Bookkeeping is the process of recording and retrieving of financial transactions, and maintain and monitor the financial health of the business. Also, it prepares the business to be audit- and tax-ready.

Why need bookkeeping?

For an accurate record of your year-to-date Profit and Loss Statement (Income Statement), for timely tax preparation and tax filing, it is necessary to get the bookkeeping done every month. A semi-annually or waiting until the end of the year, which may cause a delay in updating your records and possibly forcing to file an extension to file taxes. It is the best practice, and we recommend, to perform the bookkeeping monthly to keep year-to-date P&L up to date and be tax ready.

Examples of Bookkeeping Services

Payables:

o Setting up suppliers/vendors in accounting system for payments

o Maintaining IRS Form W-9. This form is used for individuals when they are working as an independent contractor

o Verifying and recording invoices received from suppliers/vendors,

o Paying suppliers/vendors

Payroll:

o Setting up the company payroll and employees

o Adding new employees / Inactivating employees

o Processing employees' payroll (bi-weekly / semi-monthly)

o Filing related governmental reports for tax payments

Receivables:

o Setting up clients profile

o Entering sales transations

o Billing for goods sold to customers OR services provided to clients

o Recording payments received from clients

Need to catch up on bookkeeping?