Silver Starters Package

Silver Starters

Basic Accounting and Bookkeeping

 

Thank You for your interest in our silver starters program.

Here are 10 things that are common when you do not hire a bookkeeper.
 

  1. Paying more than your fair share of taxes
  2. Losing hundreds and thousands in higher finance costs
  3. Increasing your risk of IRS audit possibilities
  4. Locking cash in excess inventory, and losing some in expired items
  5. Borrowing money to pay employees and bills while clients are overdue.
  6. Wasting 10-25% of your revenue earning time on accounting work that you’re not fully knowledgeable of
  7. Damaging your hard earned reputation by not paying your vendors on time
  8. Risking loss of thousands of dollars in valuation due to years of erroneous books
  9. Making wrong business decisions based on feelings rather than from insights from objective, accurate numbers
  10. Losing significant money through the cracks in your key business strategies
The Personal Touch
2 financial development calls per month
2 spot calls for emergencies
Email support and access to MM Accounting resource library
Bookkeeping and Accounting
Month end reconciliation
Deposit and expenses matched against bank statements
Categorization of expenses
Profit and loss statement preparation
Balance sheet preparation (including asset and liability review)
Signup Bonus
Mapping session

If tax return is needed we are excited to partner with you on this so please schedule a time

CASE STUDY

RETURN OF INVESTMENT

How hiring a bookkeeping firm to review all transactions can give you a new view and save money.

AN EXAMPLE FROM THE PAST

Client B was behind on filing yearly taxes and their books were not ready to be passed over to an auditor for final review. They had books that were out of alances, statements that were missing and intercompany loans that were not adding up in ach file.

They hired our team at MBS to do a thorough review of all accounting done within the year.

The bookkeeping team started with the revision of bank statements against entries in QuickBooks.

What was found:

  1. Proper reconciliation was not done
  2. Missing entries from the bank to QuickBooks
  3. Transactions were reconciled that never existed
  4. Some bill payments did not have vendors specified on them needed to be adjusted

The team then moved on to reviewing the general ledger accounts to ensure that all items were categorized properly.

What was found:

  1. Some payments to vendors, though the same each month, were classified to multiple different expense accounts. For example if we pay Supplier B for utility; some would be categorized instead as office expenses, office supplies etc.
  2. Some payments even though categorized did now have accurate vendor information
  3. There was an account that was used as a suspense account that was to be categorized

What team MBS did:

  1. Properly reconciled each account
  2. Added vendor names to payments and prepared to know which needed a 1099
  3. Properly categorized expenses and got rid of all hanging items so to make the accounting accurate
  4. Updated missing entries
  5. Created journal entries to adjust and address unpresented checks/entries.
  6. Ensured that the intercompany loans were matched up with each file.

What client received:

  1. Weekly update on the progress of each account
  2. Updated reports of all reconciliations that were redone along with a thorough explanation of our reasons and examples.
  3. Update of each month and the issues that were found and fixed

At the end of the project the client was both impressed and appreciative of the work done and presented. The auditor reviewed and gave positive feedback on the work done

And as a complimentary addition to the package, we also offer recommendations to follow for the following year when do monthly bookkeeping.

Even though, we prefer to do the work there is no greater accomplishment than seeing a client succeed and apply good bookkeeping principles.

What we do not do:
Strategic advice
Not help raise capital
Not advise on a business plan
Any issues of previous years unless agreed specifically in the contract
No sale expansion
Do not accept work outside of this package
Expectations not agreed on
We will get you fully to the point of being able to file the tax return