QuickBooks Accountant Services
Accounts Receivable Collection Process
- Invoicing: Generate and send invoices to clients for good or services provided
- Monitoring Payments: Track the status of invoices and payments due.
- Payment Collections: Follow up with clients for overdue payments.
- Recording Revenue: Ensure that all payments are accurately
Accounts Payable Process
- Create a purchase Order: Initiate the process by creating a purchase order for the good and services needed.
- Receive Invoice: After receiving the goods or services, the vendor sends an invoice.
- Invoice Approval: Review and approve the invoice to ensure it matches the purchase order and received item.
- Data Entry: Enter the invoice detail into the accounting system for record- keeping.
- Record Transactions: Finally, record the payment transaction in the accounting system.
Billing & Invoicing
- Receive the Invoice: The first step is to receive the invoice from the vendor. This can be done via email, or other electronic means. Ensure that all necessary information is included, such as the date, amount owed, and billing period.
- Check for Accuracy: Inspect the invoice for accuracy, including the vendor's name, contact information, date, and description of goods or services. Ensure that the amount charged matches the expected amount based on the purchase order or contract.
- Get Approval: Before making any payment, the invoice must be approved by someone with spending authority in the company. This could be a department head, finance manager, or even the owner.
- Schedule Payment: Once the invoice has been approved, it is time to schedule the payment. This involves scheduling the payment through the accounting system or making a payment directly to the vendor.
- Record the Transaction: After the payment is made, the transaction must be record in the accounting system. This includes recording the transaction in the general ledger and storing the invoice for audits.
- Follow Up: If there are any issues with the payment, follow up with the vendor to ensure the payment has been processed correctly.
- Record Keeping: Maintain accurate record of all invoices, payment received, and follow-up activities. This helps in tracking cash flow and identifying and discrepancies.
Payroll & Bookkeeping
- Set Up New Employees: Collect payroll-specific information from new hires, such as W-4 forms and medical insurance forms, to include in the next payroll.
- Collect Timecard Information: For salaried employees, no changes are needed. For non-exempt employees, collect and summarize hours worked through timecards or computerized time clocks.
- Verify Timecard Information: Summarize and have supervisors verify that employees have correctly recorded their time.
- Summarize Wages Due: Multiply the number of hours worked by the pay rate for each employee, factoring in any shift differentials.
- Enter Employee Changes: Employees may request changes to their taxes or pension amounts withheld. Some companies allow employees to enter these changes through a software module.
- Compute Gross Pay: Include any overtime and bonuses, then calculate applicable payroll taxes. Deduct employee withholdings, determine net pay, and approve payroll.
- Pay Employees: Distribute pay stubs and ensure timely payments to employees. Maintain organized payroll records for compliance and audits.
- Reassess Processes: Regularly review and adjust payroll processes as needed due to growth or compliance issues.