Category: Bookkeeping

At DASG, we combine these financial services to provide a holistic solution tailored to the unique needs of entrepreneurs, service businesses, family businesses, independent contractors, and established companies. Experience the difference of an integrated approach to financial management. We’ll work with you to connect accounts and pull the data we need to reconcile your books. Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench. Our team takes the time to deeply understand your business, answer your questions, help you link your accounts, and show you how Bench works. Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform.From startups to agencies, Bench works with Dallas small businesses.

Accounting Services

Our expert team navigates complex financial matters, ensuring your success. Besides making an appointment, you can also call us for a free consultation, where we will answer any questions that you may have about our bookkeeping support business and services. It’s a paramount characteristic of ProLedge to do everything in our power to ensure our clients’ satisfaction. So, our team will strive to prod you with the answers that can solve your problems and satisfy your curiosities. You may be able to find other bookkeeping and taxes businesses that provide services for much lower prices than ours. But none of them will offer the same quality and produce similar results when compared with our bookkeeper.

We Are Knowledgeable

QuickBooks and other bookkeeping software give you a tool to do your own bookkeeping. Our platform allows you to automate data inputs from most major providers to avoid common mistakes. We partner with merchants like Gusto, Stripe, Shopify, and Square—so your finances are always accurate.

DASG: Deep Accounting Expertise. Unmatched Business Results.

At DASG, we’re at the forefront of technological advancements in the accounting industry. Experience the benefits of cutting-edge insights curated just for you with our Dallas Accounting Services. Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support.

Streamline your finances with our comprehensive accounting services, providing expert bookkeeping, cash management, and more support. We understand your unique business demands and provide personalized accounting services to help you thrive. Join the growing network of successful businesses partnering with us today. DASG empowers businesses nationwide with exceptional accounting and consulting services.

1. Your financial assistant should be saving you time, keeping your records accurate and providing financial reports when you need them.
2. Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions.
3. The personalized support we provide to our clients is imperative for small business owners in a growing market sector.
4. In that case, our bookkeeping services professionals could relieve the workload on your staff’s shoulders and allow you to innovate.

We offer professional bookkeeping training services in person or remotely. We can organize your staff training to facilitate your financial independence. Our company will seamlessly integrate your existing services into your newly set-up QuickBooks account and transition your data from offline software to the cloud. Our specialists will port your company’s financial data into QuickBooks and set up your initial economic profile. We can offer professional training services to employees or complete management of your QuickBooks account.

Moreover, we can collaborate with your CPA in all ways that can influence the economic independence of your enterprise. Our bookkeeping services experts possess the knowledge to provide you with the bookkeeping services required in a professional consignment. With Bench, you get a team of real, expert bookkeepers in addition to software. You’ll always have the human support you need, and a mobile friendly platform to access your up-to-date financials.

The Golden Rule requires that every financial transaction be recorded twice. Moreover, it demands that every debit entry have an equal but opposite credit entrance. The golden rule is a fundamental concept in double-entry bookkeeping, in which the overall accounting equation for your company must be in equilibrium. PROLEDGE can help you avoid deviating from this concept and keep your financial data up-to-date. Hiring professional bookkeepers like us is the best way to keep your financial data accurate and out of the eyes of the U.S. PROLEDGE is a small to mid-sized business our current tax v the flat tax v the fair tax bookkeeping professional agency that can reduce the workload on your staff.

Courtney joined ProLedge Inc. in 2011 and soon became VP of Operations. She provides administrative, technology, and client related support for the entire Proledge team. Our staff can handle most day-to-day bookkeeping work, record your economic output, and administer your QuickBooks profile. We’ll solve problems that may arise with uploading your organization’s economic information to QuickBooks, such as incomplete data or misaligned financial transactions.

Based on the information in the schedule, Gonzales will report sales of $304,000. This amount is the result of selling 7,000 units at $22 ($154,000) and 6,000 units at $25 ($150,000). The dollar amount of sales will be reported in the income statement, along with cost of goods sold and gross profit. The best inventory costing method depends on your business but the most popular is FIFO (first-in, first-out), as it usually provides the most accurate view of COGS (cost of goods sold) and gross profit.

Retail accounting: Inventory management is key

But there are still 25 left at the $15 price point because we bought 100 in that tranche. We also still have all 200 shirts of the older tranche at what is form 8885 $12 per shirt, so our ending inventory balance is $2,775. LIFO is opposite of FIFO and reports the most current prices as being cost of goods sold.

The Need for FIFO or LIFO Costing Methods

While the terms are often used interchangeably, there is a key difference in how these methods approach inventory costing. This method is often used for products that are unique, high-priced, or have a low turnover rate. For example, a luxury accessories store has a diamond necklace in their jewelry inventory that they purchased for $10,000. If the store sells the necklace for $15,000, COGS would be recorded as $10,000, resulting in a gross profit of $5,000. Under this method, the COGS is based on the cost of the oldest items in inventory, while the cost of the newest items is used to calculate the ending inventory. This method can result in a more accurate reflection of the current inventory cost, as the price of the oldest items may be lower than that of newer items.

Nature of the business

Specific identification requires tedious record keeping and is typically only used for inventories of uniquely identifiable goods that have a fairly high per-unit cost (e.g., automobiles, fine jewelry, and so forth). Once the unit cost of inventory is determined via the preceding logic, specific costing methods must be adopted. In other words, each unit of inventory will not have the exact same cost, and an assumption must be implemented to maintain a systematic approach to assigning costs to units on hand (and to units sold). When you account for inventory costs during a financial period, you need to compare the value of goods in inventory to your COGS. The question is whether the COGS is attached to the earliest units purchased, the latest units purchased or if you use an average.

As a result, you’re more likely to experience bottlenecks that cause delays in stock availability, which ultimately adds to your inventory costs. For unsellable inventory, until these items have been donated or disposed, holding them for too long can quickly impact your bottom line due to higher costs and less sales. The cost of inventory goes beyond the initial purchase, including storage costs, as well as the costs of holding unsold finished goods. Instead of worrying about the order in which they, the retailer, bought the sunglasses, they simply take the average cost of the two batches and use that for calculating the COGS and remaining inventory. Not only should you be consistently making sure that you have enough inventory so you can fill all your orders, but you should also assign a cost to your stock. This is known as inventory costing — and it is an important part of your business operations for a couple of reasons.

• Under IAS 2, inventory may include intangible assets that are produced for resale – e.g. software.
• You assign the average cost of $13 per shirt to each of these buckets – 75 shirts sold and 225 left over in inventory.
• The retail method provides the ending inventory balance for stores by measuring the cost of inventory relative to the price of the goods.
• Choosing an inventory cost approach will have a significant impact on the company’s finances.
• “If we used this method for our leather jacket example from the above [FIFO section], after you purchase both batches of jackets, your total cost of inventory will still be $1,900,” he says.

A key point to remember is that until the inventory, in this case your office furniture, is sold, you still own it, and it is reported as an asset on your balance sheet and not an asset for the consignment shop. After the sale, the buyer is the owner, so the consignment shop is never the property’s owner. So, when inventory is sold, the newest cost of an item in inventory will be recovered and reported on the income statement as part of the cost of goods sold. Small businesses using straightforward accounting procedures may choose to utilize the periodic inventory method because of the simplicity it can provide. It doesn’t require a high level of operational maturity and can still provide accurate financials with less work.

This laborious requirement might make use of the average method cost-prohibitive. The three main inventory costing methods, also known as cost-flow assumptions, are FIFO, LIFO, and WAC. The weighted average method is widely considered the easiest inventory costing method, as it relies on a simple averaging formula and assumes stable and predictable inputs. Inventory costing, also known as inventory valuation, is a process by which companies assign monetary costs to items in stock.

For example, let’s say our retailer bought four different batches of socks over the course of the year. One cost $2 per unit, another $2.50, the next $3.75, and the last for $1.25. If you understand FIFO, then LIFO (Last in First Out) should be no problem. With LIFO, you’re making the assumption that the units you purchased most recently are the ones that are being sold first. With our help, you are sure to see an improvement in the profitability and general financial health of your business.

Under GAAP, FIFO (First In, First Out), LIFO (Last In, First Out), weighted average, and specific identification are all acceptable methods of cost determination for your company’s inventory. Under IFRS, on the other hand, LIFO is not permitted, and specific identification is required for certain types of inventory and only in certain cases. The only reason to use LIFO is when businesses expect inventory costs to increase over time and result in price inflation. The method isn’t commonly used by businesses because older inventories are hardly sold and lose their value, leading to significant losses.

Its personalized solutions aim to increase income and profit while decreasing tax liability for businesses to achieve their financial goals. Law and Reed, CPA, P.C., is an accounting firm in Mesa that was founded by Michael Law three decades ago. The firm’s tax specialists assist in filing and compiling taxes, helping clients increase tax refunds and minimize liabilities. Additionally, they also offer business entity selection, notary public, payroll management, financial statement preparation, and sales tax services. Its managing partner, Jeremy Reed, has over a decade of accounting and bookkeeping experience serving small business owners. Mesa-based Taxanista provides accounting services to clients across the United States for more than a decade.

Sechler Morgan CPAs PLLC

We’ve been with Angela from taxanista for about 5 years now. We had gone thru several accountants over the years and were never really happy with any of them until we found Taxanista Angela and her team is now our forever accountants. I love how progressive you are with a lot of your operational nuances. I would like for you to continue to be our go to for all things tax, including strategies, efficiencies, and practices.

Horning’s Accounting & Tax Service

High-quality accounting services can be very helpful for a growing business. At Taxanista we make sure that we handle all the accounting work and you have much time and energy to focus on the growth of your business. Taxanista offers a wide range of accounting services to ensure that you have tax-ready financial statements when you need them the most. By choosing us as your accounting work manager, you avail accounting solutions professionally delivered with the utmost security and confidentiality. If you are looking for an experienced accounting company who can handle your invoice processing work, then you have come to the right place.

Craig Satz, CPA, P.C. – Mesa

Terry recently studied for and passed both parts of the CMA Certified Management Accountant Exam. This allows Terry and Taxanista LLC to defend clients at an even higher level. TaxSolutions, owned and managed by Jason Evans CPA, is a group of accountants who have been serving the needs of individual clients in Mesa and other outlying locations. The firm mainly deals with yearly tax preparations, back tax assistance, and IRS remediation. Dba Taxanista was formed to assist small to medium sized businesses and individuals with all of their bookkeeping, accounting, tax, and business start-up needs. We offer full service assistance at local firm prices, and a down home feel.

Sabrina Covington, CPA, CFE

The firm’s accounting services comprise back-office and catch-up bookkeeping, payroll management, delivery, and reporting, and tax filing. Its CPAs are available to provide tax advice on leveraging refunds and minimizing penalties. 1-800Accountant has worked with businesses in the retail, real estate, e-commerce, and transportation sectors. It aims to save its clients over 730 hours of work each year. Dimov Tax Specialists has been helping Mesa individuals and businesses manage their accounting problems for over 10 years.

• Xero doesn’t assess any individual advisor’s or firm’s proficiency as an accountant, bookkeeper or financial advisor.
• I would like for you to continue to be our go to for all things tax, including strategies, efficiencies, and practices.
• Angela has amazing opportunities and ideas for you to save money on your taxes and avoid an IRS audit.
• They cover any services from simple tasks to the most complex situations.

Verbina has always loved accounting and throughout the years it has really become her passion! It is easy to see this with all the degrees she has under… She is a federally licensed, IRS Enrolled Agent and maintains a former Federal Top Secret Security clearance. This approach helps in better decision-making, strategic planning, and maintaining financial health and compliance.

Since its establishment in 1993, its accounting practice has been focused on closely held businesses and organizations. Its roster of experts strives to maintain long-term relationships with its clients. K & R Tax Accounting Services, LLC, is a full-service accounting firm that services Mesa and nearby areas. The company specializes in income tax return preparation for individuals and businesses. It also offers investment advice, tax planning, monthly bookkeeping, and salary calculation.

Mesquite Tax LLC is a Mesa-based accounting firm run by Tyler Hamelwright who finished his accounting degree at WP Carey School of Business, Arizona State University. His firm provides tax, bookkeeping, payroll, and accounting services. Hamelwright has already worked with several clients such as individuals, businesses, and non-profit organizations. Mesquite Tax specializes in businesses under retail, service, contracting, pharmaceuticals, and restaurants. The company is experienced in preparing and analyzing financial statements, preparation of payroll and various quarterly reports, and setting up small businesses.

Menchie is proud to be an Accountanista as she goes on almost 6 years with the company. We’re very excited to be working with Angela and her team at Taxanista! Having a team that understands so many different facets of our business makes it easier for us to focus on what we do best.

To become certified, advisors complete learning modules on Xero’s key features and pass a practical exam. As a Statistician at Taxanista, Kristine leverages her expertise in financial data visualization to empower clients with actionable insights … Mary is a task-driven individual with 15+ years of administrative experience in managing client-centric office operations. Working at Taxanista has been Tyler’s main experience as he has been working with the team since the beginning.

This customization ensures that your financial reports are accurate and provide valuable information. Following these steps and preparing ensures a seamless process when adding a new company to QuickBooks Online. Accurate data and a dedicated email account will contribute to efficient financial management and enhance the overall functionality of QuickBooks Online for your new business.

What Are the Differences Between Adding a Second Company and Adding Another Business to QuickBooks Online?

To set up a QuickBooks Online account, start by visiting QuickBooks’ site to choose an accounting plan. After signing up for either a 30-day free trial or 50% off your plan’s base cost for three months, you’ll be directed to a sign-in page where you can choose your user name and password. From there, QuickBooks’ setup wizard will prompt you to enter your business’s information, sync any third-party apps you’re already using, customize invoices and start tracking finances. As you use QuickBooks Online for your new company, regularly review and reconcile your financial records. Keep an eye on your financial reports to monitor your company’s financial health and identify areas for improvement.

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• The structural complexities arising from duplicated companies may pose challenges in maintaining organized and clear financial reporting, potentially leading to confusion and errors in the accounting process.
• After reviewing all the settings and details, it’s important to confirm that everything is accurate and complete.
• If you don’t have the information on hand to complete any step of the setup process, QuickBooks will always let you click “skip.” You can return to complete the step once you gather the correct information.
• This includes personalizing the chart of accounts, invoice templates, and tax settings in QuickBooks.
• This ensures that the platform can effectively accommodate the needs of multiple entities without compromising data integrity.
• A video should also pop up offering to give you a quick tour of the dashboard (I definitely recommend taking it).

Choose “Company Settings” and then click “Company Info.” Within this CARES Act section, you will have the ability to modify the company name as well as other pertinent details and subsequently save your modifications. They can create and tailor invoices, send them to clients, keep track of payment statuses, and follow up on any outstanding invoices. Implementing this practice can contribute to maintaining a healthy cash flow and enhancing overall bookkeeping effectiveness. Businesses can streamline their processes and ensure prompt payments by outsourcing the task of invoice and payment management. By entrusting these responsibilities to a virtual bookkeeping assistant, business owners can alleviate themselves from the intricacies of managing payroll.

Step 3: Import Your Backup File

These bookkeepers are highly committed to their work and will diligently input all transactions into QuickBooks, resulting in up-to-date and well-organized financial records that are correctly categorized. Virtual bookkeepers undergo rigorous training to ensure they excel in accurate data entry and precision. They possess a keen eye for detail and meticulously enter data into QuickBooks, guaranteeing the accuracy and integrity of financial records. These capabilities ensure accuracy in record-keeping and simplify the generation of financial reports. By leveraging QuickBooks, companies can make informed decisions, identify financial trends, and virtual accountant gain valuable insights into their overall financial well-being. Linking your financial accounts to your new QuickBooks company is essential for accurate and efficient transaction tracking.

QuickBooks’ online setup guide

This integration enables the automatic downloading and categorization of transactions, making bank reconciliation a simplified task. By linking your accounts, you can be confident in the accuracy and timeliness of your financial records. QuickBooks is a powerful tool that facilitates precise bookkeeping and reporting, which is crucial in maintaining organized and up-to-date financial records. Its notable features, such as the automatic categorization of transactions and customizable chart of accounts, enable businesses to track and manage their finances effortlessly. QuickBooks is an extensively utilized accounting software that monitors a company’s income, expenses, and other financial transactions. Boasting a user-friendly interface and robust capabilities, it offers an all-encompassing solution for managing and organizing financial data.

• QuickBooks Online provides tools to edit and modify the imported data, so you can make any necessary adjustments.
• QuickBooks also gives you the option to skip any aspects of set up if you’d like to take care of them later.
• Following this step-by-step guide, you can successfully add a new company to QuickBooks Online and use its robust accounting features.
• By customizing the chart of accounts, you can align it with your business requirements by adding, modifying, or deleting accounts.
• Once you have the exported data, navigate to the import section within QuickBooks Online.
• These bookkeepers are highly committed to their work and will diligently input all transactions into QuickBooks, resulting in up-to-date and well-organized financial records that are correctly categorized.

Gathering all necessary information and documents before adding a new company to QuickBooks Online is essential to ensure a smooth setup process. This section provides a detailed guide on both aspects to help you prepare effectively. QuickBooks Online offers real-time financial insights, enabling business owners to make informed decisions. With instant access to financial reports, cash flow statements, and profit and loss summaries, you can proactively manage your businesses’ financial health.

Step 3: Choose the company type

QuickBooks Online offers various methods, such as entering your bank login credentials or using account numbers and routing numbers to connect manually. This includes setting up expense categories and subcategories that align with your company’s spending habits. By categorizing your expenses, you’ll have a better understanding of where your money is being allocated. Furthermore, when you sign in to QuickBooks, the program will ask which company file you want to open. This is where you can enter or update how to create a new company in quickbooks online the official name of your business and upload a logo.

• Transferring large volumes of data during the duplication process can be time-consuming and prone to errors, affecting the accuracy of financial records.
• Before we dive into the steps, it’s important to note that QuickBooks Online is a web-based software, which means you can access your company’s financial data from anywhere, at any time.
• Once there, locate the ‘Company’ tab at the top of the screen and click on it to reveal a dropdown menu.
• Setting up products and services in QuickBooks involves defining and organizing the business’s offerings, pricing structures, and inventory information to facilitate accurate sales tracking and financial recording.
• We’ll also delve into the benefits of duplicating a company, such as saving time and effort, maintaining consistency, and testing new features or changes.
• It reflects the value and tailored services offered to users at higher subscription levels, further differentiating the user experience based on their subscription tier.
• This includes setting your invoice template, adding your company’s logo, and specifying the payment terms and methods for your customers.

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This not only saves valuable time but also minimizes the likelihood of errors, leading to a more streamlined and error-free process. This vital process allows businesses to store essential information about their customers and vendors, such as names, addresses, phone numbers, email addresses, and payment terms. It enables the accurate recording of transactions, including invoices, bills, and payments for effective financial tracking.