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Services
Accounts Payable
- Freedom to focus on building your business. Freelance will handle all of your day to day accounts payables/accounts receivables for your company. You are guaranteed accuracy and detailed books for your business. We will provide accuracy in categorizing your business transactions which will make it easy to reconcile your accounts. Let Freelance provide your business freedom from performing tedious work.
- Our book-keepers have more than 30 years experience process and send company invoices
- Automatically reconcile your bank accounts and connect with your banking institution
- Upload invoice copies and receipts
- Process your employees expense report for payment
- Reconcile your vendor statements. We will contact your vendors for invoice copies and receive proper approval for processing
- Collect on any past due receivables your company has by working with those customers to collect on all past due payments.
- Respond to all vendor/customer emails to free up your business hand to concentrate on other areas of making money for your business.
Accounts Payable vs. Accounts Receivable
Accounts receivable and accounts payable are essentially opposites. Accounts payable is the money a company owes its vendors, while accounts receivable is the money that is owed to the company, typically by customers. When one company transacts with another on credit, one will record an entry to accounts payable on their books while the other records an entry to accounts receivable.
Accounts Receivable
Accounts receivable generally refers to any money that is owed to the company, such as payments owed by customers or clients. Whereas accounts payable sit on your ledger as a liability, accounts receivables sit as an asset because it is funds that are due to your business for services or product that invoiced to a customer. Like accounts payable, accounts receivable is an important and viable part of any business. It is the outstanding invoices that your client owes your business. Accuracy of your client accounting record a level of accounts receivable capabilities are key to any good accounting practices.
Accounts receivable balances are under the current assets section on any balance sheet or general ledger. It is considered a liquid asset because it can be used as collateral and help a company meet short-term obligations. Internal controls for accounts receivable are used to reduce the risk of fraud and reduce error and double booking entries in your accounts receivable process.
- Decide your customer payment terms. Freelance will assist in making sure your customer stick with those terms and document their legal responsibility before doing business with your company.
- Make sure you create and send invoices as soon as sale is agreed. We will send out invoices and manage your aging.
- Record payments and follow up on late customers. Send out statements bi-weekly to customers so they will know where their accounts stand.
- Follow up with customers on payments and handle any discrepancies and any double entries. Post payments to your customers account.
Book Keeping
Prepares your company accounts and document financial transaction daily. Make sure that all expenses, transactions and income are recorded monthly to help produce your company financial statements.
Accountant
An accountant is a professional who specializes in recording, analyzing and interpreting financial transactions and information. They play a crucial role in the financial management of organizations and individuals. The primary responsibilities of an accountant include:
1. Financial Record-keeping: Accountants maintain accurate and up-to-date financial records, such as ledgers, journals, and general accounts. The record transactions, including purchases, sales, receipts and payments.
2. Financial Statements: Accountants prepare financial statements, such as income statements, balance sheets, and cash flow statements. These statements provide a snapshot of an organizations financial performance and position.
3. Financial Analysis: Accountants analyze financial date and provide insights into an organizations profitability, liquidity, and solvency. They identify trends, patterns, and areas for improvement.
4. Budgeting and Planning: Accountants assist in developing budgets and financial plans for businesses. They help set financial goals, allocate resources, and monitor performance against budgeted targets,
5. Taxation: Accountants ensure compliance with tax laws and regulations. They prepare and file tax returns, calculate tax liabilities, and advise on tax planning strategies to minimize tax obligations.
6. Auditing: Accountants may perform internal or external audits to assess the accuracy and integrity of financial information. They review financial records, internal controls, and processes to ensure compliance with laws and regulations.
7. Financial Consulting: Accountants provide financial advice and guidance to businesses and individuals. They assist in making informed financial decisions, such as investment analysis, cost reduction strategies, and financial risk management.
8. Compliance and Regulations: Accountants stay updated with accounting principles, standards, and regulatory changes. They ensure adherence to financial reporting requirements and ethical standards set by professional bodies.
Overall, the role of an accountant is to help organizations and individuals make sound financial decisions maintain accurate financial decisions, maintain accurate financial records, comply with laws and regulations, and achieve financial success.
Taxes
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Inventory
Inventory refers to the goods and materials that a company holds for production, sales, and for facilitating its operations. It includes raw materials, work-in-progress, and finished goods. Inventory plays a crucial role in accounting as it represents a significant asset for a business. Here are a few reasons why inventory is important to accounting:
1. Valuation of Assets: Inventory is listed as a current asset on a company’s balance sheet. It is crucial for determining the overall value and financial position of a business.
2. Cost of Goods Sold (COGS): Inventory helps in calculating the cost of goods sold, which is a key component in determining a company’s profitability. By subtracting the cost of goods sold from the sales revenue, a company can analyze its gross profit margin.
3. Financial Reporting: Accurate inventory tracking is vital for preparing financial statements such as the income statement, balance sheet, and cash flow statement. These statements enable stakeholders to evaluate the company’s financial performance, liquidity, and profitability.
4. Taxation: Inventory is essential for calculating tax liabilities. Depending on the accounting method used (e.g., FIFO, LIFO, or weighted average), the value of inventory affects the calculation of taxable income and taxes owed.
5. Decision-making: Inventory data helps management make informed decisions regarding production, sales, and purchasing. By analyzing inventory levels, turnover rates, and demand patterns, businesses can determine optimal stocking levels, pricing strategies, and production schedules.
6. Internal Control: Proper inventory management strengthens internal control procedures within a company. Accurate tracking and periodic stock counts can help detect and prevent theft, fraud, or mismanagement.
Overall, accurate and effective inventory management is crucial to maintain the financial health, profitability, and decision-making process of a business.
Payroll
Process your company’s payroll so you can focus on your business.
Account Reconciliation
This is a process of making sure that your company finances are accurate and balanced. Different types of accounts can be reconciled. One important account is your bank accounts. Balancing and viewing your company bank statement will answer a lot of questions for your business. What are your business spending habits? Is there fraud or money laundering of the company’s finances and making sure that your company cash account matches what the bank statement says? Investigating and correcting any double entries or incorrect entries on your accounts.
Reconciling your accounts is one of the most important functions that any accountant can perform regularly. This will give your business a true vision of your cash and accounts.
Accounts reconciliation is one in your company has to investigate if you have thief or fraudulent activity and money laundry in your company funds. This is a very important process that can be time consuming, especially when it comes to more than one company account. Most reconciliation is completed at month-end, once the period has closed. Freelance will reconcile to your company’s general ledger. Freelance will work with your company’s accounting software as well as assist you in finding the correct software for your business.
Freelance Accounting will verify all your accounts from inventory to your cash accounts. We will verify what your systems are reporting and making sure your balances are accurate and balanced. We will be your first line of defense on any operating issues your business has. Our job is to bring benefit to your business and help avoid errors that could be detrimental and costly. We will use documentation review of all documentation concerning our business. Freelance follows all GAAP Standards and GAAS.
When reconciling accounts, it shows when company funds leave one account and matches the funds your company has left. Your job is to compare your company’s general ledger to an internal or external statement and making sure they balance or speak to each other. These accounts can either bank statements or your company operating accounts.
Audit Preparation
The steps of audit preparation typically involve the following:
1. Understanding the audit objectives: Identify the purpose of the audit and the specific areas to be reviewed. This includes a clear understanding of the financial statements, internal control systems, and any applicable laws and regulations.
2. Gathering relevant documentation: Collect all necessary financial records, such as bank statements, invoices, contracts, and general ledgers. Ensure that all documents are complete, accurate, and easily accessible to facilitate the audit process.
3. Reviewing internal controls: Assess the effectiveness of internal control systems to identify any weaknesses or areas of concern. This may involve conducting internal control testing and reviewing policies and procedures.
4. Conducting a preliminary assessment of risks: Identify and evaluate potential risks and fraud that may impact the financial statements. This may involve analyzing financial transactions, reviewing prior audit findings, and assessing the overall control environment.
5. Preparing schedules and reconciliations: Organize financial data and prepare schedules and reconciliations that support the financial statements. This includes reconciling bank accounts, tracking outstanding balances, and reviewing the accuracy of key accounts.
6. Communicating with auditors: Respond to audit inquiries and provide requested information to auditors in a timely manner. This involves maintaining open lines of communication with the audit team and addressing any questions or concerns they may have.
7. Conducting internal reviews: Conduct internal assessments or mock audits to identify potential issues and areas for improvement. This helps ensure that the financial statements are accurate and can withstand scrutiny during the actual audit.
8. Finalizing preparations: Prior to the start of the audit, review all the prepared documentation, reconcile any discrepancies, and address any identified issues. This helps ensure that the audit process goes smoothly and minimizes disruptions to the organization’s operations.
An accountant plays a crucial role in audit preparation by performing various tasks, such as:
1. Collecting and organizing financial records: Accountants gather and compile all relevant financial documents, ensuring their completeness and accuracy.
2. Conducting internal control assessments: Accountants assess the effectiveness of internal control systems to identify any weaknesses or areas of concern that may require remediation.
3. Performing data analysis: Accountants analyze financial transactions, review account balances, and conduct various analytical procedures to identify any unusual patterns or discrepancies.
4. Preparing schedules and reconciliations: Accountants organize financial data and prepare schedules and reconciliations that support the financial statements, ensuring their accuracy and completeness.
5. Assisting with communication with auditors: Accountants serve as a point of contact for auditors, addressing their inquiries, providing necessary information, and facilitating a smooth flow of communication throughout the audit process.
6. Conducting internal reviews: Accountants may perform internal assessments or mock audits to identify potential issues and areas for improvement, ensuring the financial statements are accurate and ready for external audit.
Overall, the accountant’s role in audit preparation is to ensure the accuracy and transparency of financial information, establish strong internal controls, facilitate effective communication with auditors, and assist in the overall audit readiness of an organization.
Accounting Analysis
Accounting analysis refers to the process of evaluating and interpreting financial statements, transactions, and other accounting data to gain insights into a company’s financial performance and position. It involves examining financial information, such as balance sheets, income statements, and cash flow statements, to assess liquidity, profitability, solvency, and overall financial health.
Accounting analysis is crucial to the accounting role as it helps in making informed decisions about resource allocation, strategic planning, financial reporting, and forecasting. Here are a few reasons highlighting its importance:
1. Financial Decision Making: Accounting analysis enables accountants to assess the financial implications of various decisions. By analyzing financial data, accountants can evaluate the costs, benefits, risks, and potential outcomes associated with different options, aiding effective decision making.
2. Financial Reporting: Accounting analysis helps prepare accurate and reliable financial reports. By evaluating financial data, accountants can identify errors or irregularities, ensure compliance with accounting standards, and provide relevant information to investors, stakeholders, and regulatory authorities.
3. Risk Assessment: By analyzing financial statements, accountants can evaluate the financial stability, liquidity, and solvency of an organization. This helps in identifying potential risks and vulnerabilities, enabling proactive risk mitigation and ensuring the long-term viability of the business.
4. Performance Evaluation: Accounting analysis allows accountants to assess a company’s financial performance over time. By examining trends, ratios, and benchmarks, accountants can gauge profitability, efficiency, and effectiveness, facilitating performance evaluation and identification of areas for improvement.
5. Budgeting and Forecasting: Accounting analysis supports the budgeting and forecasting processes. By analyzing past financial data, accountants can identify patterns, trends, and factors affecting financial performance. This information helps in developing realistic budgets and accurate financial forecasts, aiding in effective resource planning and cost control.