Bookkeeping and accounting
Bookkeeping and accounting is the monthly work of recording what your business earned and spent, reconciling every account to the bank, and producing statements that say what the numbers mean. It is for the owner who runs a crew or a shop in the San Fernando Valley and has no time to categorize transactions on a Sunday night. It is also for the owner who is a year or two behind and needs the books rebuilt before the returns can be filed.
The benefit is plain. Clean books mean a faster tax return, lower preparation fees, and a profit and loss statement a lender will accept when you apply for a line of credit or an equipment loan. We cannot promise what a lender will decide, but we can make sure your statements are not the reason for a no. The work is done from our office on Tampa Ave in Reseda. Call (818) 401-7468 to talk through what your books need.
What is included in bookkeeping and accounting?
- Monthly or quarterly entry of every transaction from your bank and credit card accounts
- Bank and credit card reconciliation, every account, every cycle
- Accounts receivable tracking, so you know who owes you and how late they are
- Accounts payable tracking, so bills are recorded before they are due
- A profit and loss statement and a balance sheet each cycle
- Catch up bookkeeping for businesses that are months or years behind
- QuickBooks Online setup, or a similar program, including the chart of accounts and bank feeds
- A year end file with reconciliations attached, ready for whoever prepares your return
What should I bring?
- Bank statements for each account, or view only access to online banking
- Credit card statements
- Your existing bookkeeping file, if you have one
- Your chart of accounts, if you have one
- A list of recurring vendors and customers
How do fees work?
Bookkeeping fees are based on the number of accounts, the volume of transactions, and the condition of the records when we start. Catch up work is quoted separately from ongoing monthly work. Fees are never tied to a refund, and you receive a written quote before we begin. If the scope changes, for instance a second bank account appears or the transaction volume doubles, we tell you before continuing. The current fee structure is on the fees page.
What happens at the end of the year?
Your books close with every account reconciled to the December 31 statement. The year end file goes straight into small business tax preparation, which means the reconciliation step is already done and the return costs less to prepare. Mid year, the same statements feed a tax planning meeting where estimated payments and owner pay get set with real numbers instead of guesses.
Do I have to come to Reseda?
No. Most bookkeeping clients send statements by email or connect bank feeds and rarely need to visit. When a meeting helps, the office is on Tampa Ave in Reseda, a short drive north of the 101, and you can bring the whole box of paper if that is where things stand.
Questions about bookkeeping and accounting
How often will my books be updated?
Monthly for most businesses, quarterly for very small ones with few transactions. Each cycle we reconcile every bank and credit card account, categorize what came in and went out, and send you a profit and loss statement and a balance sheet.
My books are two years behind. Can you catch them up?
Yes. Catch up bookkeeping starts with the bank and credit card statements for the missing months. We rebuild the ledger, reconcile each account, and hand you statements that are ready for the unfiled returns. You get a written quote first.
Do I need QuickBooks?
No, but it helps. We work in QuickBooks Online and can set it up for you, including the chart of accounts and bank feeds. If you already use another program, bring the file and we will tell you whether it is worth switching.