Remote Outsourced Bookkeeping
Whether you have an internal accounting department or not, SoCal Elite Accounting can assist with your weekly, monthly and quarterly closings. Working alongside your existing accounting staff to assist in facilitating AP/AR, reconciliations, AJE’s etc. or simply taking on this entire work load for you. Everything can be done remotely with monthly in-person meetings (if desired) to review the financials. If online banking/credit card access is not provided, and scanning your documents into our system is cumbersome, we offer a courier service (free of charge) to pick-up/drop off files (weekly, monthly etc. depending on your needs).
Bookkeeping Cleanup & Audits
Do you need your books converted to QuickBooks from scratch, need your books reconciled for an entire year or more or simply need to have your books audited/reviewed to ensure the entries are posted correctly? We can assist in all of these areas to get your accounting back on track. A detailed proposal will be provided, which reflects the different stages, milestones and due dates in order to complete the project in its entirety.
This service includes the creation of the 1099’s, providing PDF copies for your records, mailing the 1099’s to all recipients via USPS and mailing form 1096 to the IRS. If you need assistance with exporting the 1099 reports from your accounting software, we can provide these reports for you and/or assist with emailing/phoning vendors to obtain W9 forms.
Enter vendor invoices, process check-runs and reconcile vendor statements as needed. Ensuring duplicate payments are not made, invoices are correct (no excess charges which need to be disputed or negotiated) and paid in a timely manner by their due date.
Business & Personal Bookkeeping
Some of the industries we specialize in are Aerospace, Architecture & Design, Chiropractic, Consulting & Professional Services, Hospitality, Manufacturing, Medical & Wellness, Real Estate and Retail and Service to name a few. We also specialize in accounting for individuals. Most of our clients we have one set of books for the business and another set of books for the owner’s. Many owner’s want to see what their monthly spending is, be up to date on their investment accounts, track their assets and payroll. We will provide a set of financials for the business and personal account each month, quarter etc. (depending on desired deadline).
Let our experts bring your staff up to speed. The staff at SoCal Elite Accounting provides customized QuickBooks training. We will train you and your employees to utilize your software more efficiently and effectively. After the training sessions are complete, we’re here to provide support that’s just a phone call or email away. With the help of SoCal Elite Accounting, your employees can gain practical knowledge and tips from professional bookkeepers with years of experience.
Accounts Receivable & Collections
Creation of customer invoices which can either be entered in your accounting software and not sent, entered in your accounting software and sent to you to send to your client or entered in your accounting software and sent directly to your client. Once payment is received, we can post the payment to the o/s invoice and record the deposit. An AR report can also be provided on a recurring basis depending on your need. Should we need to assist with collecting on the o/s invoice, we can liaise with your client directly, to ensure they have everything needed and payment will be issued promptly.
Payroll is the #1 item that is booked incorrectly in most companies. We will create and book the AJE to book payroll properly. Which includes tracking and recording wages, bonuses, commission, vacation, holiday, taxes, as well as, deductions and garnishments. To take it a step further, we can assist with setting up departments with your payroll company, so you can see in depth the cost of each department within your company when running financial statements. Should you need assistance with processing payroll, we can recommend several companies which would be a good fit for you and your company.
Using our custom designed formulated spreadsheets, SoCal Elite Accounting will combine assets, liabilities, and other financial items of two or more entities into one. Where all subsidiaries report under the umbrella of a parent company.
Asset & Liability Reconciliations
Monthly or quarterly we will reconcile all asset & liability accounts to tie to the statements. Upon reconciling the accounts, a reconciliation report will be provided, along with, detailed notes pointing out uncleared deposits and/or checks (which are 60+ days outstanding and have not cleared your bank). We can set up bank feeds in your accounting software, which gives you an up to date balance of your accounts each day. This also cuts the amount of time in half to avoid doing data entry for transactions.
Policies & Procedures
Policies are important in a workplace, as it helps reinforce and clarify the standards expected of employees. They also help employers manage staff more effectively, as it defines what is acceptable and unacceptable in the workplace. Our policy creation procedure includes: identify need, identify who will take lead responsibility, gather information, draft policy, consult with appropriate stakeholders, finalize/approve policy, consider whether procedures are required, implement, and monitor/review/revise.
Workman Compensation Review & Audits
Most businesses have their employees classified incorrectly (which is mainly directed by your insurance provider/broker). We will take a look at your departments and classify each employee to the appropriate department. Then we will speak with the Workers Comp auditor to determine the correct classifications. We will then work directly with the auditor to obtain the list of reports and items needed for the audit. After gathering everything requested, we will coordinate with the auditor and HR/Owner for the in-person audit, and will attend the meeting to ensure a smooth and successful audit.
Do you need to set up a financial plan for future activities? SoCal Elite Accounting will create budgets for Sales/Revenue detailed by products or services, COGS, Payroll, Optional Expenses and Non-Optional Expenses. The budgets are created by thoroughly reviewing every chart of accounts 6-month to 12-month trends, as well as, forecasting increases (salary, rent, insurance etc.)
An Income Statement, Balance Sheet and Cash Flow Analysis will be provided with each closing. Along with the financial statements, any questions/comments for the owner’s will be provided (unusual charges, missing information etc.)
Contact SoCal Elite Accounting Today!
Still have questions? Ready to get started?
Contact us today and see how we can help you with all of your accounting and bookkeeping needs.