Getting Started with Your Bookkeeper

Phase 1- Free Consultation

​

Jessi will conduct a free consultation to evaluate your bookkeeping needs. She will ask about your current systems, create a plan for clean up and catch up, and recommend a monthly bookkeeping package to  meet your needs.  

​

During this phase we want to know what’s working, what’s not working, what you’re struggling with, and what bookkeeping and accounting processes could be improved.​

​

It is not unusual to discover:

​

• Bank Accounts that have never been reconciled

• Bank registers that do not match your account balances

• Expenses that are misclassified

• Missing transactions

• Duplicate transactions

• Loan to Owner/ Repayment issues

• Problems with tax calculations or jurisdictions

• Sales tax being miscalculated or not reported

• Missing receipts for business transactions

• Comingled personal and business transactions

 

Jessi will ask you a lot of questions about your business and your current financial situation. She may request  viewer access to your current system to evaluate your needs and identify problem areas.

​

Then we’ll talk about your monthly bookkeeping needs and choose a monthly bookkeeping package for ongoing accounting services so your books never get out of hand again. 

​

We’ll discuss what tasks your team will complete in house and what tasks Jessi will complete so we’re sure nothing is falling through the cracks. Your bookkeeping package that can be changed in the future as your company grows and as you wish to delegate more tasks to your bookkeeper.

​

Once we have a plan, we will sign a service agreement, so everyone is clear about the services included, the cost for all services, the timeline for completion of all projects, and the payment structure.

​

Once the service agreement is completed by both parties, Jessi will process the fees in accordance with the payment timeline we agreed upon and then get to work.

 

​

Phase Two- Company Set Up

​

During this phase, we get your company set up in QuickBooks Online and create workflows to manage your books.

​

Set Up Includes:

​

• Setting Up your Company in QBO

• Transferring accountant access to our firm (if existing QBO client)

• Setting Up your employees in Payroll (if you’ve signed up for payroll services)

• Setting up your employees in Time (if you will be utilizing Time)

• Setting up your regular vendors and customers in QBO

• Setting up your classes, departments, and service lines (if applicable)

• Setting up relevant work locations (if applicable)

• Enabling auto tax filing (if applicable)

• Setting your company users and appropriate permissions per user

• Connecting third party plug apps and services

• Setting up your Chart of Accounts and creating custom accounts as needed

• Connecting your bank and credit card accounts to QuickBooks

• Coaching with owner to delegate tasks and responsibilities

• Team screenshare/ consultation to overview the new system

• Setting up workflows, timelines and expectations for tasks

• Setting up workflow for financial reporting

​

Phase Three- Clean Up, Catch Up

​

During the clean up/ catch up phase, Jessi will clean up problem areas and get your books caught up to current, completing the clean up tasks we discussed in our initial consultation.

 

Clean up and catch up projects may include:

​

• Reconciling bank accounts from pervious months or years and bringing them to current

• Ensuring all transactions are adequately accounted for, and all accounts balance

• Reclassifying or categorizing transactions that have been misclassified

• Removing duplicate transactions

• Adding in expenses paid by owner from personal funds and creating reimbursement liability accounts to repay owner

• Identifying missing tax payments or reporting

• Bringing petty cash discrepancies current

• Reviewing Chart of Accounts to ensure accuracy

• Ensuring depreciating assets are accounted for appropriately

• Attaching provided receipts for past transactions

• Creating A/P and A/G Aging reports to determine invoicing and billing priorities

 

This phase is quoted individually based on how behind your books are, and how time extensive your accounting clean up project is expected to be.

 

​

Phase Four- Monthly Bookkeeping Services

 

During this phase, Jessi will perform monthly bookkeeping tasks to keep your books clean and accurate. The services provided monthly will depend on the bookkeeping package you chose and will be custom tailored to your needs. 

​

Monthly tasks could include:

​

• Tracking and classifying income and expense transactions

• Bank Reconciliations

• Managing Accounts Payable

• Managing Accounts Receivable

• Managing receipts

• Matching Transactions

• Weekly or bi-weekly payroll administration

• Managing expense reimbursements

• Running credit card payments or matching payments to accounts

• Classifying expenses

• Sending invoices and statements

• Setting up Recurring Invoices when appropriate

• Processing Credit Card Payments

• Matching payments to client accounts

• Handling advanced credits and promotional discounts

 

​

Phase Five- Reporting & Year End Services

 

As your dedicated bookkeeper, Jessi will regularly review your books and provide financial reports in accordance with your bookkeeping service level to help you make informed financial decisions.  

​

All clients will receive Year End Reports, and may receive Quarterly or Monthly reports depending on your bookkeeping package.

​

Clients receive the following Year End Reports:

• Annual Profit and Loss Statement (P&L)

• Annual Balance Sheet showing up to date assets, liabilities and equity

• Annual Statement of Cash Flow

• Annual Payroll Reports

• Annual Executive Summary

 

If you receive payroll services through the firm, Jessi will file W2s and 1099s, which will be available to employees through their Intuit Workforce portal, and provided to you for printing and mail distribution.

​

Additional reports can be generated more frequently. Some clients prefer Monthly A/P and A/R Aging reports to see outstanding bills and client invoices.

​

In addition, custom reports can be generated to evaluate the business performance.  For example, P&L by Service Line, P&L by location, and other custom reports are available to evaluate business performance and determine which service lines are most profitable.

​

While I don’t currently offer tax preparation services, I can get your books ready for your CPA, and I can coordinate with your tax accountant or tax preparer. If you need a tax accountant, I can refer an Orlando based tax CPA that I trust and work with frequently.

​