Bookkeeping

WHAT IS BOOKKEEPING?

Bookkeeping is the process of recording business/financial transactions on your general ledger, and is part of the process of accounting in business. Bookkeeping/accounting functions consist of recording your business transactions and properly presenting your business transactions, as well as reconciling any bank or credit card accounts as an independent internal control.

THE IMPORTANCE OF PROPER BOOKKEEPING

Building a solid bookkeeping and accounting function for any business is necessary foundation to ensuring efficiency and avoiding costly business and financial mistakes. Simply put, every business needs a bookkeeping function. The importance of timely, reliable and relevant data is the lifeblood on any organization. Neglecting this important function or hiring unqualified bookkeepers can be a costly mistake. Whether it be in increased tax preparation costs, since your books aren’t in proper order, or in your business decisions, as you do not have timely and relevant data to rely upon. Bookkeeping is crucial to both small and big businesses alike, as increased compliance requirements by governmental entities or the need to comply with loan underwriting or covenants exists for every business.

HOW IS YOUR BOOKKEEPING DONE?

We will either obtain your data and record your transactions from statements you provide, or we will pull your data from your financial institution and import, enter and classify the relevant transactions. We like to structure everything around your needs and wants. We can streamline your data flow and tailor a plan around your business needs. Our services include interim bookkeeping maintenance and bank reconciliations (monthly or quarterly), recording data on the general ledger, and properly classifying transactions in the relevant accounts according to best practices.

Dedicated and Certified Team Member

You’ll have the support of a dedicated team member from our staff assigned to your business as the main point of contact and lead accountant to your business books. We will get to know your business and manage your books for you, as well as help provide general tax/accounting support. We do not outsource your accounting overseas or to a lower cost outside company. Everything is handled by us in house to ensure quality of work and your data security.

 

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HOW WE CAN HELP

 

Our business bookkeeping packages allow you to have all of your company data in one organized set of books and gives you the basics that you will need to make informed decisions about your business. After all, if you don’t know how much your business is earning, then how can you even make decision to run and improve your business?! Proper business bookkeeping also allows you to have the needed data and reports required to be provided to your tax return accountant come that dreaded tax time!

GRA CPA is different from most large accounting firms in the sense that we offer in-house basic bookkeeping services to our clients, in addition to more advanced accounting and financial statement preparation services such as GAAP compliance; Prepared Financial Statements; Compiled Financial Statements; and Reviewed Financial Statements.

As many companies do not want to pay for a CPA firm to do their bookkeeping or accounting, what often happens is that their underlying data and general ledger is a complete mess. When this happens, you might end up paying more to have your books cleaned up by a CPA, or even worse, a CPA firm may be unable to help you with those needed Compiled, Reviewed or Audited Financial Statements. This may be even more costly when it comes time to grow your business and you are unable to provide the required independent CPA financial statements required of your business. Whether it’s bank/lending requirements or loan/debt covenants that you have to meet, investor requirements, bonding needs or state licensure application needs; not having basic reconciled and complete/reliable books and data to start with can cost your business dearly. And if you don’t have the appropriate accounting professionals and/or controllers employed within your business, this may cost you more money in the long run when needing to clean up your books and potentially missing out on lost opportunities and lost business.

Your business financial reports are only as good as the underlying data that makes it up. Would you build your house on a dirt foundation? Than why would you build your business without the basic proper bookkeeping foundation and principles? For less than the yearly cost of a bookkeeper/secretary, you can hire a licensed and skilled accounting firm to provide you with that solid bookkeeping foundation.

That’s why we, at GRA CPA, offer affordable bookkeeping packages to businesses and business owners. We do not outsource your bookkeeping. You’ll have the support of a dedicated team member from our staff assigned to your business as the main point of contact and lead accountant to your business books.  

We offer monthly bookkeeping services starting at $350/mo or $50/hour, however we would need to see the activity level to quote a more accurate price.

Basic monthly bookkeeping (or quarterly bookkeeping) packages would include:

  • Record and classify transactions on the General Ledger – (Cash Basis)
  • Maintain the general ledger and chart of accounts
  • Perform monthly bank reconciliations
  • Perform monthly credit card reconciliations
  • Fixed asset classifications
  • Send monthly Balance Sheet and Income Statement from QBO – (Cash Basis)
  • General Accounting/Tax support
  • Secure Sharefile client storage and access

Tasks we would not perform in basic monthly bookkeeping (or quarterly bookkeeping) packages:

  • Making any management decisions or performing any management functions such as:
  • Initiating transactions on your behalf
  • Creating source data
  • Invoicing your customers
  • Collecting your payments
  • Paying your vendors
  • Paying your employees
  • Designing, implementing, and maintaining internal control
  • Anything related to running your business
  • Performing accrual basis adjustments

 

Paper FREE!

Use our secure ShareFile to upload documents to your client portal or email them to us!

Professionals You Can Count On

Our dedicated team can help you navigate the series of forks in the road of running a business and help keep your books organized.

QuickBooks ProAdvisor

We are certified QuickBooks ProAdvisors and we stay up to date on continuing education.

Certified Professionals On Your Side

It takes more than software to get your books in order. You’ll have a certified professional ensuring it’s done right the first time!

Know Your Numbers

Analyze your financial reports to make the necessary business decisions in a timely manner.

Tax Return Readiness

Since you now have clean books we can process your tax returns without added clean up costs.

ON A MONTHLY OR QUARTERLY BASIS, WE WILL PROVIDE:

 

Bank Reconciliations

Bank reconciliations allow you to keep an eye on your business and track its financial progress. Bank reconciliations can help identify lost checks and lost deposits or other discrepancies, helps you to regularly monitor the cash flow of your business, helps ensure proper segregation of duties, and helps prevent fraud or theft as a crucial internal control element of your company. Bank reconciliations are one of the most crucial elements to ensuring your books are in proper order and assist in safeguarding your cash.

Balance Sheet Statement

A Balance Sheet statement allows you to track your assets, liabilities and equity, as well help identify and analyze important trends within your business. A Balance Sheet statement allows you to take a snapshot of your company’s financial position at a specified date in time. This can help you take any necessary steps to increase cash flow and think of new ways to be proactive in your business functions.

Income Statement

An Income Statement helps illustrate the earnings performance of your business over time and helps you to identify trends in your business operations so you can make any necessary adjustments and changes. 

 

RESULTS WE STAND BEHIND

 

Our accountants take pride in the fact that our full range of accounting and bookkeeping services help you save time and money so that you can concentrate on running your business.

 

Are you ready for a change?

Licensed CPA Firm Orlando