Advanced Accounting Services
We tackle the tricky stuff so you can get back to business
We've seen it all, and no challenge is too big for us. We will work collaboratively and efficiently to get you back on track. We utilize some of the industry's best technology tools to batch clean, import, and reconcile your books. Clean records from the past provide valuable insights for the future. You can gain confidence and clarity from the financial information you'll receive.
What is Modified Cash-Basis?
Modified cash basis accounting is a hybrid accounting method that combines aspects of both cash and accrual accounting. This method offers a balance between the simplicity of cash-basis accounting and the more comprehensive view provided by accrual accounting, particularly for businesses that need to track both current cash flow and the financial impact of long-term assets and liabilities such as Accounts Receivable and Payables. However, when it comes time to do the financials for their Cash Basis tax return (if they file on a Cash Basis), only the cash-basis accounts will be included on the year-end final financials, which are then given to the CPA for tax purposes.
What is Accrual Basis?
Accrual basis accounting is a method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged. This approach offers a more accurate picture of a company's financial performance and position, allowing for better financial planning and analysis. By adopting accrual accounting, businesses can effectively manage accounts receivable and payable, track outstanding invoices, and gain insights into future cash flows. This service includes the necessary adjustments to your accounting practices, ensuring compliance with accounting standards and enabling clearer financial reporting.
Customer Invoicing and AR
Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. We can help you create and manage your customer invoices so you get paid and keep those profits coming!
Vendor UnPaid Bills
Accounts payable is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. We can help you enter, approve, and pay your vendor bills so you keep in good standing.
What is Advanced Recognition?
Advanced revenue and expense recognition refers to the process of accurately and efficiently tracking and reporting revenue and expenses, especially in complex scenarios like those involving contracts, recurring revenue, and deferred payments. It involves going beyond basic principles to ensure accurate financial reporting and compliance.
What are Product & Service Items?
In QuickBooks, you will receive a list of Product and Service items which you will use on various transactions in the accounting program. Sometimes this list needs to be created or cleaned up to ensure that the financials reports are properly tuned. The Products and Services list is composed of different types of items to be used in different ways, simple to complex.
What is Inventory Management?
In accounting, inventory management refers to the processes and procedures used to track, control, and optimize a company's inventory, including raw materials, components, and finished goods, from purchase to sale. It involves overseeing everything from ordering and storing inventory to using or selling it. Effective inventory management aims to ensure the right amount of the right items is available at the right time, minimizing costs and avoiding shortages or overstocking.
Project Financial Management
Project Financial Management involves tracking revenues, costs, and profitability at the project level to ensure accurate forecasting and budget control. It includes allocating expenses, managing change orders, and monitoring progress against key milestones in real time. This service helps small businesses make informed decisions about which projects are most profitable and where resources can be optimized.
Job Costing
Job Costing assigns direct labor, materials, and overhead to specific jobs or clients, providing a detailed view of profitability per engagement. It’s especially valuable for service-based and construction-related businesses where costs vary by project. With precise job cost data, owners can price services more accurately and improve future estimates.
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Fixed Asset Tracking
Investment Tracking records activity related to business investments, shareholder contributions, and market assets such as stocks or mutual funds. It includes monitoring cost basis, unrealized gains/losses, and income distributions. Keeping this information accurate supports informed financial planning and tax reporting for owners and stakeholders.
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Insurance Reporting Services
Insurance Reporting Services organize and reconcile financial data required by insurance carriers, including payroll reports, workers' comp audits, general liability audits, and proof-of-coverage documentation. This ensures compliance and prevents costly audit adjustments or coverage disputes. Small businesses benefit from transparency and confidence in their insurance and risk management processes.
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More Advanced Accounting Services
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