Bookkeeping Services

Siegel & Associates, provides both onsite and remote bookkeeping services utilizing QuickBooks software. 

Onsite:

For onsite services we provide a bookkeeper to go onsite on a regular basis to perform bookkeeping tasks that have been agreed upon.  This bookkeeper will remain the same.  The scheduled visits can range from once a month to once a week depending on the needs of the client. 

Remote:

In a remote model, source documents such as vendor bills, bank statements, credit card statements, invoices, deposit slips are emailed or faxed to the office to be processed remotely.  We can either send back financial statements and a list of open bills, or utilizing our Bill.com service we can make the payable function truly remote with online authorization for payment of vendor bills.  Additionally, we can host the QuickBooks file so it can be accessed remotely anywhere, anytime.

Our bookkeeping services consist of:

• Record vendor invoices and prepare checks
• Create custom invoice templates
• Prepare invoices and mail/email to customers
• Record customer payments against open invoices
• Maintain general ledger and chart of accounts
• Conduct month and year-end closing procedures
• Perform bank reconciliations
• Perform credit card reconciliations
• Input credit card charges
• Record deposits properly so they match the bank statements
• Record payroll
• Setup items to map to the appropriate account on the balance sheet or income statement as well as to provide accurate job costing
• Design bookkeeping process to track deferred revenue, customer deposits, client escrow accounts and other advanced bookkeeping tasks
• Print management use financial statements
• Setup QuickBooks to accurately track by department, class or customer job profitability
• Input budget for budget to actual reporting
• Process sales tax payments

In addition to QuickBooks, we can offer 3^rd party products that will allow you to increase the functionality of QuickBooks.  Examples would include Results CRM, OasisCRM, QVinci Dashboards, Smartvault Document Management, Remote Backup, Fishbowl Inventory, Giftworks Donor Management to name a few.  Siegel & Associates has experience in many different products that ?bolt? onto QuickBooks.

We also specialize in bookkeeping for Non-Profit Organizations- Click here for additional info.

 
Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to...

• Identify lost checks, lost deposits and unauthorized wire transactions.
   
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
   
• Detect and prevent embezzlement of funds from within your company.
   
• Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
   
• Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
   
• Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
   
• Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to...

• Track revenues and expenses so that you can determine the operating performance of your business.
   
• Determine what areas of your business are over-budget or under-budget.
   
• Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
   
• Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
   
• Determine your income tax liability.

 
Balance Sheet

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

A balance sheet helps you...

• Quickly get a handle on the financial strength and capabilities of your business.
   
• Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
   
• Determine if your business is in a position to expand.
   
• Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses? 
   
• Determine if you need to take immediate steps to bolster cash reserves?
   
• Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

 
Maintaining a Clean General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

 
Unlimited Consultations

With our fixed monthly fee option,we are always available to answer questions or spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so feel free to call us whenever you have a question or concern.