The Process
How it works
No one staff member works on all aspects of your account. If a staff member works on your cash flow, then our month end staff reviews the work and finalizes the reconciliations and checks for accuracy. Then once the staff has completed the month end review, the accounting manager reviews that account one more time before financial statements are sent out to our customers.
At year end, the CPA packet is submitted for tax return preparation where the CPA completes the final review. Once the tax return has been completed, we receive the adjusting journal entries from our clients CPA and tie out the tax return to QuickBooks and close out the year. We then give a copy of the closed out CPA Packet electronically to our clients for their archives. ABBS will keep a copy on record for 3 years from the date of closing.
Weekly Basis:
Cash Flow Management
- Updating of bank balances and credit card balances through a mini reconciliation
- Accounts Receivable – Process invoices and payments received
- Accounts Payable – Process incoming bills and process for payment
- Management of petty cash and other expenditures
- Payroll - on a weekly or biweekly payroll schedule
Monthly Basis:
Monthly Maintenance
- Bank and Credit Card reconciliations – Finalize month end reconciliations
- Review and maintenance of the General Ledger
- Reconcile payroll to Financial Statements
- Preparation of Month End Financial Statements
- Sales Tax prepayments
Quarterly Basis:
Tax returns for payroll and sales tax
- Process Payroll Quarterlies – 941, DE9 and DE9C
- Process Sales Tax Return and submit to State Board of Equalization electronically
Annual Basis:
Year end
- Tax return – Preparation of year end CPA packet and submitted to CPA
- File annual use tax statement to the State Board of Equalization
- File annual business property tax statement
- Complete annual worker’s compensation audit
- Payroll reports – preparation of annual W2’s and 1099 forms
- Close out the year with CPA adjusting entries and tie out tax return to QuickBooks
Project Basis:
Stabilization of company paper flow and accounting processes
- Create new QuickBooks with a customized Chart of Accounts
- Clean up existing QuickBooks file
- Reconcile accounts to current
- Organize the process of paper flow