Practice Areas

Principal Areas of Practice

Payroll, Inventory, Internal Control, CashFlows, Fixed Assets

Bookkeeping practice is for SMEs (Small & Medium-Sized Businesses). Manage your finances like a pro.

Payroll

— Carry out the basic payroll function, including, paying wages, withholding, depositing and reporting taxes, and preparing federal forms.

— basic reporting of wages and taxes for forms 940 or 940EZ, 941, 945, W-2, W-3, 1099.

— Prepare and post journal entries for payroll distribution, payroll-related federal forms, payroll liabilities, and remittances of employer taxes.

— How to handle different kinds of tax-free, tax-deferred or partially or fully taxable benefits, how to calculate the value of these benefits impute them to wages, and collect, and report taxes on the appropriate federal forms;

— The rules that apply to expenses, disability payments, and sick pay, and how to calculate and collect and report taxes on the appropriate federal forms;

— choose the best method for withholding federal income tax from wages and be able to make correct deductions for garnishments and levies.



Inventory

— record inventory purchase and sales and determine the cost of goods sold and ending inventory under the perpetual method.

— record inventory purchases and sales and determine the cost of goods sold and ending inventory under the periodic method.

— compute and record cost of goods sold and ending inventory using inventory weighted average and moving average costing.

— compute and record cost of goods sold and ending inventory using first-in, first-out (FIFO) costing.

— compute and record cost of goods sold and ending inventory using last-in, first-out (LIFO) costing.

— compute and record changes in inventory under the lower of cost market (LCM) rule.


Double-entry bookkeeping

— Record accruals and deferrals;

— calculate and record adjusting entries for accrued revenue and expenses;

— Record journal entries for financial transactions and events.

— calculate and record adjusting entries for deferred revenue and expenses;

— construct an adjusted trial balance, add the adjustments and complete the adjusted trial balance;

— perform monthly bank reconciliation;

— find and correct errors in the trial balance;

— find and correct accrual errors discovered before the books are closed; and

— find and correct deferral errors discovered before the books are closed.


Internal controls

— basic internal controls, including segregation of duties, for preventing employee theft of inventory and other non-cash assets, the signs of such theft, and the schemes that are used to steal;

— the basics of background checks on applicants to reduce the likelihood of hiring employees who steal, how to insure or bond employees who have access to company cash, and how to segregate duties to minimize the chance of employees fraud or theft of cash;

— Internal controls that prevent check fraud by employees or customers, how to spot counterfeit or altered checks, and the basics of check fraud schemes;

— implementation of internal controls to that prevent credit card fraud by clusters and know how to spot counterfeit credit cards; and

— establish controls to prevent vendor frauds.


Cash Flows

— understand & compute and present the operating activities section under direct and indirect methods;

— understand & compute and present the investing activities section;

— understand, compute and present the financing activities section;

— The proper section in which to present those items that do not clearly belong to any particular section;

— Presentation of supplemental disclosures. Financial Statement Analysis

— evaluate a company‚Äôs ability to meet its obligations during the next year and to make payments to long- term-debt that the company has or contemplating.

— Analysis of how efficiently a company manages its assets and derives a profit from sales;

— determine how profitably a company manages funds that it borrowed (debt) and funds invested in it (equity);

–uncover significant year-to-year (or other period-to-period) increases or decreases in specific revenue, expense, asset, and liability account.


GET IN TOUCH

Schedule a Free Consultation