Best Accounting and Bookkeeping Services
We do not merely provide your business with bookkeeping services. We are a full-service accounting firm. This may sound uppity, but accountants with college degrees have a different mindset and look at the transactions in your business very differently than self-trained bookkeepers do. Bookkeepers simply enter your transactions into categories in your accounting system. Accountants go a step further and make recommendations for your business to minimize your tax liability. We also specialize in payroll strategies for your business. There are many other services that we perform that are available to your organization. You can expand the sections below to explore how the accounting and bookkeeping services at MIS Tax Pros can benefit your organization.
It must be noted that we have Intuit Quickbooks Online Certified ProAdvisors on staff so you’ll know that your Quickbooks Accounting Software is optimally maintained.
There are countless benefits to having a bookkeeping function in your small business. It is a vital part of running your business and ensuring your success. Your bookkeeping function is necessary so you'll be able to have your tax returns prepared completely and accurately at the end of the year.
In addition, by allowing us to deal with the headache and frustration of your business bookkeeping tasks, you'll have more time to focus on growing your business. When you have current financial statements you'll be able to keep your finger on the pulse of your business which facilitates making profitable business decisions. You'll have the necessary financial insight to grow your business, thus, allowing you to make informed decisions.
Monthly bookkeeping services provide a number of additional benefits which include having a set of books that are accurate and organized. With bookkeeping, you'll be able to keep track of your revenues and expenses. This will ensure that your customers are paying you on time and your vendors are being paid in a timely manner. Although we recommend having monthly bookkeeping services performed for your business, it may be that you prefer to have quarterly or annual services. We can tailor our services to meet your needs.
Bookkeeping can be time consuming for a business owner. Bookkeeping services allow you to focus on your business by giving you your time back. When your books are managed by us, your time will be freed up so you can deliver higher quality service to your own customers. This will enhance and improve your productivity. You won’t find yourself trying to figure out bookkeeping errors. And, you won't have to understand technical accounting entries.
Bookkeeping services save time and money for your business. Reconciling bank statements; taking care of payroll; and generating financial statements are time-consuming tasks. Our bookkeepers type fast and are familiar with the activities necessary to get your accounting and bookkeeping tasks completed efficiently while effectively achieving the accuracy required for such detailed work. When you have accurate professional bookkeeping services, you'll be able to take advantage of the many tax deductions that are available to you when tax filing time rolls around.
Further, you'll save money in the long run by hiring an accounting firm to handle your bookkeeping. A good in-house bookkeeper will cost you anywhere between $40k-$50k annually. At a minimum, a half-decent bookkeeper will run you around $2,500 per month. When you outsource your bookkeeping, you'll only pay a small fraction of that amount. And, you won't have to worry about employee turnover if your in-house bookkeeper doesn't work out for whatever reason.
The tax return process becomes a breeze when you have your bookkeeping in order prior to tax time. This makes for a smoother tax filing process because your financial reports will already be reconciled and prepared.
You will discover that whether you are a small business working out of your home, or a business with many employees, it is cost effective to use our bookkeeping and accounting services.
You can expect a smooth transition, top-notch service, and ongoing support when you select MIS Tax Pros to handle the bookkeeping function for your business.
The first thing we do is visit with you. We prefer to make an on-site visit to your business location. The reason for this important first visit is that we need to understand your business. We'll ask a series of questions which will help us in this endeavor. We like to look at how you're bookkeeping function is being performed currently. We'll also want to learn what you would like to improve regarding the current process you're using. We'll want to know what you would like to have in your bookkeeping function that is currently missing. After we perform this step, which we call an Initial Investigation, we'll be able to make suggestions for you for the services that our assessment determines would help your business achieve the goals you set forth.
It is our forte to design and deliver the most cost effective computerized bookkeeping services available for your business. Generally, we prefer to utilize QuickBooks Accounting Software while performing your bookkeeping services remotely. It may be that you'd like to integrate your current books with our software. Or, it may be that you'd like to start completely fresh. It's all up to you. We provide whatever services you feel you need to have performed.
We will look at your current Chart of Accounts which is a list of accounts you currently use for your accounting records. We may make suggestions for a more streamlined Chart of Accounts but we'll organize your accounts according to your preferences and business needs.
Each month, we'll be able to provide you with a complete set of accurate financial statements which will include a balance sheet and an income statement. We also have the ability to generate custom reports that can be tailored to your preferences.
MIS Tax Pros will be a vital part of your business team. We are tax accounting experts that are ready to provide all, or part of, the bookkeeping function for your business.
The technology we use to perform the accounting/bookkeeping function for your business is state-of-the-art. Your bookkeeping process will be the most efficient and streamlined possible. This ultimately means a lower cost to your business.
Data security is of the utmost importance to your business. If your accounting software runs on a computer in your business, it is important to keep your data secure to make sure it is always safe.
The level of customer service that you'll find with MIS Tax Pros is unparalleled in the industry. Our staff will be responsive to your questions and concerns. When you decide to let us work with you, you'll soon see how good you are at making sound decisions for the future of your business.
Another major benefit to having MIS Tax Pros on your team is that our services are performed on a month-to-month basis. You do not have to enter into a long-term agreement with us to avail yourself of our services. We firmly believe that our services speak for themselves and the value you'll receive will make you want to keep us on your team well into the future. We will be building a trusting and lasting relationship with you, and, your business. We believe that you'll want to continue having us on your team because of the fantastic benefits you receive.
Full service bookkeeping: Bookkeeping may include accounts payable and accounts receivable management; entry of all transactions into checking, credit card and loan accounts; reconciliation of all balance sheet accounts; monthly sales tax reporting; and prepared financial statements. These tasks form the solid foundation of your small business bookkeeping system. However, the services you elect are up to you. We can do as little or as much as you feel your business requires.
You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Our monthly bookkeeping fees range from $300 – $700 on average. This fee varies based on the number of bank and credit card accounts you have and the average number of transactions your business transacts monthly.
Our monthly bookkeeping fees include monthly consultations with our bookkeepers to address updates, questions or concerns. This is in the form of phone calls or emails. It is completely up to you.
- General Bookkeeping Setup – If needed, we can setup your books for maximum efficiency and accuracy.
- Data Entry -- Cash receipts, invoices to vendors, and payments from customers need to be recorded at a minimum for any business.
- Reconciliations -- Bank account, PayPal account, merchant account and/or credit card reconciliation.
- Reporting -- Generate financial statements which include the important income statement and balance sheet. You may need additional custom reports generated for your business. There may be quarterly or annual report requirements for your business. In addition, you may require budget forecasting reports. Year-end reporting is necessary to enable the preparation of tax returns.
- General Ledger -- Your general ledger, which includes a record of the dates, check numbers, payees, and amounts of all expenses within each of your business accounts may need to be maintained and/or cleaned up periodically. This process should be performed monthly and at year-end.
- Record Keeping – Make journal entries and/or adjusting journal entries.
- Accounts Receivable Bookkeeping -- This activity may include invoicing, sales receipts, receive and deposit incoming payments, accounts receivable management, customer management, and collection processes.
- Accounts Payable Bookkeeping -- This activity may include bill payment, check writing, vendor management, and accounts payable management. You may opt for three-way matching which includes matching purchase orders and invoices with packing slips or receiving reports.
- Payroll integration --- The payroll process may include payroll calculations, paycheck processing, quarterly and annual tax reporting requirements, W2 forms and 1099 forms issued.
- Sales & Use Tax -- Sales tax tracking including reporting and payments may be necessary for your business.
- Inventory Management -- Your inventory pricing and stock levels need to be optimally managed to maximize profitability.
Reconciling your business checking account along with your other accounts each month allows us to keep your bank accounts, credit card accounts, loan accounts and taxes up-to-date.
A proving out of the bank's figures with your checkbook balance each month insures you are working with the correct totals. Electronic and credit card transactions should also be balanced to income records.
Having your accounts reconciled each month provides the following benefits:
- Identify lost checks, lost deposits, and unauthorized wire transactions.
- Detect and prevent excess/unjustified bank charges and insures 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 statements.
- 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 is important. You can relieve your agency of responsibility for the shortfall and transfer the risk to the bank if you do this soon enough. This one reason alone should be enough motivation to have monthly account reconciliations performed. Crime exists.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled and in balance. You'll also be able to determine that all escrow funds, accounts, checks and disbursed funds have the proper accounting performed.
The general ledger is the core of your company's financial records. These records constitute the central accounts or "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all of your account balances in your "books".
Having us review your general ledger system each month allows us to discover any discrepancies such as double billings or any unrecorded payments that can cause problems with your account balances. We'll correct any of the discrepancies so your books are always accurate and kept in perfect shape.
It is important for any business to have an Income Statement which is a report that shows the monthly breakdown of sales, cost of sales and expenses (profit and loss) for the current month, and a total for all months of the year to date. Percentages of change provided in our reports allow you to compare current performance to the previous year and spot problem areas so you can take immediate corrective action.
A Balance Sheet, coupled with the Income Statement, 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. They are also necessary to be able to prepare tax returns at the end of the year.
We utilize the most current computer accounting software for bookkeeping and it enables your business to generate financial statements at any time. We prefer QuickBooks Accounting Software because it has the capability to generate custom financial statements for your business. If you're currently using other software, we'll be able to use whatever you prefer to use.
It must be noted that we have Intuit Quickbooks Online Certified ProAdvisors on staff so you'll know that your Quickbooks Accounting Software is optimally maintained.
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 provides your business with the following benefits:
- Tracks revenue 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 such as 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.
The Balance Sheet is available when needed. It summarizes your total business assets, liabilities and net worth at a given point in time so you can make decisions about capital expenditures. It may also show you how you can improve profits. It will be necessary for bank loans and if you wish to establish credit. A Balance Sheet gives you a snapshot of the financial condition of your business at a specific moment in time. A Balance Sheet provides your business with the following benefits:
- 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.
It can be effective to let an outside service manage your receivables. We can do the drafting from your clients' accounts, repetitive billings, and bank transfers so your money comes in from your customers on time.
Additionally, we can provide the following benefits to your organization:
- Prepare all related journals with charges and credits posted.
- Provide a summary of delinquent accounts.
- Provide aging reports so you can see which customers are late in paying you.
- Set up your accounting system so that you can have interest automatically charged to past-due customer balances.
- Maintain customer records.
- Enter invoices to be emailed. Mail invoices and statements.
- Process statements to be emailed and/or mailed.
Some Accounts Payable functions we can provide are:
- Maintain vendor records.
- Enter bills into QuickBooks.
- Prepare checks for you to print. Or, pay through your bank’s online bill pay.
- Manage your bill payments so that you don't pay them late or too early, thus enhancing your organization's cash flow.
- Prepare Form 1099-MISC at year end.
Payroll is often the most confusing part of bookkeeping for many businesses. We’ll handle your payroll smoothly and accurately. You’ll love us, and your employees will love us as well.
Like all of our services, we process your payroll remotely, utilizing QuickBooks Accounting Software.
Full Service Payroll: Payroll includes all types of compensation; retirement and insurance deductions; sick and vacation pay; direct deposit or signature ready paychecks; new hire reporting; worker's compensation audits; quarterly and annual tax filings; W-2 forms; 1099 forms.
There are several requirements that need to be met for governmental and insurance purposes. We can provide you with payroll and tax information on every employee as well as satisfying any 1099 reporting requirements. If you need full payroll check writing services, for any state, we can do that too.
What you'll get:
• Flawless record keeping – Add or edit employee information to maintain employee records.
• Accuracy – We meticulously process your time data, so your employees are paid what they should be paid.
• Weekly / Bi-Weekly / Semi-Monthly / Monthly payroll processing – Print checks or process direct deposit (our preferred method).
• Reporting – Print payroll register and other reports. Provide summary and/or detailed payroll reports.
• Record keeping – Process monthly, quarterly, and year-end payroll reports, including 1099s and W2s. And, provide pay stubs for distribution to employees.
Additionally, we can:
- Provide instructions on how and when to pay payroll taxes along with where to file returns.
- Prepare 941 deposits with instructions on how and when to pay (additional fee).
- Prepare all monthly and quarterly federal, state and local payroll returns (additional fee).
- Prepare year-end reporting of annual reconciliation returns to federal and state tax agencies (additional fee).
We can prepare your State Sales & Use Tax Reports as well as other reports that may be due for your state such as mixed beverage, telecom, etc. whether they may be required monthly, quarterly, or annually.
Some companies are of such size that they would just like all of their accounting / bookkeeping to be done at the end of the year only. We can do as little or as much of the tasks that you would like for us to do for you.
Some of the items you may wish to have completed are:
- Enter all transactions for the entire year.
- Reconcile all bank and credit card accounts.
- Make all general journal entries.
- Provide reports needed for your tax preparer which we would hope to be MIS Tax Pros.
Corporations, partnerships, non-profit organizations, and trusts are considered separate legal entities. Management of these legal entities requires specific procedures to make and document managerial decisions, such as election of officers, management compensation, establishment of retirement plans, loans to shareholders/employees, retention of profits, and numerous other decisions. If corporate minutes, partnership agreements, loan documents, and other critical organizational documents are not maintained, many of these decisions can be negated by the IRS.
We can help you keep your organizational entity in compliance by providing guidance and support in maintaining the necessary organizational documents.
MIS Tax Pros provides a variety of other services that may not have been discussed earlier. These include, but are not limited to, the following:
- Implement Accounting Controls.
- Workflow improvement that can eliminate or reduce duplicate data entry, paperwork-intensive procedures, and manual processes.
- Retirement Planning.
All Clients have differing needs. There is no one-size-fits-all approach to pricing for accounting or bookkeeping services. Once it has been determined what mix of services you require, we will then tailor our fees to your requirements. Generally, you will be billed monthly utilizing one of the following three methods for determining the service fee:
- Flat-rate pricing for services you require;
- Hourly fee for services you require;
- Or, a combination of flat-rate pricing and hourly fees for services you require.
Flat Rate Pricing: Our fee for some basic bookkeeping services is based upon the volume of transactions in a reporting period and also on the overall complexity of your business. Generally, you can expect around 55 cents per transaction as the fee for entering transactions into your accounting system. Factors affecting our flat-rate pricing structure include:
- Number of deposits;
- Number of checks written;
- Number of employees and pay frequency;
- Frequency of financial reports required;
- Number of bank and credit card accounts to be reconciled;
- Current state of your accounting records; and
- Other miscellaneous items.
Hourly Based Pricing: The total hours of service each month will depend on which services are required and the time required to complete them. Our hourly rates generally range between $55 and $85 per hour depending on the volume level and complexity required.
Pricing for services provided at your location: Flat Fee of $85 per hour.
Setup Fees are required for most of our service offerings. Those will be determined on a per Client basis. They are based on the amount of work necessary to setup our systems and processes to begin servicing your account.