Service Detail

Bookkeeping & Financial Close Services

Accurate, timely financial close processes with technical expertise in GAAP compliance, account reconciliation, and management reporting.

Service Overview

Our bookkeeping and financial close services provide the foundation for sound financial management. We handle the complete accounting cycle from transaction recording through financial statement preparation, ensuring accuracy, compliance, and timely reporting.

With deep technical knowledge of Generally Accepted Accounting Principles (GAAP), we implement proper accrual basis accounting, maintain comprehensive general ledgers, and prepare financial statements that meet professional standards for management decision-making and external reporting requirements.

Technical Components

Transaction Processing & General Ledger

  • • Chart of Accounts Design: Structure accounts in accordance with GAAP classification requirements, ensuring proper asset, liability, equity, revenue, and expense categorization
  • • Double-Entry Bookkeeping: Maintain complete audit trail with balanced debits and credits, ensuring mathematical accuracy and preventing errors
  • • Journal Entry Processing: Record adjusting entries for accruals, deferrals, depreciation, amortization, and other GAAP-required adjustments
  • • Subsidiary Ledgers: Maintain detailed subsidiary records for accounts receivable, accounts payable, fixed assets, and inventory with proper reconciliation to control accounts

Account Reconciliation

  • • Bank Reconciliations: Monthly reconciliation of all bank accounts using bank statements, identifying and clearing outstanding items, detecting errors and fraud
  • • Balance Sheet Reconciliations: Systematic reconciliation of all balance sheet accounts including receivables, payables, prepaids, accruals, and intercompany accounts
  • • Variance Analysis: Investigation and documentation of significant account fluctuations, ensuring proper classification and completeness
  • • Reconciliation Documentation: Maintain detailed working papers supporting all reconciliations for audit and review purposes

Financial Close Process

  • • Month-End Close: Systematic closing procedures including cut-off testing, accrual adjustments, expense recognition, and revenue recognition in accordance with GAAP revenue recognition principles (ASC 606)
  • • Quarter-End Close: Comprehensive quarterly close with additional reconciliations, financial statement preparation, and compliance reporting
  • • Year-End Close: Complete annual closing procedures including fixed asset rollforward, depreciation calculations, inventory valuation, and year-end accruals
  • • Close Checklist: Maintain detailed close checklists ensuring all procedures are completed timely and accurately

Financial Statement Preparation

  • • Balance Sheet (Statement of Financial Position): Prepare in accordance with GAAP with proper classification of current/non-current assets and liabilities
  • • Income Statement (Statement of Operations): Present revenues and expenses following functional or nature-based classification with proper gross profit and operating income presentation
  • • Statement of Cash Flows: Prepare using indirect method with proper classification of operating, investing, and financing activities per ASC 230
  • • Statement of Equity: Track changes in equity including capital contributions, distributions, and retained earnings
  • • Disclosures: Include necessary footnotes and disclosures for significant accounting policies, contingencies, and related party transactions

Management Reporting & Analytics

  • • Budget vs. Actual Analysis: Compare actual results to budget with detailed variance explanations
  • • Key Performance Indicators (KPIs): Calculate and track financial metrics including gross margin, operating margin, working capital ratios, and cash conversion cycles
  • • Departmental Reporting: Segment reporting by department, division, or cost center for accountability and performance measurement
  • • Cash Flow Forecasting: Project future cash flows based on historical patterns and anticipated business activities

Accounting Standards & Compliance

  • ✓ GAAP Compliance: All accounting follows Generally Accepted Accounting Principles as established by the Financial Accounting Standards Board (FASB)
  • ✓ Revenue Recognition (ASC 606): Proper application of the five-step revenue recognition model for contract-based revenue
  • ✓ Lease Accounting (ASC 842): Proper classification and accounting for operating and finance leases
  • ✓ Inventory Valuation: Application of appropriate costing methods (FIFO, LIFO, weighted average) with proper lower of cost or market considerations
  • ✓ Fixed Asset Accounting: Proper capitalization thresholds, depreciation methods, and impairment testing per ASC 360

Technology & Systems

We work with leading cloud-based accounting systems including:

  • • QuickBooks Online and Enterprise
  • • Xero
  • • Sage Intacct
  • • NetSuite
  • • Custom ERP integrations and Excel-based solutions

All systems include bank feed automation, multi-user access controls, and secure data encryption.

Ready to Get Started?

Let's discuss how our bookkeeping services can streamline your financial operations.

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