What Is “Monthly Bookkeeping Services”?
What Do Monthly Bookkeeping Services Include?
Effective bookkeeping is essential for businesses of all sizes to maintain financial health, ensure compliance, and make informed decisions. Monthly bookkeeping services help businesses stay organized, track cash flow, and prepare for tax season with ease.
Every business if different. When you are considering hiring AKOR Services as your bookkeeper we will discuss:
- An initial interview (No charge).
- We will determine where your business is currently with your bookkeeping
- We will discuss your need for other services like tax planning, other accounting services and CPA services.
- What accounting issues you are looking to address and resolve
- The number of our monthly services you need, along with the monthly average number of transactions. This number will determine your basic fee for monthly bookkeeping services. You will get a proposal in writing from AKOR Services.
- When you are ready to move forward, we will do an engagement letter outlining limitations, duties and responsibilities.
- Clean-up service. If this service is needed, it will be provided separately and at an additional charge, separate from the monthly service charge.
- Conversion or new setup. AKOR Services Bookkeeping uses QuickBooks Online. We are a QuickBooks certified ProAdvisor. We will discuss whether we need to begin fresh, convert your existing system and how that process would be implemented, or if we can utilize your existing system.
Here’s what you can expect from our professional monthly bookkeeping services:
1. Initial Account Setup (Optional – additional fees may apply)
(AKOR Services Bookkeeping offers initial setup services in QuickBooks Online, either stand-alone, or with Monthly Bookkeeping Services). Before bookkeeping services begin, we will set up your financial accounts. This includes:
- Establishing your chart of accounts
- Connecting bank and credit card accounts to accounting software
- Setting up accounting software – QuickBooks Online
- Configuring financial reporting structures
2. Downloading and Categorizing Transactions (Included in Monthly Service)
Each month, bookkeeping services include:
- Downloading bank and credit card transactions
- Entering transactions manually, as needed.
- Making journal entries, as needed or when recommended by your Accountant or CPA.
- Categorizing expenses and income correctly to align with tax requirements and business reporting
- Reconciling accounts to ensure all transactions are accounted for and discrepancies are resolved (not including Clean-up services).
- Note: this will include interactions occasionally with your owners, managers and possibly your employees.
- Reporting
3. Payroll Processing (Optional – additional fees may apply)
This service could either be the full accounting solution for Payroll services, or it could simply include making appropriate journal entries when an outside payroll service is utilized. Additionally, there may be an in-house person designated to handle timekeeping. Company payroll and benefits policies (time off, vacation, sick time, etc.) are often established separately, and prior to establishing payroll services. For businesses with employees, bookkeeping services could include:
- Processing payroll and ensuring employees are paid on time
- Calculating payroll taxes and deductions
- Filing payroll tax forms and making necessary payments to tax authorities
- Keeping payroll records up to date
- Paperwork services such as 1099’s, W-2s and W-4s
- Reporting
4. Accounts Payable (Managing Bills) (Optional – additional fees may apply)
To keep vendors and suppliers happy, bookkeeping services typically cover:
- Recording bills and expenses
- Scheduling payments to ensure bills are paid on time
- Managing cash flow to avoid late fees and penalties
- Tracking outstanding obligations to maintain good supplier relationships
- Reporting
5. Accounts Receivable (Managing Invoices) (Optional – additional fees may apply)
To ensure steady cash flow, bookkeeping services include:
- Generating and sending invoices to clients or customers
- Tracking outstanding payments and following up on overdue accounts
- Applying received payments to the appropriate invoices
- Reducing bad debts through effective receivables management
6. Monthly Financial Reporting (Included in monthly service)
A key benefit of monthly bookkeeping is the generation of accurate financial reports, including:
- A basic review of identified trends
- Profit and Loss (P&L) Statement to show business profitability
- Balance Sheet to track assets, liabilities, and equity
- Cash Flow Statement to help manage income and expenses effectively
- Customized reports based on business needs to track key performance indicators (KPIs)
- This would include monthly, quarterly and/or annual reporting.
Conclusion
Monthly bookkeeping services provide essential financial organization and support for businesses, ensuring compliance, efficiency, and accurate reporting. Whether you’re a small business owner or managing a growing company, investing in professional bookkeeping services can save time, reduce stress, and position your business for success.
For more information please complete our online contact form or at the information provided below.
AKOR Services Bookkeeping
Allen Beck
P.O. Box 820062
Vancouver, WA 98682
