Bookkeeping
There are three primary
options for how your bookkeeping can be performed.
1.
Willis Bookkeeping will do all of your
bookkeeping for you. This leaves you free to
allocate all of your time toward other aspects of your business.
2.
We design a system specifically fit to your
business, integrated into the
user friendly interface offered by Intuit's QuickBooks. We then explain to you
how to enter your business's operating transactions into the program, as well
as other special entries which may be required for your business. Willis Bookkeeping
will be there for support and consultation 100% of the way as you manage and perform your bookkeeping tasks
on your own.
3.
We design a system specifically fit to your
business, and integrate it with
QuickBooks. Willis Bookkeeping is willing to perform any bookkeeping task you
do not wish to do yourself. You can
choose how much of the bookkeeping you would like to perform for your business;
and leave the rest to us.
Full Charge
Bookkeeping
- Journalizing
Transactions (Sales (A/R), Purchases (A/P),
Cash Receipt, Cash Disbursement Transactions, etc...Internal &
External Transactions)
- Standard
Entries (Depreciation, Adjusting
entries, etc...)
- Payroll
Services (Preparation and Reporting-
from weekly to monthly)
- Ledgers
and Sub-Ledgers
- Inventory
Costing (Monthly or Running Inventory,
FIFO, LIFO, Average Costing Methods)
- Financial
Reporting (Standard Compilation - Producing
Primary, Secondary, and Custom Financial Reports, and more...)
- Invoicing (Accounts Receivable), Statements, Bill Pay (Accounts Payable - writing
checks for your business), Document
Production
Accounting Services
- Improved cash flow management
- Analysis and explanation of reports to reduce taxes
- Analysis and explanation of reports to spot trends
which can be analyzed to increase profits
- Presentation of Reports
- Budgeting and Tax Planning
- QuickBooks Setup (For businesses who chose to do part
of their own bookkeeping)
Bookkeeping Basics
Bookkeeping begins with the recording of daily transactions
in your business. Source documents are entered into an organized format, called
a “Journal”. Typical examples of journals include the Sales Journal, Cash
Receipts Journal, Payroll Journal, Purchases Journal, and the General Journal,
among others. Payroll, cost of goods sold, standard entries, and other entries
are all journalized among the daily operating transactions as well. The journals
are added up based on the chart of accounts created for your business, and entered
into the general ledger and sub-ledgers. These ledgers are used to create
various financial reports for your business. Some of the most common reports
are the Balance Sheet, Income Statement, Statement of Equity, and Statement of
Cash Flows. These reports reveal the financial status of your business, and are
analyzed to help improve your business’s bottom line, cash flow, and tax
burden, among the other advantages of bookkeeping. Any and every business will
benefit from bookkeeping – from restaurants to retail stores to service
businesses, Willis Bookkeeping is able to help any small to medium sized
business be more organized and increase their bottom line.