Services

☑ One-Time Set-Up of Accounting System

• This involves the initial configuration and setup of QuickBooks Online (QBO) for your accounting needs.

• Tasks may include creating a chart of accounts tailored to your business, setting up bank and credit card accounts for reconciliation, configuring sales tax settings, establishing customer and vendor lists, and customizing invoice templates.

• The goal is to create a streamlined system that accurately reflects your business transactions and financial position.

☑ Expenses/Accounts Payable

Make Payments and Record in QBO:

• We can handle the entire process of paying bills and recording transactions in QuickBooks Online. This includes receiving invoices from vendors, verifying them for accuracy, and scheduling payments.

☑ Sales/Billing/Accounts Receivable

Client Bills Their Own Clients, Fairwinds Records in QBO:

• In this scenario, your handle invoicing your customers for products or services rendered. We will take on the responsibility to accurately record these sales transactions in QuickBooks Online. This involves entering sales receipts or invoices, applying payments received, and reconciling accounts receivable.

☑ Month-End Reports (Balance Sheet, Profit & Loss)

• At the end of each month, your firm generates comprehensive financial reports using QuickBooks Online.

• Balance Sheet: Provides a snapshot of the company's financial position, showing assets, liabilities, and equity.

• Profit & Loss (Income Statement): Summarizes the company's revenues, expenses, and net income or loss over a specific period, typically a month.

☑ Year-End Financial Reports, Adjusting JE's, Book Closing, 1099s

As the fiscal year ends, your firm undertakes several crucial accounting tasks to wrap up the financials:

• Year-End Financial Reports: Comprehensive reports summarizing the entire year's financial activities, including balance sheet and profit & loss statements.

• Adjusting Journal Entries (JE's): Entries made to update account balances and ensure accuracy before closing the books for the year.

• Book Closing: Finalizing financial records for the year and preparing for the upcoming year's accounting cycle.

• 1099s: Issuing 1099 forms to vendors or contractors who received payments during the year.

☑ Cash Flow Report (Monthly)

• Your firm generates a monthly cash flow report using QuickBooks Online.

• This report outlines the inflow and outflow of cash during the month, providing insights into liquidity and highlighting any potential cash flow issues.

☑ Budgeting and Budget vs Actual Reports (Monthly)

• Your firm assists clients in creating budgets and generates monthly reports to compare actual financial performance against budgeted figures.

• Budgeting: Collaborating with clients to establish financial goals and allocate resources accordingly.

• Budget vs Actual Reports: Analyzing variances between actual income and expenses versus the budgeted amounts, enabling informed decision-making and adjustments to financial strategies.