QAccountancy is a leading Outsourcing Accounting and Bookkeeping Company. QAccountancy provides wide variety of services under one umbrella which includes Finance and Accounting Services, Payroll services, AP and AR reconciliation, Financial Analyses, etc. QAccountancy provides these services to US based Small and Medium Enterprises and Accounting Firms.
While providing these services we also bring in tools and technologies. These tools not only help customers to better manage their processes but also provides visibility which helps to drive improvements to grow business through analytics, makes offices paperless, etc.
Our goal is to ensure we become the preferred partner for our clients, allowing them to focus on their Core Business activity and increase their Topline.
Good accounting starts with good bookkeeping.
Each financial transaction, whether minor expenses or major revenue streams, contributes to your company's financial well-being. Efficient management of these transactions:
- Guarantees the precision of financial records
- Mitigates the potential for financial discrepancies or fraudulent activities
- Enhances business forecasting and strategic planning
- Boosts stakeholder trust and credibility
It’s always worth double-checking your books by comparing them to the bank’s records. We’ll ensure everything always checks out.
It’s so important that your credit card transactions are recorded properly. We get it, credit card statements aren’t fun to read, but let’s just say, for us they are.
In evaluating performance, revenue serves as the primary indicator. Without precise revenue figures, many other key performance indicators (KPIs) may lack reliability.
Accurate revenue data is essential for identifying discrepancies, such as missing deposits, theft, or discrepancies between bank account deposits and sales recorded in your sales system.
Effective Management of A/P goes beyond mere payments. Through precise and efficient accounts payable management, businesses can enhance cash flow, strengthen supplier relationships, and obtain valuable expenditure insights.
Maintaining an effective A/R management system is not just a suggestion – it is a necessity. Timely review and reconciliation of sales and receivables help save money by identifying unaccounted errors, charges, and reconciliation discrepancies between your sales and third-party delivery systems.
Payroll processing is a vital component of internal business operations. Ensuring employee satisfaction and fair compensation for work performed is a top priority. However, managing payroll can be complex, laborious, time-consuming, and delicate.
Payroll needs to be recorded using the appropriate accounting methods otherwise your personnel expense will be incorrect. Salaries and Wages need to be reconciled with your payroll system for tax purposes.
We will assist in establishing the appropriate petty cash balance, creating a use policy, setting up a management process, and recording all activities. We will reconcile petty cash with the balance sheet, compare expected cash deposits with actual bank deposits, track paid-outs, and present results separately for transparency.
This process helps prevent theft, ensures cash deposits are made, and provides accurate financial visibility.
Our services include identifying fixed assets among other purchases, capitalizing and depreciating them based on the IRS cost segregation guide, and reconciling fixed assets and depreciation with the tax return.
This process ensures compliance with IRS fixed asset capitalization requirements and prevents large capital expenditures from skewing your profit and loss statement.
Our services include reconciling bank, credit card, and virtual payment account statements with entries in your general ledger cash account monthly. We also handle uncleared checks by writing them off or stopping payments.
This ensures the accuracy of your balance sheet by accounting for uncleared transactions, detects potential fraud, enhances financial reporting usability, and provides insights into your financial position.
We will offer the Bookkeeping services regularly on a weekly or monthly basis. You will receive a detailed email with a snapshot and analysis containing AP/AR balances, cash balance, and monthly financial reports. This proactive oversight will enable you to make timely and strategic financial decisions based on informed insights from your financial reports.
Our services include reviewing and adjusting historical Profit & Loss reports and general ledgers to ensure accurate business performance representation. This involves verifying expense coding, payroll entries, sales accuracy, and balance sheet items like cash balances, notes payable, intercompany loans, and tax liabilities. These actions aim to provide precise financial data for informed decision-making and ensure tax compliance.
Payments by vendor are tracked in QBO or Xero for 1099 filing purposes throughout the year. At the end of December and/or beginning of January, we will reach out to request the missing vendor information needed to file the 1099s.
