Accounting for Businesses

Please note that all our services are provided and customized based to your needs. We can work out a package with you, or we can charge per time spent to do the job for you. We charge only for the work done, no hidden fees and no contract. This means that if you do not like our services, you are always free to cancel them, no obligation. So please call us today to set up an appointment: 855-899-BOOK (2665)

 

 We constantly keep in touch with you and have your decision and approval for all key transactions. You can find out how your business is really doing only when all data is correctly entered and accounted for on your financial statement. We will work with your CPA and provide him/her with all documentation and information needed for a timely and accurate Income Tax Return. If you are interested in industry specific tax help, learn more about it here.

Accounts Payables

 

  • Maintain Vendor Records

  • Record (enter) the bills and have a copy of them available for your review

  • Bill verification and duplicate prevention

  • Notification if a new bill is received

  • Allow you to approve and schedule a full or partial payment

  • Post any handwritten checks

  • Post cash expenses

  • Post Credit Card Charges

 

Bill Paying Service

 

  • Prepare the checks

  • Mail them to you for signing and mailing out, or

  • Bill payment directly on-line

  • No payments made without the business owner's consent

 

Accounts Payables Reports

 

  • AP Aging

  • Vendor Balance Summary

  • Unpaid Bills Report

  • AP Graph

  • Transaction List by Vendor

  • Sales Tax Liability

  • Sales Tax Revenue Report

  • Written Checks Report

 

Accounts Receivables

 

  • Maintain Customer Records

  • Review and Record Invoices

  • Provide customer invoicing and statements

  • Enter and receive payments

  • Depositing of funds

 

Collections

 

  • Calling the customers and sending payment due reminders on your behalf

 

Accounts Receivables Reports

 

  • AR Aging

  • Customer Balance Report

  • Open Invoices Report

  • Average Days to Pay Report

  • AR Graph

  • Unbilled Costs by job

  • Transaction List by Customer

 

Filing/Organizing

 

  • Accounts Payables Filing

  • Accounts Receivables Filing

  • Filing and Organizing of all existing files and records

 

Bank and Credit Card Reconciliation

 

  • Bank Account Reconciliation

  • Credit Cards Reconciliation

 

Merchant Statements, Loan Reconciliation

 

  • Includes any reconciliation for any other merchant accounts and loans that the business may have, for example PayPal and a Short Term Loan, or Mortgage

 

 

Adjusting Entries

 

  • Accrued Revenue (interest, commission)

  • Accrued Expenses, Liabilities

  • Unearned Revenue

  • Prepaid Expenses

  • End-of-Period Expenses (depreciation, bad debt)

 

General Ledger Clean Up

 

  • The General Ledger is the “book” where all your transactions are recorded. Since all your transactions flow through the General Ledger, one wrong entry can throw off the entire “book”. We can help you find any discrepancies such as double entry of a bill or a posting to the wrong account.

 

Worker's Compensation Reports

 

  • These are usually completed on a Quarterly basis, depending on the insurance company you are using and are based on your payroll records and employees job duties. If no good records are kept regarding payments and job duties performed, you may end up with a Balance Due for Worker's Compensation Insurance after an annual audit is performed.

Payroll

 

 If you already have a Payroll Company that you work with, we would be more than happy to get in touch and work with them about the numbers and reports provided, so we can enter all that information in a timely manner in QuickBooks and keep good records. If you do not have Payroll Services and wish to work with a big Payroll Company, we can help you with references, or you can just work with us regarding these types of services, which includes:

  • Maintain employee records

  • Payroll Data Collection

  • Run Payroll (weekly, by-weekly, semi-monthly, or monthly)

  • Provide pay stubs to be handed to the employees

  • Provide summary and /or detailed payroll reports

  • Complete and mail out quarterly tax reports (Forms 941, State Income and Unemployement Taxes)

  • Complete and mail out yearly reports (Form 940, W-3, 1096)

  • Process W-2's for all your employees

  • Payroll Taxes filed quarterly

  • Filing of New Hire Reports

  • Help with Worker's Compensation Audits and Unemployment Claims

 

Process the 1099's for the year

 

  • You need to file Form 1099 at the end of each year for each person to whom you have paid during the year at least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish, or, generally, the cahs paid from a notional principal contract to an individual, partnership, or estate. In order to be able to file Forms 1099 at the end of the year, you need to obtailn from each vendor whom you paid, their FEIN by asking them to fill and sign the Form W-9

  • If you wish us to contact your vendors and obtain theor FEIN along with the W-9 Form, plese let us know.

 

Financial Report

 

  • Income & Loss Statement - shows your revenue, expenses, and the profit left. With the help of this report you can see the operating performance of your business, determine which expenses need to be cut, track the product returns and cost of goods sold.

  • Balance Sheet - this report shows the assets and liabilities of your business at a given point in time. With the help of this report you can see your company's financial strength

  • Cash Flow Report - this report organizes and reports the cash generated and used in the Operating Activities, Investing Activities, Financial Activities, and any other supplemental information.

 

Sales and Use Tax Preparation and Filing with the State

 

  • If you are engaged in business in California and intend to sell or lease tangible personal property that would ordinarily be subject to sales tax if sold at retail you, you have to apply for Seller's Permit and file and pay the Sales Tax every month, quarter, or year (depends on the volume of sales and you will be notified by BOE regarding how often you need to file)

  • You are also required to file and pay Use Tax if you purchased tangible property for your own or business use and weren't charged and did not pay Sales Tax at the time of purchase

 

Year End Gathering for the CPA for Income Tax Return

 

  • We will make a big organized three-ring binder with all the information required and needed for the CPA in order to prepare a well-informed tax return and take advantage of all deductions beneficial and applicable to your business. Please note that LR Tax & Bookkeeping offers tax preparation services as well, but we do respect our client's decision in case you would prefer the services of a CPA

 

License and Permit Guidance

 

  • If you are just starting your business and need help with set-up, licenses and permits needed, we can help you with that. We can just find the information for you, or we can actually call and apply on your behalf. Anything we do it will be coordinated with you directly

 

Audit Preparation

 

If you got a notice from the IRS or the State Department of Revenue that an Audit is coming your way, we can help putting together all the documentation requested and organize your paperwork if is not already organized and entered into the Accounting System (QuickBooks).

QuickBooks Setup

 

  • Choose the accounting method you will use

  • Set up your Chart of Accounts

  • Set up Payroll, Accounts Receivables, Inventory, Accounts Payables, etc.

  • Handling of beginning balances

  • Prepare a list of items that you sell to your customers: services, inventory parts, non-inventory parts, other charges and sales taxes.

  • Entering outstanding Accounts Receivables and Accounts Payables

  • Entering your ending bank statements balances and outstanding checks and deposits in transit as of your starting date.

  • Printing a Trial Balance as of your starting date and comparing it to the old system closing date.

QuickBooks Training and Consulting

 

This service is a good source if you already installed and set up your QuickBooks but need training on how to work and manage things on a daily basis within the Prgram

Financial Analysis
In case that you would like a financial analysis for your business, we provide you with all financial ratios calculated for your business and with an explanation regarding what they mean and how to fix the problems. Please see our Financial Analysis page for more information on this.

 

 

Documentation Needed to Start the Bookkeeping Services

 

In order to start servicing your company, I would need the following documentation. If I am picking up an account during any other month of the year, other than January, than all the below documentation will be needed since January till up to date. Not all the documentation listed below may be pertinent to your business, so please call for an initial interview and meet up.

 

  • Current Balance Sheet

  • Current Profit & Loss Statement

  • Automobile Notes/Information

  • Equipment Notes/Receipts

  • Loans/Documentation

  • Checkbook Register - Checking

  • Checkbook Register - Savings

  • Checkbook Register - Payroll

  • Bank Statements - General

  • Bank Statements - Savings

  • Bank Statements - Payroll

  • Cancelled Checks

  • Daily Cash Report

  • Daily Sales Report

  • Accounts Receivables Aging

  • Accounts Payables Aging

  • Accounts Receivables Invoices

  • Accounts Payables Invoices

  • Petty Cash Report

  • Payroll Report

  • Worker's Compensation Form

  • Sales Tax Form

  • Credit Card Statements

  • W-9 Forms Completed

  • Misc. Cash Receipts

  • Asset List

  • Prior Year's Tax Return

  • Federal Tax ID (or SSN)

  • Sales Tax ID (or SSN)

 

Our Rates

 

We will gladly set up an appointment to meet with you and give you a quote. Please do not hesitate to call us today 855-899-BOOK (2665) 

We are in Riverside, CA 92508