Bringing your bookkeeping system up to date is an essential step for keeping your business on track financially. Here’s what’s involved in our Catch-Up Bookkeeping process:
Initial Assessment of Records
We start by reviewing the current state of your books, evaluating all existing records to pinpoint gaps, inconsistencies, or errors. This includes analyzing bank statements, invoices, receipts, and any available bookkeeping files to create a comprehensive picture of your finances.
Transaction Reconciliation
Accuracy is key to solid financial records, which is why we reconcile each transaction. We compare your records with bank statements and other documentation to verify that every transaction is accounted for, addressing any discrepancies like missing income, duplicated expenses, or unrecorded payments.
Organized Categorization
Each transaction is categorized appropriately to ensure your books are well-organized and aligned with a chart of accounts tailored to your business. This includes correcting miscoded entries, which helps clarify your spending and revenue patterns, and improves financial reporting accuracy.
Compliance Review
We review your records to ensure they meet tax and accounting standards, addressing any necessary corrections or adjustments. This keeps your business compliant with current IRS regulations and helps avoid penalties or complications down the road.
Modernized Systems and Tools
If your current bookkeeping system is outdated, we’ll help you upgrade to efficient, user-friendly tools. This could involve moving records to a streamlined software, setting up automated bank feeds, and offering training for seamless day-to-day bookkeeping.
Detailed Reporting and Insights
Once your books are fully updated, we provide comprehensive financial statements including income statements, balance sheets, cash flow reports, and more. These insights offer a clear view of your business’s financial health, empowering you to make well-informed decisions about your operations and growth.
Bringing your books up to date isn’t just about catching up on past records—it’s an investment in clarity, accuracy, and a smoother financial process for the future.
At Benchmark Bookkeeping & Payroll, we understand how vital it is for small business owners to have accurate, up-to-date financial records to make informed business decisions. Our bookkeeping clean-up services are designed with your needs in mind. We thoroughly review your accounting system and carefully address any discrepancies, ensuring everything is in order so you can focus on growing your business. Here’s an overview of the steps we take to provide you with peace of mind:
Reviewing Your Accounting System
We carefully review your accounting system and identify any discrepancies that require correction.
Reviewing the Chart of Accounts
Our team reviews your chart of accounts, checking for any misclassified expenses, missing accounts, or inconsistencies. If necessary, we make adjustments to ensure everything is organized and categorized correctly.
Reconciling Bank Statements
By comparing your bank statements to your internal records. Any discrepancies between your cash transactions and those reported by the bank are identified and corrected. This step ensures your cash flow is accurate and reliable.
Categorizing Transactions
We meticulously review every transaction, ensuring each one is correctly classified within the appropriate account. This attention to detail guarantees your financial reports are accurate, based on the information you provided, and reflect the true state of your business’ finances.
Addressing Outstanding Accounts
We follow up on overdue invoices (accounts receivable) and outstanding bills (accounts payable), ensuring your financial records reflect the true state of your outstanding obligations. This helps eliminate any confusion and provides a clearer picture of your cash flow.
Inventory Review (if applicable)
For businesses with inventory, we conduct a thorough review, reconciling your physical inventory count with the recorded inventory levels. This step ensures that any discrepancies are addressed, keeping your inventory records accurate.
Identifying and Correcting Data Entry Errors
We go through your transaction details, checking for any typos, incorrect amounts, or missing information. If we find any errors, we correct them immediately to prevent any future discrepancies in your records.
Making Adjusting Journal Entries
At the end of each accounting period, we record any necessary adjustments. Whether it’s correcting errors, adjusting for accrued expenses, or recognizing revenue, we ensure your books are up-to-date and compliant with bookkeeping best practices.
Analyzing the Trial Balance
We review your trial balance to identify any imbalances or discrepancies between debit and credit balances. This step helps us spot potential errors before they affect your financial reports.
Reviewing Financial Statements
Once we’ve cleaned up your records, we generate new financial statements based on the corrected data. Financial reports include a balance sheet, income statement, accounts receivable and payable reports, general ledger, and statement of cash flow. These statements give you a clear view of your business’s financial health and help you make informed decisions moving forward. We meet with you to review the results of our cleanup project to ensure you understand the discrepancies found and the corrections implemented.
This level of bookkeeping is provided on an as-needed basis. You enter all of the customer invoices and payments, vendor bills and payments, payroll transactions, and reconcile your point-of-sale, bank, credit card, and loan accounts. We do the more complicated transactions that require experienced bookkeeping expertise.
Review Your QuickBooks Online Account
We will review your QuickBooks Online account to determine the causes of incorrect balances and transactions impacting the following accounts.
Make Suggestions for Corrections
We will make suggestions for corrections and review them with you so that you can confirm you would like us to make the corrections.
Enter Accounting Transactions into Your QuickBooks Online
We will enter missing transactions and adjustments recommended by your accountant in your QuickBooks Online and notify you of the transactions entered and why.
Balance Sheet Accounts
Ensure all balances for balance sheet accounts, including accounts receivable and accounts payable, are accurate based on available documentation.
Enter Specific Bookkeeping Transactions
Enter specific bookkeeping transactions, as needed.
Enter Specific Vendor Transactions
Enter specific vendor bill transactions, including bills, item receipts, checks, credit card charges, and purchase orders, as needed.
Consulting, Troubleshooting and Corrections
We provide bookkeeping consulting, troubleshooting, and corrections to your QuickBooks Online account.
Benchmark Bookkeeping & Payroll is here to simplify the complexities of bookkeeping while empowering you to maintain control over your financial records. With our expertise, you can address challenges with confidence and gain the insights needed to make informed decisions. Contact us today to learn how our Assisted Bookkeeping Services can be a valuable addition to your business operations. Let us help you focus on what you do best—running your business!
At Benchmark Bookkeeping & Payroll, our Managed Bookkeeping Services are designed for business owners seeking expert support for the more complex aspects of their bookkeeping. This service includes reviewing and correcting your accounting system and preparing detailed financial reports. Unlike Assisted Bookkeeping Services, where you handle most tasks with our guidance, Managed Bookkeeping allows you to delegate key responsibilities to us. From reviewing and correcting transactions in your bookkeeping system, categorizing expenses, reconciling accounts, and preparing final financial reports , we ensure your financial records are accurate and organized, giving you more time to focus on growing your business.
Assess Your Accounting System
We’ll review the current state of your books, evaluating all existing records to pinpoint gaps, inconsistencies, or errors. This includes analyzing bank statements, invoices, receipts, and any available bookkeeping files to create a comprehensive picture of your finances.
Work from Original Documentation
To ensure all business expenses are categorized correctly, we must obtain original documentation, including bank and credit card statements, vendor bills, liability statements, bank deposits, credit card receipts, and statements from you.
Enter Accounting Transactions into Your QuickBooks Account
- Ensure all balances for balance sheet accounts, including accounts receivable and accounts payable, are accurate based on available documentation.
- Enter specific bookkeeping transactions, as needed.
- Enter specific vendor transactions, including bills, item receipts, checks, credit card charges, and purchase orders, as needed.
Make Monthly Adjustments
Enter monthly adjusting journal entries as needed, including any accruals and deferred revenue adjustments.
Perform Monthly Account Reconciliations
We will perform monthly reconciliations for bank, credit card, and loan accounts.
Prepare Monthly Financial Reports
Prepare monthly financial reports for management purposes only, including balance sheet, profit and loss statement, statement of cash flows, accounts receivable, accounts payable, general ledger, and other reports as requested.
Enter Year-end Adjustments
Enter year-end adjusting journal entries recommended by your accountant at the end of the year.
Financial Reports Review
Review monthly financial reports with you.
Answer Your Questions
Answer any questions you may have regarding the bookkeeping work we performed in your accounting system.
Work with Your Accountant
We work with your accountant to ensure they have all the information they need to prepare tax returns and provide accounting and tax consulting services for your organization.
Boxed Financial Records
After completing the bookkeeping for the year and meeting with your accountant to obtain year-end adjusting journal entries, we will organize and label all financial records for that year and present them to you for your tax records and safekeeping.
With Benchmark Bookkeeping & Payroll’s Managed Bookkeeping Services, you gain a dedicated partner committed to the accuracy, organization, and integrity of your financial records. Let us take the stress of bookkeeping off your plate while ensuring your books are always up-to-date and ready for critical business decisions. Contact us today to discover how Managed Bookkeeping Services can provide you with peace of mind and more time to focus on what matters most—your business.
We understand that keeping your finances organized and up-to-date is crucial to running a successful business. Our full-service bookkeeping solutions are designed to simplify your accounting process, so you can focus on what matters most—growing your business. From categorizing expenses accurately to preparing monthly financial reports and collaborating with your accountant, we take care of every detail with precision and care.
Work from Original Documentation
To ensure all business expenses are categorized correctly, we must obtain original documentation, including bank and credit card statements, vendor bills, liability statements, bank deposits, credit card receipts, and statements from you.
Enter Accounting Transactions into Your QuickBooks Account
- Ensure all customer invoices and payments are entered correctly.
- Ensure all balances for balance sheet accounts, including accounts receivable and accounts payable, are accurate based on available documentation.
- Enter vendor transactions including bills, item receipts, checks, credit card charges, and purchase orders, as needed.
- Ensure all customer invoices, vendor bills, and payments are associated with the correct project in QuickBooks Online.
Add Vendor Bills and Receipts to QuickBooks Online
Attach copies of vendor bills and receipts to transactions in QuickBooks Online.
Pay Vendor Bills
After all vendor bills are entered in QuickBooks Online, once a week we send an Unpaid Bills report to you for review and determination as to which bills are to be paid. Following your direction, we will pay the vendor bills you designate using your bank or credit card accounts. Confirmations of all payments are provided.
Make Monthly Adjustments
Enter monthly adjusting journal entries as needed, including any accruals and deferred revenue adjustments.
Perform Monthly Account Reconciliations
We will perform monthly reconciliations for bank, credit card, and loan accounts.
Prepare Monthly Financial Reports
Prepare monthly financial reports for management purposes only, including balance sheet, profit and loss statement, statement of cash flows, accounts receivable, accounts payable, general ledger, and other reports as requested.
Enter Year-end Adjustments
Enter year-end adjusting journal entries recommended by your accountant at the end of the year.
Financial Reports Review
Review monthly financial reports with you.
Answer Your Questions
Answer any questions you may have regarding the bookkeeping work we performed in your accounting system.
Work with Your Accountant
We work with your accountant to ensure they have all the information they need to prepare tax returns and provide accounting and tax consulting services for your organization.
Boxed Financial Records
After completing the bookkeeping for the year and meeting with your accountant to obtain year-end adjusting journal entries, we will organize and label all financial records for that year and present them to you for your tax records and safekeeping.
At Benchmark Bookkeeping & Payroll, our commitment is to make bookkeeping a seamless and stress-free part of your business operations. With decades of experience and a dedication to personalized service, we ensure your financial records are always accurate and accessible. Ready to experience the difference of professional full-service bookkeeping? Contact us today to schedule a consultation and take the first step toward greater financial clarity and peace of mind.
