Accounts Payable are a necessary part of every business. We know the saying, it takes money to make money! We make sure the bills are paid by check, credit card or setup automatic payments, so you get piece of mind.
At Pink Abacus Bookkeeping, we can itemize your purchases to assist you in analyzing your business expenses, and ensure you have ACCURATE financial data come TAX time! We help you manage your business credit cards to be sure expenses are documented in the correct month so your reports accurately reflect the business activity.
We analyze your accounts to develop creative solutions, such as optimizing credit card rewards points, so that you can save money or reward your employees.
Accounts Receivable is the fun part of a business! It’s the entire reason we do what we do. Our goods and services are traded for a fair price and tracked within an accounting system.
Purchase orders can show business growth and profitability, invoices show money due to your business, and sales receipts show you ARE in business!
If you are behind on invoicing or don’t remember WHO you invoiced, then you are basically working for free! The business income must be tracked accurately so you don’t have to pay more TAXES!
At Pink Abacus Bookkeeping, we handle deposits, collections, and reporting to help make sure your business is healthy. With our tracking, you can accurately assess what marketing methods are growing the business, and which are not!
Reconciliations are a vital part of the monthly and annual reporting. Each account is balanced to verify money IN is more than money OUT!
Many times business leaders feel this part is not necessary. However, if an expense or a deposit is entered twice, you could have serious consequences!
For example, if income is recorded TWICE, then you could be paying TWICE the taxes! If expenses are recorded TWICE, the business could appear not profitable, and that Line of Credit for new equipment is then denied.
And, in worst cases, this step creates visibility to identify fraudulent activity or embezzlement. These issues can be easily missed, if the books are only being looked at once or twice a year, costing you THOUSANDS of dollars.
Account Management is a crucial element to a company’s relationships with vendors and suppliers. If a healthy communication is not in place when things go wrong, as they inevitably do from time to time, finding a solution could be much more difficult to find!
Timely AND accurate invoices, monthly statements, and open lines of communication, all help when a RUSH ORDER is needed, or a mistake is made.
Accurate Report Generation is essential to the decision making process of any company. How else would you know if your business practices are resulting in a profitable business? What if you were making critical mistakes that could cripple the business?
The Profit/Loss and the Balance Sheet reports reflect the expenses and the income generated on a monthly basis. Our comprehensive reports can also reflect the labor, supplies or seasonal cost variances on a month to month or quarter to quarter basis.
The Open Balance Report and the Aging Summary reveal where your accounts receivable are at any given time. These reports are essential for review during leadership meetings, board meetings, mergers and loan processing.
Payroll is a complicated topic and is the most common factor for business tax issues. Federal and State labor laws about wages are always changing and must be considered before you hire new employees or contractors.
At Pink Abacus Bookkeeping, we help run payroll, provide and process new hire paperwork and terminations! We also facilitate reimbursements to employees, make changes in income, and update direct deposit accounts.
We work with payroll providers to run scheduled payroll, process payroll returns and assist in other matters. Worker’s Compensation Audits, amended payroll returns, and annual wage reporting forms, such as W-2 and 1099 forms, are handled by the critical deadlines to reduce liabilities and remain compliant.