Together, We’ll Build A Better Bookkeeping System
Bookkeeping is key when it comes to maintaining accurate financial records. Despite that, many businesses remain unsuccessful in keeping true records and implementing integral practices. Besides maintaining records for business prosperity, you are required to maintain accurate financial records for tax and loan purposes.
In reality, poor bookkeeping standards are among the major reasons businesses fail to generate desired results.
Protea Bookkeeper Capabilities
Accounts Payable | Accounts Receivable | Management Accounts | Sales Tax Reporting | Payroll Tax Reporting | Bank Reconciliation | Inventory Management | Order Tracking | Inventory Tracking | Cash Flow Projections
Key Accounting Factors to Know and Record in Books
Cash Basis or Accrual Accounting:
It’s important to understand what type of accounting system your business requires. We will help you in identifying whether your business needs a cash basis or an accrual accounting system.
We will not only help you in accurately evaluating the costs, but our bookkeeping process will also help in identifying and streamlining your cost structure and business operations.
It’s key to know how much your business is liable to pay and at what time you are required to clear bills. Our bookkeepers will create a separate account for all the short or long-term liabilities to help you in making timely payments.
Your cash flows could get a big hit if you don’t timely receive the money. The proper management of accounts receivable could significantly improve how your businesses manage invoicing and collection activities. Our bookkeepers ensure you are paid in a timely fashion and we will also let you know about which receivables are turning into bad debts.
Knowing the cash position of the business is key for business expansion strategies or paying off debts. Our bookkeepers will track each transaction and reconcile it with the bank statements.
Payroll & Human Resources Administration:
It involves tracking and identifying the costs associated with employees, including employee compensation, benefits, payroll taxes, and recruiting and training costs. Our bookkeepers will create a separate report related to the costs of payroll & human resources administration.
Fixed Assets Management:
It is the process of identifying, tracking, and booking your business equipment and physical assets. Our bookkeepers will ensure that each asset is monitored and tracked accurately to help you know the real value of your business. The bookkeepers will also help you know how much your assets depreciate every year.
Inventory Reconciliations and Management:
Inventory management is really important and it can make a big difference in your actual earning potential. It plays a key role when it comes to manufacturing, winery, retail, department store and a few other businesses. Our bookkeepers make sure to keep track of all your inventory and we will provide periodic inventory reconciliations to help you making sure that the inventories in the financial record match with the on-hand inventory stock.
Our experts will help you in tracking and knowing the actual cost of your inventory along with its impact on the income statement.
Month-end and Year-end Accounting Reports:
Our bookkeepers will show the financial health of your business on a weekly, monthly, and yearly basis, with a full set of financial statements, including income statements, balance sheet, and cash flows.
Our advanced bookkeeping standards will make tax reporting easier for you by managing sales tax codes, consolidated rates, and import tax.
Our bookkeepers follow regulators’ accounting guidelines. We work within accounting guidelines set by Generally Accepted Accounting Principles (GAAP). We also follow the generally accepted procedure when compiling financial statements.
Bookkeeping Exclusively for Wineries
Wineries bookkeeping is largely different from other sectors because winery operations highlight unique issues in the costing system, the allocation of costs to cased goods and depletion allowances, as well as many of its other procedures, require particular attention to find out the real profits or losses.
The bookkeeping team at Protea Financial has particular expertise in the winery industry, with decades of experience in winery bookkeeping services. Once you really know how to manage inventory, expenses, and sales in accounting books, you will be in a better position to successfully operate your business and enhance your profits.
We are Just One Step Away from You
Whether you are a manufacturer, managing a vineyard, or running a shop, dealing with accounting looks like a complex and time-consuming process. Your business could suffer losses if you spend time on recording every transaction in accounting books.
Don’t worry, we are just one step away from you. We will completely remove your accounting and bookkeeping workload. Protea Financial is using the expertise of professionals that are specialized in the range of industries. These experts know how to handle complex financial and accounting issues. Our experts will also assist you with issues related to regulations both at the state and federal level. Just send us a request for evaluation and our account manager will respond to you instantly.
Three Big Benefits To Outsourcing Your Bookkeeping
Understand The Status Of Your Accounts
Knowledge equals growth. Our team will organize your financials in order to derive accurate data from your accounts. We’ll empower you with the information to remain an agile business leader.
Paying Your Bills On Time Keeps Everyone Happy
Bills can slip through the cracks when you are moving fast. Keeping your vendors happy starts with paying them on time or communicating when they will receive payment.
Stay Ahead Of Billing and Receivables.
The precursor to cash flow and the lifeblood of your company. If you don’t bill, you don’t get paid. Our bookkeepers ensure you are paid in a timely fashion.
Why Use A Protea Bookkeeper
Every business leader knows that time is their most precious resource, followed closely by money. As in, “if I had more time, I could make more money”. Protea agrees. Our team can process invoices, reconcile your credit card expenses, handle accounts payable and receivable, manage your payroll and develop management reports for your next team meeting. Protea Financial is an end to end solution for your organization’s accounting needs.
Request An Evaluation
If you are ready for real change in how you use your most valuable assets - time & money, fill out the form and an account manager will reach out to you right away.
Contact Protea Financial
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Protea’s goal is to provide, at costs below the market average, timely, accurate, and high-quality financial information on which a business can act.