Bookkeeping

Accurate financial statements serve as the cornerstone for comprehending the historical performance and future trajectory of your business.

Weekly

Monthly

Maintain subsidiary accounts (with specific focus on IOLTA accounts for law firms)

Record customer billings

Record customer payments

Record vendor payments

File vendor bills & payment records

Update payroll file

Make vendor payments

Prepare & send invoices

Reconcile accounts

Review aged receivables (past due customer payments)

Process & review payroll for approval (biweekly)

Meet payroll tax requirements

Provide docs to review profit and loss compared to budget and prior years

Provide month-end balance sheet

Quarterly / Annually

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Provide P&L

Review aged receivables. Send to collections as needed

Complete IRS forms

Review full-year financial reports

Review tax return info prior to sending to accountant

Challenges business face

Lack of expertise

Small business owners may not have a strong background in accounting or bookkeeping, making it difficult for them to accurately manage their financial records.

We are highly qualified in the field of bookkeeping and accounting. Our team consists of professionals with extensive knowledge and experience in managing financial records, ensuring accuracy and compliance with industry standards.

Time constraints

Running a small business requires wearing multiple hats, and bookkeeping can be time-consuming. Owners may struggle to find the time to properly maintain their books while also managing other aspects of their business.

We understand the importance of efficiency in bookkeeping tasks. We have developed streamlined processes and utilize advanced software to maximize productivity and complete work within tight deadlines. Our goal is to provide timely and accurate financial information to our clients.

Inadequate record-keeping

Poor organization and record-keeping practices can lead to missing or incomplete financial data. This can make it challenging to track income, expenses, and overall financial health accurately.

At BME, we prioritize organization when it comes to record-keeping. We maintain meticulous records and implement effective systems to ensure all financial transactions are properly documented and easily accessible. This helps our clients stay organized and facilitates smooth auditing or reporting processes.

Cash flow management

Small businesses often struggle with cash flow management, which can impact their ability to pay bills, meet payroll, or invest in growth opportunities. Without proper bookkeeping, it becomes difficult to monitor and forecast cash flow effectively.

BME recognizes the significance of cash flow management for businesses. We work closely with our clients, discussing their financial situation at the end of each month. By analyzing their cash flow, we can identify potential issues, offer recommendations, and help them make informed decisions to improve their financial wellness.

Compliance issues

Small businesses must adhere to various tax regulations and reporting requirements. Failing to comply with these obligations can result in penalties and legal consequences. Bookkeeping errors or omissions can lead to compliance issues if not addressed promptly.

Staying updated on rules and regulations is a top priority for BME. We continuously monitor changes in accounting standards, tax laws, and other relevant regulations to ensure our clients remain compliant. Our team undergoes regular training to stay informed and provide accurate advice to clients regarding compliance matters.

Technology limitations

Some small businesses may rely on outdated or manual bookkeeping systems, such as spreadsheets or paper-based methods. These methods can be prone to errors and inefficiencies, making it harder to maintain accurate financial records.

BME embraces technology and invests in the latest tools and software to meet the evolving needs of our clients. By leveraging cutting-edge technology, we can streamline processes, enhance data security, and provide real-time access to financial information. Our commitment to staying technologically advanced sets us apart in delivering efficient and reliable bookkeeping services.

Cost considerations

Hiring professional bookkeepers or accountants can be costly for small businesses with limited budgets. As a result, some owners may attempt to handle bookkeeping themselves, leading to potential mistakes or oversights. While it may seem cost-effective to handle bookkeeping in-house, it often leads to inaccuracies and incomplete financial records.

BME offers comprehensive bookkeeping services that not only save time but also provide accurate and reliable financial information. By outsourcing bookkeeping to us, businesses can focus on their core operations while ensuring their financial records are handled professionally and accurately. The long-term benefits of our services outweigh the potential cost savings of in-house bookkeeping.

Bookkeeping services BME provides

Payroll processing: Managing employee payroll, including calculating wages, deductions, and taxes, and issuing paychecks or direct deposits.
Accounts receivable management: Tracking and managing customer invoices, payments, and collections.
Accounts payable management: Handling vendor invoices, payments, and maintaining accurate records of outstanding bills.
Bank reconciliation: Comparing and reconciling bank statements with the company's financial records to ensure accuracy.
Financial statement preparation: Compiling and preparing financial statements such as income statements, balance sheets, and cash flow statements.
Budgeting and forecasting: Assisting in creating budgets and forecasts to help businesses plan and make informed financial decisions.
Financial analysis: Analyzing financial data to provide insights and recommendations for improving business performance.
Software setup and training: Assisting with the setup and implementation of accounting software, as well as providing training to staff on how to use it