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.
- Paying more than your fair share of taxes
- Losing hundreds and thousands in higher finance costs
- Increasing your risk of IRS audit possibilities
- Locking cash in excess inventory, and losing some in expired items
- Borrowing money to pay employees and bills while clients are overdue.
- Wasting 10-25% of your revenue earning time on accounting work that you’re not fully knowledgeable of
- Damaging your hard earned reputation by not paying your vendors on time
- Risking loss of thousands of dollars in valuation due to years of erroneous books
- Making wrong business decisions based on feelings rather than from insights from objective, accurate numbers
- 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:
- Proper reconciliation was not done
- Missing entries from the bank to QuickBooks
- Transactions were reconciled that never existed
- 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:
- 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.
- Some payments even though categorized did now have accurate vendor information
- There was an account that was used as a suspense account that was to be categorized
What team MBS did:
- Properly reconciled each account
- Added vendor names to payments and prepared to know which needed a 1099
- Properly categorized expenses and got rid of all hanging items so to make the accounting accurate
- Updated missing entries
- Created journal entries to adjust and address unpresented checks/entries.
- Ensured that the intercompany loans were matched up with each file.
What client received:
- Weekly update on the progress of each account
- Updated reports of all reconciliations that were redone along with a thorough explanation of our reasons and examples.
- 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.
IN HOUSE RATIONAL
Paying someone for part or full time work...but not getting the results that you’d expect
REMOTE ANSWER
Offices are notoriously distracting. Think about how many times you get interrupted in a day by your email, phone, coworker, messaging software. Now think about your boss coming over and asking you questions...that you then have to go through and research, and prepare the answer. This is what happens to on site bookkeepers on a daily (even hourly!) basis. Although you might be paying someone to sit in your office 20-40 hours per week, their productivity level is probably in the gutter. Hiring remote eliminates office distractions and creates a more productive bookkeeper.
IN HOUSE RATIONAL
Someone is right there to ask questions and interrupt their work
REMOTE ANSWER
Interrupting your bookkeeper is like having a kid constantly asking you “WHY” after everything you say. It’s really hard to get everything done and done well. With our solutions, we are always there for you via email or voxer so you can ask the questions when you have them...and we can answer when we’re not in the middle of your books! This keeps both hands on the steering wheel of your financials and creates a better, more accurate solution.
IN HOUSE RATIONAL
Eggs are all in one basket - if they leave you have a gaping hole
REMOTE ANSWER
Hiring and training bookkeepers (even regular team members) costs thousands of dollars. Why? First, your time is valuable. The time you spend getting someone up to speed can cost your business thousands in wasted time. Then, when that bookkeeper decides to move on...you’re time investment is now gone. Don’t put your eggs in one basket. With our solution, we have a TEAM of bookkeepers. That means that when your dedicated team member is out, gets sick, goes on vacation, or leaves...your work is never compromised. Another bookkeeper steps in and takes over seamlessly. AND you don’t have to worry about hiring and training. I take all of that pressure on so you can focus on the things that you do best (which I’m sure is NOT bookkeeping)
IN HOUSE RATIONAL
Get full access and not worrying about a remote person handling multiple clients
REMOTE ANSWER
Working with a team that serves many businesses can be stressful. I get it. BUT it doesn’t stress us out. We have a system, crafted over the past 15 years in business, that keeps our bookkeepers focused on your business. That means you won’t feel like one of many, you’ll just feel like the one! Between regular phone calls, emails, and voxer messaging...you won’t feel like you have anything less than full access.
IN HOUSE RATIONAL
Don’t need meetings because I can walk there and interrupt their work
REMOTE ANSWER
One of the biggest mistakes you can make as a business owner is NOT having a weekly or biweekly finance meeting. If you never sit down, review your metrics & KPIs, and discuss strategic financial options...then you’ll never have a clear picture of your financial landscape. With us, we’ll facilitate a biweekly financial meeting with you so you’ll always know the status and health of your finances. We’ll come to the meeting prepared but we’ll also create a space for goal planning and goal getting.
IN HOUSE RATIONAL
Don’t need to proactively schedule meetings because they are always there
REMOTE ANSWER
Many business owners worry about the level of service they can get if they can’t just walk in from a meeting and speak to a bookkeeper right then. We offer weekly touchpoints, emails, and voxer access so that you always feel like you have access to us. We are always happy to accommodate an additional chat when scheduled at least 24 hours in advance.
IN HOUSE RATIONAL
Worried about financial information not being secure
REMOTE ANSWER
The internet is a beautiful place! We use awesome tools like sharepoint and the office 365 suite to create a secure and encrypted vault for the financial information we need to have on hand. Believe me, it’s more secure then having financial paperwork sitting on your desk for anyone to see when they walk past!
IN HOUSE RATIONAL
Feels easier to get ahold of in emergencies
REMOTE ANSWER
We are always here during emergencies. As business owners, things often feel like emergencies but end up being just a stressful situation. You have access to us during emergencies and we work hard to accommodate same day calls to discuss and gameplan. We have a system for emergencies where you’ll notify us, we’ll get the information we need, then we’ll schedule a call for as soon as possible.
IN HOUSE RATIONAL
Remote is cheaper in In House
REMOTE ANSWER
Unfortunately, many business owners think that because solutions that are remote means that they are cheaper. The reality is - is that YES, if you hire a single overseas person to handle your books (YIKES!) then it can be cheaper. We offer a full service accounting and bookkeeping solution. And yes, it is generally much less expensive then hiring a full time bookkeeper with benefits and vacation time. But please know, we offer high end services for high level businesses
| 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 | |