. We find that many entities over rely on QuickBooks and are no longer keeping records that are necessary to thoroughly reconcile their accounts and they are also not reconciling their books against their bank statements. With the significant increase of online banking fraud, it raises accounting control and accuracy issues as well as huge fraud risks.
QuickBooks is very popular among our clients. We use it ourselves to write checks and reconcile our bank accounts but the reports that are generated are endless and often meaningless unless they tie in to something. Clients need to know whether they are reporting their taxes on accrual or the cash basis and if they are running reports correctly. As time passes, the same report may yield different numbers as adjustments are made.
This is where we come in; We start by helping our clients create good accounting practices. We make sure that bank statement activity is properly reflected on the client’s books and records and once we confirm the books are accurate and that they tie to bank statements, then we can run reports like profit and loss and balance sheets which we use to prepare income tax returns. We provide our clients the resources, support and peace of mind so they can focus on achieving their business goals.
TAX Returns – Before we can prepare a client’s tax returns, we collect their bank statements for several months at a time to summarize the activity. This is sometimes called “write up” work or “bookkeeping“. When we string together activity for a calendar year or a fiscal tax year we call this a “ year end summary“. Typically most tax payers are on a calendar year so we are summarizing from January to December to be able to prepare income tax returns for the client. Many clients have numerous bank accounts and investment accounts and all of that activity needs to be added together, that is called a ” consolidation” and once consolidated we can then go over the activity topside and see if any adjustments or reclasses need to be made to get to “Final” numbers which we can use for the tax returns. We can provide this accounting service for our clients or we can help the client train a staff member or a bookkeeper to do it, but in the end, somebody has to roll up their sleeves and summarize the activity of the entity before tax returns can be prepared.
Fees – Fees for this work tend to vary with the amount of activity involved. A client that has 10-15 deposits or disbursements per month is much less expensive than some one who has hundreds or thousands of transactions per month or more. Typically we will meet with a client and evaluate what they have going on in their accounts and see what their concerns are. We then can tailor an approach that works for them that is cost effective. At our first meeting with a decent look at your books and records we can provide the prospective client with an estimate of accounting fees.
Problem solving – There are so many areas that we can add value to new business clients. The typical client wears so many hats that there is just too much going of for them to focus on accounting. It is not unusual that prospective clients seek us out as a CFO to help them solve problems in their company. Once we begin to understand the business of our client, we are able to identify things that can be improved upon. Even if they are too numerous to address all at once, we identify those items that are of most importance and will help the client implement changes that chip away at the problems so that over time, they end up with a stronger and more successful business model.
Payroll – We still do a handful of payroll filings but that is not preferred. With many good, small payroll companies out there that provide affordable payroll services, we advise clients to refer their payroll out. We refer clients to small payroll companies that we know do a great job and are cost effective.