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In the months or years since you first became a business owner has your bookkeeping effort become frustrating and time consuming? Have you been encouraged to find a good bookkeeping service?

If you have put off that advice thus far, it generally means you’ve been spending most of your time growing your business, and managing all the roles yourself or perhaps through the kindness of a family member. But now might be a good time for some research. Why…? Because now your involved with more than recording payables and receivables. Now, you’ll want to guarantee the security, power and continued success of your business.

Abacus specializes in home-based businesses. These entrepreneurs generally operate as sole proprietors or as single-entity LLC’s… they may even have employees or independent contractor staff recognized by the Internal Revenue Service.

Our accounting teams are overseen by accountants that are credentialed Enrolled Agents with the IRS possessing a minimum four year degree and more than 10 years of professional bookkeeping experience. You may interact with your team leader as needed, however… quarterly consults are part of our normal process. Our service takes a three-tiered approach when on-boarding new clients. The first is to review/establish the accounting file structure. Clients must provide administrator access to their platform for our review, we work within your existing system, migration of data is not required. Haven’t chosen an accounting platform yet… we can help you evaluate.

Next, we prioritize the tasks. Sounds simple, but there’s a lot more to this step than meets the eye, here is the initial process we look to create, we can add or subtract tasks where applicable …

Daily Small Business Bookkeeping Tasks

  1. Check how much cash you have on hand
  2. Be aware of incoming and outgoing payments

Monthly Small Business Bookkeeping Tasks

  1. Prepare and send invoices
  2. Record customer billings
  3. Record customer payments
  4. File vendor bills and payment records
  5. Make vendor payments
  6. Update payroll file
  7. Review projected cash flow

Quarterly Small Business Bookkeeping Tasks

  1. Evaluate annual profit and loss estimates
  2. Make quarterly payroll payments
  3. Make quarterly sales tax payments (varies by state)
  4. Make quarterly income tax payments

Annual Small Business Bookkeeping Tasks

  1. Analyze year-end inventory
  2. Begin compiling tax data for preparer
  3. Review full-year financial reports
  4. Review tax returns with accountant before filing

and we haven’t even mentioned bank reconciliation(s) or payroll when needed.

Lastly, but certainly not least… there is a subtext here that should be addressed, because while every task bookkeeping completes is vital, the financial health of your business and its underlying structure can only be fully achieved when tax planning has been brought into the process, which is the third step in our tiered approach.

Our recurring monthly bookkeeping fees are as follows… if your monthly expenses are less than 1k your fee is $119.00… between 1k and 3k your fee is $139.00… between 3k and 5k your fee is $159.00… between 5k and 10k your fee is $179.00 monthly expenses above 10k are all negotiated rates, please call for a quote… payroll services are billed separately.

**Service Disclosure**
When preparing this page, every effort was been made to offer the most current, correct, and clearly expressed information possible. This page was constructed for informational purposes only and is not intended to substitute financial advice regarding your specific situation from a professional accountant.

The author of this website is registered to transact business in the following states…
New Jersey, Pennsylvania, Delaware and Maryland

non-securities related services provided through
Abacus Personal Finance an Independent Entity Not Owned or Operated by SA Stone Wealth Management
200 Continental Drive Suite 401 Newark, Delaware 19713 (800) 921-1945

securities products and services offered through
SA Stone Wealth Management - 2 Perimeter Park South Ste. 500W Birmingham, AL. 35243 (888) 404-2941
SA Stone Wealth Management Does Not Provide Tax, Legal or Accounting advice
A Registered Broker-Dealer Member FINRA/SIPC

Content was developed from sources believed to be providing accurate information. All content presented on this website is for informational purposes only. It is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Providing said information does not, in any form, oral, written or otherwise, create, establish or develop a relationship between Abacus Personal Finance or its affiliated third parties with the reader of material presented here.

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