Affordable Small Business Services
Coakley Small Business Services can provide a broad range of bookkeeping and back-office services.
Accounts Payable (AP)
Paper source documents for bills are scanned, and all source documents are attached to invoices when entered into the accounting system. Credit card activity is recorded and reconciled and imported when possible. Bills are reviewed and routine reporting is provided to owner/management to determine weekly cash disbursements. CoakleySBS can assist with cash disbursements via dual control methods available through most banks, and our innovative approach to remote check runs.
In addition to traditional bookkeeping services, we offer the following related business services:
- Free setup ($249 value!) for Fintech, for customers whose business deals with sales or distribution of alcoholic beverages
- Balance Sheet Clean-up
- Audit preparation and support
- Accounting system conversions and/or setup
- Establish/review/update back-office procedures for maximum efficiency
- Provide a business office address and point of contact for administrative, regulatory and compliance needs
- Reconcile bank accounts and petty cash
- Cash Flow forecasts and reporting
- Cash management and movement
Once the month-end close process is complete and financials are ready, Amber performs a final Controller Review. A cover letter with the controller commentary and forward-looking insights is included in the financial package.
General Ledger (GL)
The General Ledger is the central location for debits and credits originating from standard modules such as Accounts Payable, Accounts Receivable and Inventory. It is also a source for entries such as accruals, depreciation and other transactions that are required to contribute to a sound set of books. We will maintain the general ledger during each monthly close and review, and finalize for year-end close.
Whether your business sells goods, services or both, the item-level detail is the key to vital information about profit margins, cost controls and profit centers. We record physical inventory counts and reconciliation adjustments as well as time and expense data for services. We can then deliver insightful reports so that management has the information they need to run their business successfully.
- A monthly close routine helps identify problems before they get out of control. Routine tasks include a review of trial balance line items and comparison to previous months.
- All reconciliations are finalized, and financial statements are produced as part of a customizable monthly financial review package.
Accounting & Financial Software
- New accounting software setup
- Accounting software conversions
- Routine software maintenance, upgrades and backups
- Setup and sync third-party add-ins
Projects can be large or small, one-time or cyclical. Sometimes business owners have difficulty finding the time or confidence to take them on with their in-house resources. Project examples include:
- Balance Sheet Clean-up and documentation, prepared for CPA review and sign-off
- Data analysis and custom reporting
- Update or replace the Chart of Accounts
- Establish and manage accruals
- Advanced Excel workbooks and reporting
- Bookkeeping update and review for tax preparation
Tax Preparation & Filing
We have found that the combination of our outsourced accounting services paired with an annual review by an independent tax advisor or CPA firm offers an ideal division of labor and a sound system of checks and balances. While we are not a CPA firm and do not offer tax advice or income tax preparation services, we do offer a number of tax-related services. They include:
- Prepare and/or file annual property tax renditions
- Prepare and/or file state Mixed Beverage Tax reports and/or remit tax to taxing authority
- Prepare and/or file state Sales & Use Tax reports and/or remit tax to taxing authority
- Prepare/deliver/file form 1099-MISC to vendors
- Tax Liaison services ensuring full and comprehensive communication between the tax advisors, accounting and business owner(s); book-to-tax adjustments and reconciliation
We produce monthly financial statements (Income Statement and Balance Sheet) as part of a customized monthly financial package. We will tailor the financial package to include additional reports, KPI’s and analytics as required by management. Because CoakleySBS is not a CPA firm, all financial statements are intended for use as management tools only. We will work with your CPA as needed to support their publication of certified financial statements whenever required.
We recommend that our clients utilize a third-party payroll processor. Well-known and reputable payroll processing firms offer this increasingly complex service at competitive rates. We will prepare and transmit payroll data from our client’s business to the payroll processor and ensure that the client’s books are updated accordingly. We will also reconcile the quarterly and annual payroll reports to the General Ledger, and maintain employee records.
CoakleySBS recommends ADP, but can work with any payroll processor.