Accounting and Bookkeeping
In the past, we didn’t do that much bookkeeping, but due to some changes in the community and seeing the varied quality of those who call themselves bookkeepers, felt it was a good time to ramp up our services.
The problem we see most often without outside reports (usually Quick Books) is under the theory of “I entered it in the software, therefore it must be right”. We can usually take a balance sheet, and if it is strong conclude that the income statement is most likely pretty close. As such, our review starts with the balance sheet.
Our services include (but are not limited to):
- Monthly/quarterly/yearly bookkeeping.
- Payroll services, including out of state.
- Quick Books help, both in house and at your location.
- Washington excise tax compliance.
Most people report their income on the “cash” basis of accounting. Quick Books is a bit touchy about cash versus accrual entries. A true cash basis balance sheet should not have accounts receivable, accounts payable, or accrued liabilities (other than credit card debt, bank debt, funds held in trust, and a few oddballs, etc.). Other signs of a bad balance sheet on things like negative entries under credit cards (meaning they owe you money), large undeposited funds, or just an account that doesn’t tie to reality. For example, cash should tie to the checkbook, and assets should tie to a list or depreciation schedule. We try to watch for these and let you know early.
Construction services are a bit unique and neither quite cash or accrual. Most use a completed contract method where they put their work in process into inventory until the job is done.
Anyway, we offer bookkeeping services on a monthly fee basis or an hourly basis at competitive rates. Since we also do business tax returns, there are advantages to having both the bookkeeping and income tax preparation done at the same place.
The main thing we ask from you to help out is to let us know what a receipt or disbursement is for. The other thing is to let us know about an unusual event such as a purchase of a copier on a contract. Just because the check says “Home Depot” or “John Smith”, we don’t automatically know what this expense may relate to.
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