Accounting & Reporting
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Key Offerings
Start-Up Accounting
Accounting Policies and Procedures
Accounting Standards Interpretation and Implementation
Start-Up Accounting
Day to Day Accounting
Day-to-day accounting involves the routine tasks necessary for managing a company’s financial transactions and records on a daily basis. This includes activities such as bookkeeping, accounts payable and receivable management, bank reconciliation, payroll processing, expense tracking, financial reporting, tax compliance, audit preparation, and providing financial insights to support decision-making. It plays a crucial role in maintaining accurate financial records, ensuring regulatory compliance, controlling costs, and facilitating informed business decisions. By effectively managing day-to-day accounting tasks, businesses can maintain financial stability, transparency, and accountability in their operations.
General Bookkeeping and Accounting
- Transaction Recording: Documenting all financial transactions, including sales, purchases, receipts, and payments.
- Accounts Reconciliation: Matching the transactions in the company’s books with bank statements to ensure accuracy.
- Financial Statement Preparation: Creating key financial statements, including the balance sheet, income statement (profit and loss statement), and cash flow statement.
Accounts Receivable/Payable Management
- Invoice Processing: Issuing invoices to clients and ensuring timely payment collection.
- Vendor Payments: Managing payments due to suppliers, including scheduling and transaction processing.
- Cash Flow Management: Monitoring cash flow to ensure that the business can cover its short-term obligations.
Tax Preparation and Filing
- Tax Planning: Advising on tax-efficient strategies and planning for tax obligations.
- Tax Return Preparation: Preparing accurate tax returns for businesses and individuals to ensure compliance and maximize deductions.
- IRS Liaison: Acting as an intermediary between the business and the IRS for audits, inquiries, and other tax-related issues.
Budgeting and Forecasting
- Budget Creation: Developing a budget that reflects the strategic plan of the business.
- Financial Forecasting: Predicting future financial performance based on historical data and market analysis.
- Variance Analysis: Comparing actual financial performance with budgeted forecasts to identify and analyze discrepancies.
Financial Analysis and Reporting
- Key Performance Indicators (KPIs): Tracking and reporting on KPIs that are critical for business performance.
- Management Reports: Providing detailed reports to management that highlight financial performance, opportunities, and risks.
- Custom Financial Analysis: Conducting analyses tailored to specific business needs, such as cost-benefit analysis, profitability analysis, etc.
Software and Technology Integration
- Accounting Software Setup: Implementing and customizing accounting software solutions to fit the business’s needs.
- Data Migration and Integration: Transferring financial data between systems and ensuring that different business software (e.g., ERP, CRM) can share data seamlessly.
- Cloud-Based Bookkeeping: Offering secure, cloud-based accounting solutions for real-time financial monitoring and collaboration.
Bank and Credit Card Reconciliation
- Description: We reconcile your bank and credit card accounts, ensuring all transactions are accurately recorded and reflected in your financial statements. This meticulous process helps identify and resolve discrepancies, prevent fraud, and ensure compliance with financial policies and regulations.
- Transaction Matching: We meticulously compare the transactions in your bank and credit card statements with those recorded in your bookkeeping system. This includes checks, deposits, withdrawals, and charges, ensuring every entry matches perfectly.
- Identifying Discrepancies: Should there be any discrepancies, such as unmatched transactions or differences in amounts, we promptly identify them. This could include bank fees not recorded in your books or payments not yet processed by the bank.
- Adjustments and Corrections: We make necessary adjustments to rectify any discrepancies. This includes recording missing transactions, correcting errors, and reconciling any differences between your internal records and bank statements.
- Reporting: Once the reconciliation process is complete, we provide detailed reports that summarize the reconciliation process, highlight any issues encountered, and outline the adjustments made. This transparency ensures you have a clear understanding of your financial status.
Employee Expense Management
- Expense Report Processing: We offer comprehensive management of expense reports from submission to approval, ensuring accuracy, compliance with company policy, and timely processing. This includes verification of receipts, categorization of expenses, and resolution of discrepancies.
- Policy Development and Implementation: Our team assists in developing clear and concise expense policies tailored to your business needs. We ensure these policies are effectively communicated and implemented across your organization, promoting compliance and preventing misuse of funds.
- Reimbursement Processing: We streamline the reimbursement process to ensure employees receive timely and accurate reimbursements for their out-of-pocket expenses. Our system is designed for efficiency, reducing the turnaround time from submission to payment.
- Credit Card Management: For businesses that use corporate credit cards, we offer management services that include monitoring card usage, reconciling statements, and ensuring expenses are properly authorized and recorded.
- Advanced Reporting and Analytics: Gain insights into your company’s spending patterns with our advanced reporting and analytics. We provide detailed reports on employee expenses, highlighting trends, potential savings, and areas for policy improvement.
- Fraud Detection and Prevention: Our system includes checks and balances to detect and prevent fraudulent expense claims. By closely monitoring expense submissions and enforcing policies, we help protect your business from unnecessary losses.
- Integration with Accounting Software: We ensure seamless integration of our expense management system with your existing accounting software, allowing for real-time expense tracking and easier financial reporting.
SPR Consultech facilitates the utilization of these Day to Day Accounting processing software platforms
HR & Payroll
Payroll processing involves the systematic calculation, management, and distribution of employee compensation, including salaries, wages, bonuses, and deductions. This encompasses tasks such as calculating hours worked, withholding taxes, processing direct deposits or issuing paper checks, and ensuring compliance with federal, state, and local regulations. Employers are responsible for accurately recording employee hours, calculating earnings, and deducting taxes and other withholdings. Payroll processing also involves managing benefits, such as health insurance and retirement contributions, and ensuring timely payment to employees. Accurate payroll processing is critical for maintaining employee satisfaction, compliance, and financial stability within organizations.
Journalizing Payroll
- Recording total wages earned
- Computing payroll expenses
- Logging deductions from payroll
- Handling payroll transactions
Post Entries & Reconciliation
- Generate accurate financial records
- Assist in business decision-making
- Enhance operational effectiveness
- Ensure bifurcation of tax expense accounts
Managing Flexible Benefits
- Adding and removing employees
- Holiday calculation
- Corresponding with service providers
- Reducing paperwork
- Assisting HR teams in prioritizing essential tasks
Time Sheet Consolidation
- Evaluate and compute payroll obligations
- Verify the precision of calculations
- Guarantee precise disbursements
- Determine compensation for each employee
- Manage business timesheets
401(K) Support
- Examine the actual figures of the chosen 401(k) plan
- Verify the completeness of employee eligibility
- Calculate deductions accurately
- Review baseline checks for employee contributions
- Evaluate the calculated employer contributions
- Conduct regular adjustments to ensure accuracy in 401(k) contributions”
Technology Integration
Application Set Up – One time
- Employee Master Set Up
- Employee Cost to Company
- Employee Leave Master
- Other Master Data
SPR Consultech facilitates the utilization of these HR and payroll processing software platforms
Incorporation services
Incorporation services offer assistance to individuals and businesses looking to establish a legal entity, typically a corporation or LLC (Limited Liability Company). These services streamline the process of forming a business entity by handling paperwork, filing requirements, and other legal procedures necessary for registration with state authorities. Here’s a description of common services provided by incorporation companies
Entity Selection
Guidance in choosing the appropriate business structure based on factors such as liability protection, tax implications, and management preferences. This may include forming a corporation, LLC, partnership, or sole proprietorship.
Name Availability Check
Verification of the proposed business name’s availability in the chosen state’s database to ensure it’s not already in use by another entity.
Preparation and Filing of Documents
Assistance with preparing and filing necessary formation documents with the appropriate state agency, such as articles of incorporation or articles of organization for LLCs.
Registered Agent Service
Provision of a registered agent who accepts legal documents and official notices on behalf of the business and ensures timely delivery to the company.
Articles of Incorporation
Drafting and filing articles of incorporation, which outline the basic details of the corporation, including its name, purpose, registered agent, and share structure.
Operating Agreement or Bylaws
Preparation of operating agreements (for LLCs) or corporate bylaws (for corporations), which establish the internal rules and regulations governing the company’s operations and management structure.
EIN (Employer Identification Number) Acquisition
Assistance with obtaining an EIN, a unique nine-digit number assigned by the IRS to identify a business entity for tax purposes.
Compliance Support
Guidance on compliance requirements, such as annual filings, taxes, and other ongoing obligations to maintain good standing with state authorities.
Document Retrieval Services
Retrieval of copies of official documents, such as certificates of good standing or articles of organization, for legal or administrative purposes.
Additional Services
Some incorporation services may offer additional services such as business license assistance, obtaining permits, trademark registration, or even virtual office solutions.
Accounting Policies and Procedures
Design
Benchmark
Reconcile & Align
- Development of Accounting Manual / Policies and Procedures
- Benchmarking with Globally Accepted Accounting Practices and Principles
- Compliance Review of Accounting Manual and Policies
Accounting Standards Interpretation and Implementation
Revenue Recognition
Lease Accounting
Current Expected Credit Loss
Hedge Accounting
Cloud Computing
Other Standards
- Accounting Standard Applicability Assessment Development of Accounting Manual / Policies and Procedures
- Development of appropriate models for Initial Recognition, Subsequent Measurement, Presentation and Disclosure Requirements
- Review of Books of Accounts and accuracy of Accounting Entries passed
- Development of Digital Solutions and Automation Prospects for seamless accounting
