On a daily basis we will keep track of business transactions for a small business owner to complete Accounts Receivable, Accounts Payable, Reconciling all Bank Accounts and Credit Cards, providing with biweekly payroll reports and paychecks for your employees, determine federal and state income tax liability, sales tax liability, and other services as requested.
Reconciliation of Bank Accounts and Credit Card Statements
The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company’s books) is consistent with the amount of cash shown in the bank’s records. We will reconcile your accounts to identify lost checks, lost deposits and unauthorized wire transactions. With us you will protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank.
Maintaining a Clean General Ledger
The General Ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners’ equity, revenues and expenses. Having us review your general ledger each month allows us to track any discrepancies such as double billings or any unrecorded payments. We will reconcile the accounts which typically comprise the following steps:
- Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period. If the amounts do not match, we will investigate the reason for the variance in the prior period. If the account has not been reconciled for some time, it is possible that the error lies several periods in the past.
- Current period investigation. We will match the transactions reported in the account within the period to the underlying transactions, and adjust as necessary.
- Adjustments review. We will review all adjusting journal entries recorded in the account within the period for appropriateness, and adjust as necessary.
- Reversals review. We will ensure that all journal entries that should have reversed within the period have been reversed.
- Ending balance review. We will verify that the ending detail for the account matches the ending account balance.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Please feel free to call us whenever you have a question or concern!
Many small businesses outsource their payroll and related tax duties to third-party payroll service providers. Our Tax and Bookkeeping Services Inc. can help assure filing deadlines and deposit requirements are met and greatly streamline business operations. As an employer you must deposit federal income tax withheld, and both the employer and employee social security and Medicare taxes. There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use.
As a payroll services provider we also offer TIN Matching as part of a suite of Internet based pre-filing e-services that allows “authorized payers” the opportunity to match 1099 payee information against IRS records prior to filing information returns. An authorized payer is one who has filed forms 1099-B, 1099-DIV, 1099-INT, 1099-K, 1099-MISC or 1099-OID with the IRS in at least one of the two past tax years.
- match the payee name and TIN with IRS records;
- decrease backup withholding and penalty notices; and
- reduce the error rate in TIN validation.
We offer payroll solutions that meet your business’s needs and enable you to spend time doing what you do best-running your company.
We are Cost Effective, Time Saver, Worry Free Payroll Tax Filing Payroll Provider
With our Comprehensive Reports you get user-friendly and accurate payroll reports, IRS and New York State tax reporting as well as EFTPS tax deposits. Easy to understand monthly, quarterly, and annual payroll tax reports, W-2, W-3 and 1099 forms. Reports on your employee’s vacation, sick days, and personal days accruals as well as new hire reports.
Payroll Services After The Fact
Do you have manually-prepared payroll records and other payroll information and need to prepare IRS and New York State tax reporting as well as EFTPS tax deposits? Not a problem! Contact us NOW and we are here to help you.