OUTSOURCING

​As a business owner you have more important things to focus than to keep your own books. We take care of your accounting needs, so you can get back to the job of running and growing your business for profits.

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As part of our outsourcing services, we can provide a range of aid that can benefit your operations needs such as Accounting and/or bookkeeping, bank reconciliation, financial reporting, and payroll processing. Refer below for a detailed description of services offered:

 

Accounting and Bookkeeping (full accounting cycle)

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• Obtain source transaction document such as billing, supplier invoices, deposits and checks to record transaction in the system on a recurring basis as assets, liabilities, income, payroll and expenses within the corresponding periods.

 

• Review of accounting data (general ledger) to ascertain proper recognition of transactions are in place in accordance with General Accepted Accounting Principles (GAAP) which are the commonly followed and accepted set of rules, procedures and guidelines for reporting financial statements.

 

• Cash to accrual basis of accounting conversion compliance under the PR Tax Code requirement under section 4041.01 for businesses that have inventory and/or revenues over $1 million.

 

• Financial statement reports and review: Balance Sheet, Income Statement, Cash Flow, among others.

 

• Management of Accounts Receivable and Accounts Payable process.

 

• Informative tax withheld returns (480’s, others)

 

• Serve as liaison between audit and clients to submit evidence for audit completion.

 

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Bank Reconciliations

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• Reconciliation of all bank and credit card accounts each month to keep accounting records up to date to allow identify the following:

 

• Identify lost checks, lost deposits, and/or unauthorized transactions.

 

• Detect and prevent access bank charges and ensuring transactions are properly posted by the financial institution.

 

• Cash management tracking to identify correct bank balances to mitigate insufficient fund payments.

 

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Financial Reporting

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• Preparation of reporting package to provide a consistent format for reporting financial information for management that include but are not limited to:

 

• Balance Sheet – provide a snapshot of the entity financial condition at a specific moment in time to help the user to handle the financial strength and capabilities of the organization.

 

• Income Statement – also known as a profit and loss statement provide an itemized list of all revenues and expenses to determine net income.

 

• Cash Flow Statement – helps understand the liquidity of the operations and anticipate future deficits (or lack of) cash and/or identify opportunities for investments to improve operations.

 

• Actual vs. Budget – helps determine areas of your business that are over or under budget to identify transaction that are underperforming and/or causing unexpected expenditures.

 

• Subsidiary for significant areas of the financial statement to understand composition of financial statement line items.

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Payroll Services

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• Preparation of checks payment either by checks and/or direct deposits through your financial institution.

 

• Payroll governmental compliance for tax deposits and/or tax filling either monthly, quarterly, and annually. (Refer to tax compliance for more information)

 

• Detailed reports on employee’s vacation, sick and personal days accrual according to local tax laws and regulations.

 

• IRS and State tax reporting

 

• Quarterly Returns: income tax, social security, worker’s compensation, unemployment and disability.

 

• W2 and W3 informative return processing.