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.

Bookkeeping Services

Sales & Use tax

Ensure your sales & use tax are paid accordingly to the respective governing agency each month.

Bean Counting Services, LLC

Accounts Payable & Accounts Receivable

Accounts receivable is the incoming of money on account. Accounts Receivable keeps records of who is paying their bills from your company, when they pay, and any pertinent info concerning these transactions. It might even involve making arrangements for the customer to pay his bills on time, if he's having trouble

Accounts payable keeps records of outgoing money, or actually pays the bills. There are certain bills that are regular and close to being the same every month, such as phone, electricity, and water. But then a company may need to purchase material to make whatever they are selling.

All Matters of Bookkeeping

Inventory Control

The main purpose of inventory control is simply to enable a business take stock and appropriately manage their goods and products. Inventory control is the process done by businesses and its bookkeeper on a routine basis in order to help analyse how the business is performing.

CALL US

for a free Consultation

303-710-5670

Generate W-2's & 1099's

We generate form W-2 to report, to both the employee and the government, the types and amounts of income, and the types and amounts of withholding and/or payments made on behalf of the recepient, for for everyones use.

We generate for 1099 if you do any type of "contract work" -- in other words, self-employment -- work on a fishing boat or receive any type of government payment from a U.S. source during the year, you'll probably receive a 1099 tax form in January of the following year.

SERVICES

Generate payroll and payroll tax

Generate payroll and prepare all payroll tax reports including:

941: Employer’s Quarterly Federal Tax Return; provides the IRS with a report of each employer’s total taxable wage paid and payroll tax liability.

940: Employer's federal unemployment tax annual report form. Form 940 must be filed by January 31, for the previous calendar year.

Coaching

Many small business owners choose not to have a professional bookkeeper review its company's bookkeeping entries on a regular basis for reasons that vary from financial stress, previous personal experience, or friends/family members doing the bookkeeping. However, which ever the reason is for not having a professional bookkeeper review your entires... while we frown upon that, the decision not to have a professional bookkeeper review your transactions is not advised. Our bookkeeping coaching and training will ensure minimum levels of proper training and support have been provided specific to your accounting software and policies. As well as, we offer basic bookkeeping support for business owners, office managers, bookkeeper, or anyone who needs a refresher in bookkeeping, maybe you only have a small amount of bookkeeping, or you are just beginning your business journey we are here to assist.

New Business set & chart of accounts

INCOME & EXPENSE ACCOUNTS: Generate a list of chart of accounts based on your industry. Keeping your accounts simple will make your bookkeeping tasks much easier to manage.

COST OF GOODS SOLD: Cost of Goods or Services Sold is an account used for any costs that are directly applicable to the production of your good or service.

ASSETS: Enter any assets your business owns such as Bank balances furniture & Equipment.

LIABILITIES: As part of your setup, enter all debts your business owes

EQUITY: This is where all your opening balances will end up. This is also the place to create an Owner's Draw account if you are a single-person LLC or a sole proprietor.

BANK ACCOUNTS: Set up all bank accounts and enter their opening balances as of the date you start the company.

Generate and Consult with budgets

budget can transform a business. It’s a powerful, often miraculous thing. Business owners often don’t realize its power until they do their first budget and start seeing the benefits for themselves. And then … they’re sold!

Here are five things a budget can do for your business:

It will communicate your goals to your team.

Putting down your revenue and expense expectations down on paper helps your team to know what you’re envisioning for the company.

It will show you the relationship between what’s going in and what’s going out.

It’s not just about seeing the numbers; it’s about the relationship between the two. To give you an example, if you can’t make that business loan payment, maybe it’s time to stop renting that vacation home in Florida. But if you don’t want to stop sun bathing, then you have to do something about it by making sure you boost those sales this quarter.

It will make you more money.

Yes – I said it! It will help you decide how much you want to make for the year so you can make a plan in order to reach those goals. But your budget can also show you if those goals are realistic or not.

You will be able to adapt to change much better.

If your business is so predictable that you know your business revenue and expenses and they never change, well maybe you don’t need a budget (I’m being sarcastic). Business is incredibly unpredictable! If you have a budget and you lose that key client, you can see how it will affect the rest of your business so you can make the changes necessary to get back on track.

You will make decisions MUCH faster.

You can ask your budget questions – lots of them! What kind of questions can you ask it? Well, you know how you’ve been wondering if you can hire that new project manager but not sure if you can afford to do it? Your budget knows the answer. Or how about re-doing your website? Your budget also knows.

If this wasn’t enough reason to get you to build a budget, download our small business budget template that comes with an eBook and video series to help you build your budget. I bet by the end you’ll walk away with a working budget that you can implement and use for your small business.

Prepare Income & Balance Sheet Statements

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.

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.