Virtual Bookkeeper Services

CAS handles all your daily accounting needs: invoices and statements, accounts payable, cash receipts and disbursements, payroll, bank reconciliations and recurring reports. Your bookkeeper will be in contact with you daily by Instant Messenger, email or phone with any questions or concerns.

Summary of Bookkeeping Services 

Daily:

o    Record Sales Invoices 

o    Record Customer Payments 

o    Record Vendor Invoice

o    Record Vendor, Debit Card Transactions, Pay Pal & EFT Payments 

Weekly:

o    Weekly Accounts Receivable Aging Report 

o    Weekly Accounts Payable Aging Report 

o    Record Payroll / Payroll Taxes / Payroll Fees 

o    Track Employee Advances 

Monthly:

o    Prepare Bank Account Reconciliation 

o    Record Individual Credit Card Purchase Transactions 

o    Prepare Credit Card Reconciliation 

o    Maintain Vendor W-9 Information 

o    Email/Mail Customer Statements 

o    Prepare Sales and Use Tax Return 

Financial Reports:

o    Balance Sheet 

o    Profit and Loss Statement – Month 

o    Profit and Loss Statement – Year-to-Date 

o    Cash Flow Statement 

o    Accounts Receivable Aging 

o    Accounts Payable Aging 

o    General Ledger 

o    Bank Reconciliation Report 

o    Credit Card Reconciliation Report 

Accounts Receivable
Get your invoices out promptly and send monthly statements on the date of your choice. We offer two options: 

·         CAS prepares your sales invoice from information you email to us. We email you the final invoice for approval.

·         You generate invoices and statements through time and billing software. Your bookkeeper posts or imports the invoices into your accounting software.

Whether we prepare your invoices for you or you generate them yourself, your CAS can print and mail or email customer invoices and statements on your behalf.

Accounts Receivable reports for collection and cash flow management are prepared and delivered to you on a schedule of your choice. Finance changes are assessed on overdue invoices based on your company’s payment terms and conditions, and statements can be initiated and transmitted on a schedule of your choice.

Accounts Payable 
Invoices you receive from vendors will need to be scanned and emailed to us. We provide a scanner with PaperPort scanning software at no cost.

This process is as simple as 1-2-3:

1.    1. Insert the invoice into the scanner then press the Scan button.

2.    2. Name the file that appears on your screen (i.e. vendor bills 10-08-2011).

3.    3. Click the email icon to create an email, attach the file and send.

Alternately, you can have vendor invoices mailed or emailed directly to AccountingDepartment.com for processing.

On a schedule determined by you, we will email you a report of all open vendor invoices. Just indicate which invoices you want paid, then email the report back. Your bookkeeper will set up the requested bill payment checks in your accounting file.

Once the checks are ready to print, we offer two options for printing:

·         You or a designated staff member can log into your accounting software and print checks directly to your local printer.

·         The AccountingDepartment.com bookkeeper can print the checks to a PDF file and email them to you. The checks can then be printed on your local printer without any need to access the accounting data file.

The printed checks are signed and mailed from your office. You maintain full control over your funds.

Cash Receipts
Prior to taking deposits to the bank, you will scan the deposit slip and each of the items to be deposited. Then create an email and upload the file at your convenience. Your AccountingDepartment.com bookkeeper will post the customer payments against the appropriate customer invoices and record the bank deposit.

Payroll Services
Your AccountingDepartment.com bookkeeper either processes payroll or makes the necessary entries to record payroll processed by a third-party provider. In either case, payroll entries will include complete recording of gross wages, employer taxes and other payroll expenses, and payroll liabilities, and quarterly and annual reconciliation of general ledger balances to payroll returns. If needed, your bookkeeper can also initiate transfers from your operating bank account to your payroll bank account to cover payroll if these accounts are held by the same bank. See more information about this under Banking Activities.

Banking Activities
Your AccountingDepartment.com bookkeeper will have access to view and download transaction history and bank statements, and, if desired, to transfer funds between business accounts at your bank. Your bookkeeper will not have the authority to sign checks or to initiate electronic payments that have not been pre-approved by you or a designated staff member.

Bank account activity is updated daily in your accounting file, so that you always know your available cash balance. Transactions that appear in your bank account that the bookkeeper has no knowledge of will be posted, but the bookkeeper will inform you of these transactions and request supporting information by email. Bank account balance notifications and cash receipts and disbursement reports can be emailed to you daily, weekly, or monthly as desired.

Banking, credit card, and loan accounts are reconciled to the corresponding statements each month, and the reconciliation reports are emailed to you promptly. When emailing the reconciliation report, the bookkeeper will call your attention to old outstanding items that require resolution and will also provide a list of any missing check numbers for security and control purposes. Business Filings
Your AccountingDepartment.com bookkeeper will prepare required business returns such as sales tax, business license tax, personal property tax, and various industry specific tax filings. Your bookkeeper will either file these returns electronically upon approval, or email the completed tax forms to you for signature and mailing. All such filings are reviewed and approved by your AccountingDepartment.com controller before being submitted to you for final approval.

Bank Reconciliation
Reconciling your business checking account each month allows 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.

Income Statement 
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.