Services
We are your one-stop shop for all your bookkeeping needs. From basic to advanced, we have the tools you need to get a clear picture of your business finances.
Our team of certified bookkeepers can help you make sense of your finances.
Our Core Duties
The two foundational tasks in small business bookkeeping are data entry and bank reconciliation. Without these, all other bookkeeping tasks fall over. Let’s walk through the core duties, common additional duties, and advanced bookkeeping.
Data Entry
Recording financial transactions and balancing the books.
Bank Reconciliation
Cross-referencing the books against bank statements and other source documents to confirm accuracy.
Monthly Reports
Summarizing the business’s financial position
What is Bookkeeping?
Bookkeeping is the cornerstone of any successful business. It is the organized process of recording and tracking every financial transaction a company makes, from sales and purchases to payments and receipts.
Accounts payable
Making sure invoices from suppliers are accurate and paid in a timely manner.
Tax Prep & Filing
Preparing tax returns
Payroll
Calculating pay and deductions.
End of year reporting
Assisting with annual income statement and balance sheet reports
Business Strategy
Involves creating budgets and forecasts to make deliberate choices
Virtual Office
Providing an extra service from our virtual office to yours
Business Process
Reviewing, researching and implementing software solutions and internal controls to streamline the business and enhance performance
Liaison
Meeting with accountants on behalf of their clients about financials
QuickBooks Online & Xero Set- Up
Set up your account from Chart of Accounts to Invoicing
General Ledger Maintenance and Transaction Recording
This is the process of recording all financial transactions, including income, expense, asset, liability, and equity transactions, in order to keep the general ledger current.
Posting Income/Revenue Transactions: Adding any income or revenue that a company receives to the appropriate general ledger accounts.
Recording Expenses/Accounts Payable: Recording payments made and bills incurred for the company’s operations, including but not limited to hires, utilities, salaries, mileage, advertising, and office expenses, as well as any money paid or debts owed to suppliers or providers for the provision of sales or services.
Categorizing Transactions: Categorizing bank transactions manually or automatically imported to the bank feeds into proper general ledger accounts.
Bank Reconciliation: Comparing the company’s records with the bank statements
to ensure all transactions are accounted for, there are no discrepancies and the book balances match the bank balances.
Accounts Receivable Management
This is the process of managing the money the customers owe to the company to ensure timely payment.
Invoicing Customers: Creating and delivering invoices to customers for the delivery of goods or services.
Recording Customer Payments: Documentation of payments received from customers against their outstanding invoices.
Collections on past due invoices: Contacting and collecting payments from customers with overdue invoices.
Accounts Payable Management
This is the process of managing the money the company owes to vendors and providers for the delivery of goods or services to avoid overdue payments.
Processing vendor bills: Collecting, confirming, and remitting payments to vendors or providers for goods or services received.
Recording bill payments: Documentation of payments made to vendors or suppliers against outstanding bills.
Vendor Statement Reconciliation:Comparing vendor statements and company records to ensure the company records are accurate and any discrepancies are resolved.
Payroll Services
These services ensure that payroll computations are accurate and payroll obligations are met.
Wage Calculation: Determining the wages to be paid to each employee based on the number of hours worked, the pay scale, and other considerations.
Processing Payroll Taxes and Deductions: Calculating payroll taxes and deductions, filing them, and making the respective payments.
Financial Reporting
This is the process of presenting and communicating financial information to the owners and other stakeholders to help track the company’s health and performance and make informed decisions.
Generating Financial Statements (Income Statement, Balance Sheet, Cash Flow): Presenting relevant financial information in an organized manner related to the health and performance of the business for a specific period of time. The income statement shows the financial performance of the company (revenue, expenses, and profitability), the balance sheet shows the company’s financial position (its assets, financial obligations, and sources of capital), and lastly, the cash flow shows ins and outs of a company’s money.
Accounts Receivable/Payable Aging Reports:
Provide a comprehensive summary of customers’ and vendors’ outstanding invoices by customers or vendors, as well as due dates
Cash Flow Projections: Forecasting cash coming in and out of the company to assess its ability to pay debts and develop long-term plans.
Tax Preparation and Filing
The process of fulfilling tax obligations to the government.
Tax liability calculation: Computing the amount the company owes the government based on earnings, out-of-pocket charges, and other relevant statistics.
Filing required tax returns (income, sales, payroll, etc.): Completion and submission of required tax returns to respective offices to comply with tax laws.
Inventory Management
Inventory Level Tracking: Keeping an eye on the amount of products that a business has in stock, in route, or in production.
Inventory valuation: Assigning the current inventory a monetary value that may have an effect on taxes and financial statements.
Cost of Goods Sold (COGS) Calculations: An essential step in figuring out profitability is determining the direct costs of producing goods sold or services performed over a given period.
Forecasting and Budgeting
Creating Budgets: Planning income and expenses for a given time frame helps direct financial decisions.
Financial models/projections: Creating tools to forecast a company’s future performance and growth based on available statistics.
Cash Management: Coordinating and monitoring the movement of cash into and out of the company to ensure there is enough to cover the company’s expenses.
Configuring and Training for Bookkeeping Software
Helping business owners use the software correctly
Accounting software Set-up (QuickBooks, Xero, etc.): Setting up the company’s preferred accounting software to be ready for use.
Training staff on using the software: Providing training to the company’s employees on how to use the software correctly to ensure accuracy and efficiency.
Bookkeeping for Catch-Up and Clean-Up
Reconciling accounts from past periods: Comparing transactions and balances in the books with those in the bank statements for the past periods to ensure they are accurate and up to date.
Reconstructing Records: Ensuring that financial data is dependable and compliant by reconstructing or rectifying accounting entries for previous periods where records may be erroneous or incomplete.
We offer the Bookkeeping Services Across All U.S. States
No matter where your business is located, we are committed to providing personalized, reliable, and top-notch bookkeeping services that help you maintain a clear and organized financial picture. Our nationwide reach means you can enjoy the same high standards of service, whether you’re in bustling New York, sunny California, or anywhere in between.
Frequently Asked Questions
What is the importance of professional bookkeeping for my business?
Professional bookkeeping is essential for several reasons. First and foremost, it ensures the accuracy and reliability of your financial records, which is crucial for making informed business decisions and maintaining compliance with tax regulations. Additionally, organized financial data simplifies the auditing process and can help you identify cost-saving opportunities and areas for business growth. Ultimately, professional bookkeeping saves you time, reduces the risk of financial errors, and allows you to focus on running your business effectively.
How often should I update my financial records?
The frequency of updating financial records can vary depending on your business's size and complexity. However, it's generally recommended to update your records on a regular basis, such as monthly or quarterly. Consistent record-keeping helps you stay on top of your financial situation, identify issues early, and make timely adjustments. With our services, we can establish a schedule that aligns with your business's specific needs and ensures your financial records are always up to date.
Is my financial data safe with your company?
Yes, the security of your financial data is one of our top priorities. We employ industry-standard security measures to protect your information from unauthorized access or data breaches. Our team is trained in data confidentiality and follows strict protocols to safeguard your records. Additionally, we use secure, encrypted channels for data transmission. You can trust that your sensitive financial information is in secure hands when you choose our bookkeeping services.
Get In Touch
JS Virtual Bookkeeping Inc.
Gain control of your business's financial health with our comprehensive bookkeeping services. Whether you need cleanup, catch-up, daily, monthly, quarterly, or yearly services, we've got you covered. As certified Quickbooks Online ProAdvisor and Xero Advisor, we bring expertise and precision to your financial management, ensuring a clear, accurate, and reliable picture of your business's financials. Let us take the burden of bookkeeping off your shoulders so you can focus on growing your business.
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