Services: Outsourced Accounting

During our onboarding sessions, we will discuss your reporting needs and develop a preliminary chart of accounts, which will aid you in your business decisions, and allow for a smooth tax season.  As we continue to work together, we will evolve the chart of accounts with your business needs.

During onboarding, we will also review a month or two of transactions, to identify which ones occur each month and set up banking rules and recurring transaction templates in the accounting software.  This will streamline the monthly process and ensure consistent reporting from month to month.

On a monthly basis, we will review the bank feeds and record the transactions, based on the bank rules and transaction templates previously developed.  We will send you a listing of any new/unusual transactions and request additional information to ensure proper recording.  This ensures that we are discussing transactions timely and avoiding heavy research at the end of the year. 

Once all monthly transactions are recorded, we will compare the transactions in the accounting software to the transactions that cleared the monthly bank statement, to ensure completeness and accuracy of your accounts, so you can make informed decisions about your business. 

During onboarding, we will set up preferred bill payment software, invoice authorization levels and payment frequency terms.  Then periodically (timing based on client needs), we will compile the invoices that have been received, enter them into the bill payment software and send them to the appropriate staff for approval.  Once approved, we will process the payments, according to your payment frequency terms.

During onboarding, we will discuss your client invoicing needs, including frequency, information sharing and review processes.  Then periodically (timing based on client needs), we will compile the information and prepare either a billing spreadsheet or individual invoices for your review and approval, before sending the invoices directly to your clients.

During onboarding, we will develop customized financial reports that will help you make informed business decisions.  Then periodically (timing based on client needs), we will run these reports from your accounting software and send them directly to you, so you do not need to log into the software.  We will continue to update these reports with your business as it evolves.

The most important part of Form 1099 filing comes well before the year end deadline: obtaining the Form W-9 from ALL vendors.  While we are working through your monthly transactions and/or vendor payments, we will inform you of any new vendors we are entering into the system. It is your responsibility to obtain a Form W-9 from new vendors before they are paid.  This will ensure a smooth filing season for us all!  After the year end reconciliations have been completed, we will prepare a 1099 Summary spreadsheet and send you the listing of vendors for whom a Form 1099 is required.  Once approved, we will enter the information obtained from this report, as well as the vendor Form W-9s collected throughout the year into our Form 1099 filing software.  Once the forms have been accepted by the IRS, we will send you a copy of all the forms using our secure file sharing system.

This is our favorite part!  We love to schedule calls or meetings with our clients to talk through any questions or concerns. Even if we do not have the answer, Bailey has a large network of professionals who probably do.  We are always happy to be a sounding board and point you in the right direction!