Areas of Practice
Monthly Bookkeeping
Bookkeeping is broadly defined as the recording of financial transactions for a business specific to your business. It’s a key component of the accounting process and can be done as frequently as daily, weekly or monthly in general terms for billing, vendor payments and payroll processing.
We produce a quality income statement (aka, how did the business perform?), balance sheet (aka, what is the business net worth) and statement of cash flows (where the cash was spent).
Accurate bookkeeping is vital to filing tax returns, other various compliance reports and having the financial insights to make sound business decisions.
Book Cleanups
Used interchangeably with “bookkeeping clean up”, it’s the process of reviewing, organizing, and updating your financial records to ensure that you have an accurate picture of your business’s financial health. A book cleanup is typically for updating your books and supporting records that need some extra care and attention. The more you know, the better choices you’ll make for the future of your business.
Business budgeting & forecasting profit and cash flow
Project Accounting
Although budgeting and financial forecasting are often used together, they are financial tools that companies use to establish a financial plan for where management/ownership wants to take the business. However, there are distinct differences between the two concepts.
Budgeting is typically over a fiscal 12 months and into a 3-5 year planning process that is usually static and not changed - it’s the plan for the year and often shared with outside banking and financing lenders. Budgeting quantifies the expected revenues, gross margin, operating expenses, overhead and profit aka EBIT/EBITDA that a business expects to achieve for the fiscal year as well as non-operational cash uses such as capital expenditures, owner distributions and other disbursements.
Forecasting will help you see whether the business is heading in the right direction based on the past few months into future months using estimates over a shorter time, typically quarterly and through the fiscal year end. Forecasting takes our understanding of profit beyond just monitoring the business bank account balance and does a great job removing guesswork and unexpected cash uses that are not planned for. Forecasts will also help you confirm any sales, pricing or operational adjustments you expect see improvement in the business performance.
Accounting is a universal language of business, but when it comes to specific projects, general accounting methods can fall short. This is where Project Accounting steps in, offering a more tailored, granular approach.
Project Accounting is a strategic method of financial reporting and control specifically designed for projects. It forms the critical backbone of successful project management by providing a transparent, detailed view of the financial progress and performance of individual projects. Typical projects are an enhanced pricing review, assess a large purchase with the financial returns, and integrating new software to automate or make your business more efficient.
This specialized accounting methodology helps businesses monitor project profitability, manage costs, analyze variances, and predict future financial scenarios, all while ensuring compliance and accountability. With a strong project accounting system, businesses can make informed decisions, reduce financial risks, and ultimately, achieve their project objectives more effectively.
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QuickBooks Online is the bookkeeping platform we use to ensure the highest quality of functionality, security, and integration with other applications.