Outsourced Bookkeeping Reduces Overhead Costs And Saves Time!

Bookkeeping Services

As your Data Detectives, Victory Books and Balances offers top-rated bookkeeping services to address your unique financial management needs.

Comprehensive Bookkeeping Services

Our comprehensive and customizable services ensure we meet each client's unique needs. Here are the essential Bookkeeping services we offer:

Accounts Payable and Receivable Management: Streamlining the processes of managing and collecting payments to improve your cash flow.

Bank and Credit Card Reconciliation: Ensuring all transactions are accurately recorded and your financial statements reflect the actual state of your finances.

Payroll Processing: Efficiently managing employee payments, tax withholdings, and reporting.

Inventory and Ledger Management: Keeping a precise record of inventory levels and ledger entries for accurate accounting and reporting.

Financial Closures and Reconciliations: Handling month-end and year-end financial closing processes, providing accurate reports for internal and external purposes.

Cashflow, P&L, and Balance Sheet Management: Monitoring and managing the vital financial statements that determine the health of your business.

Payroll

PayRoll Service

This service streamlines the payroll process, ensuring employees are paid accurately and on time while supporting their needs and questions regarding payroll.

Timecard Management: Gathering and verifying electronic timecards for accuracy, ensuring all hours worked by employees are correctly recorded.

Payroll Submission: Transmitting the verified timecard data to a payroll processing company.

Employee Support: Acting as a liaison between the employees and the payroll processor, addressing questions and issues payroll-related matters.

Record-Keeping: Maintaining detailed records of all payroll transactions, timecards submissions, and employee queries for compliance and auditing purposes.

Updates and Changes: Implementing any changes to employee payroll information, such as tax withholding adjustments, direct deposit account changes, and updates to personal details.

Compliance Assurance: Ensuring the payroll process adheres to relevant labor laws, tax regulations, and company policies.

Bank and Credit Account Reconciliation

Bank and credit account Reconciliation

Bank and credit account reconciliation is a vital bookkeeping service that involves comparing a company's internal financial records with bank statements to ensure accuracy and consistency. This process includes:

Verification: Checking each transaction in the company's ledger against corresponding entries in the bank statement.

Identification of Discrepancies: Pinpointing any differences between the two records. These could be due to timing differences in recording transactions, errors, or unauthorized transactions.

Adjustments: Making necessary adjustments to the ledger to reflect the
accurate financial position. This might include recording bank fees, interest income, or correcting errors.

Reporting: Providing a detailed report that outlines the reconciliation process, adjustments made, and the final reconciled balance.

Fraud Prevention: By regularly reconciling, it becomes easier to detect and address fraudulent activities or errors quickly.

Accounts Receivable Management

Accounts Receivable Management is a crucial bookkeeping service that focuses on the handling and collection of revenue owed to a company by its customers. This service includes several key activities:

Invoice Generation: Creating and issuing invoices to customers for goods delivered or services provided.

Credit Management: Assessing the creditworthiness of customers, setting credit limits, and monitoring the credit terms extended to customers.

Payment Tracking: Recording and tracking all incoming payments against the respective customer accounts and invoices.

Reconciliation: Ensuring that the payments received match the invoiced amounts and reconciling any discrepancies.

Aging Reports: Preparing aging reports that categorize receivables based on the length of time they have been outstanding, which helps in identifying overdue accounts.

Debt Collection: Implementing processes for timely follow-up on outstanding invoices and taking action to collect overdue payments, which may involve sending reminders, making collection calls, or initiating legal action in extreme cases.

Reporting: Providing regular reports on the status of accounts receivable, which is critical for analyzing the company's cash flow, customer payment patterns, and financial health.

Accounts Payable Management

Accounts Payable Management is a critical bookkeeping service focused on managing a company’s outgoing payments. It involves:

Invoice Processing: Receiving, verifying, and processing invoices due for payment to suppliers and creditors.

Payment Scheduling: Ensuring payments are made timely to avoid late fees and maintain good vendor relationships, while also managing cash flow effectively.

Record Keeping: Maintaining detailed records of all transactions, invoices, approvals, and payments made.

Reconciliation: Matching payments with invoice records to ensure accuracy and that no invoice is paid twice.

Vendor Communication: Serving as a point of contact for all vendor payment-related queries and negotiations for better payment terms.

Compliance and Reporting: Ensuring all payment practices comply with accounting policies and financial regulations, and providing reports on the company's accounts payable status.

This service is vital for maintaining an organized accounting system, ensuring financial obligations are met, and providing transparency for financial reporting.

INVENTORY MANAGEMENT

Inventory Management as a bookkeeping service encompasses the overseeing and control of a company's inventory levels, orders, and stock. This service includes:

Record Keeping: Maintaining accurate and up-to-date records of inventory, including quantities on hand, values, and location.

Order Management: Tracking and managing the purchase orders for new stock and the sales orders depleting inventory.

Stock Monitoring: Regularly reviewing stock levels to prevent overstocking and understocking, using methods like just-in-time (JIT) to optimize inventory levels.

Reporting: Providing detailed inventory reports that aid in financial planning and analysis, including cost of goods sold and forecasting future inventory needs.

Reconciliation: Ensuring that physical stock counts match the inventory records and investigating and correcting any discrepancies.

Cost Control: Monitoring the costs associated with inventory, including purchase costs, holding costs, and costs related to stock obsolescence or shrinkage.

Effective inventory management is crucial for companies to maintain cash flow, reduce losses, and ensure the availability of products for sale, thereby directly impacting profitability and operational efficiency.

QUICKBOOKS ONLINE TRAINING

Quickbooks online training

Victory Books and Balances Empowers Businesses with Expert QuickBooks Online Training

In the dynamic world of business, mastering financial management is pivotal for success. Victory Books and Balances recognizes this need and offers comprehensive QuickBooks Online Training, tailored to empower entrepreneurs and business teams in managing their finances efficiently.

1. Customized Training for Diverse Business Needs

2. Experienced and Certified QuickBooks Trainers

3. Hands-On, Interactive Learning Experience

4. Comprehensive Coverage of QuickBooks Features

5. Flexibility and Convenience

6. Post-Training Support

7. Empowering You for Better Financial Decision Making

The ultimate goal of our QuickBooks Online Training is not just to teach you the software but to empower you with the knowledge and tools necessary for making informed financial decisions. This empowerment is crucial for steering your business towards sustained growth and profitability.

MONTH AND YEAR END RECONCILIATION

Month-end and Year-end reconciliation is a critical bookkeeping service that encompasses the thorough review and adjustment of a company's financial records monthly and at the end of the fiscal year. This service is vital for ensuring that the financial statements accurately reflect the company's financial status and for preparing for tax filings. Here’s what it typically includes:

Accounts Review: Examining all ledger accounts to confirm that the balances are accurate and reflect all financial transactions for the year.

Bank Reconciliation: Ensuring that the company's bank account balances align with the end-of-year bank statements, including the reconciliation of checks, deposits, and bank charges.

Inventory Count: Verifying the actual inventory count against the inventory records, adjusting for any discrepancies to ensure the cost of goods sold and asset valuation are correct.

Fixed Assets Ledger: Reviewing the fixed assets ledger for accuracy, ensuring proper depreciation has been accounted for and that disposals or acquisitions of assets are correctly recorded.

Debt and Investments Reconciliation: Reconciling any loans, investments, or other financial instruments to ensure that interest, dividends, and principal repayments are properly recorded.

Expense and Revenue Matching: Matching expenses and revenue to the correct fiscal year, including adjusting entries for accruals and deferrals.

Tax Preparation: Gathering and organizing all necessary financial information to facilitate the accurate preparation of tax returns by an accountant or tax preparer.

Financial Statements Finalization: Preparing the final financial statements that incorporate all adjustments and reconciliations made during the year-end process.

Year-end reconciliation is essential for compliance, tax planning, and to provide stakeholders with an accurate representation of the company's financial health as they make decisions for the upcoming year.

FINANCIAL STATEMENT MANAGEMENT

Financial Statement Management is a comprehensive bookkeeping service that involves the preparation, analysis, and management of a company's key financial statements: the Profit & Loss (P&L) Statement, Balance Sheet, and Cash Flow Statement. Each of these documents plays a crucial role in providing insights into the company's financial health:

Profit & Loss (P&L) Statement: Also known as the income statement, this document summarizes the company's revenues, costs, and expenses during a specific period.

Balance Sheet: This statement provides a snapshot of the company's financial position at a specific point in time. It lists the company’s assets, liabilities, and shareholders' equity, giving insights into what the company owns and owes.

Cash Flow Statement: This statement shows the changes in the company's cash position over a period. It breaks down the cash flow into operations, investing, and financing activities, illustrating the cashflow of the company.

Analysis: Analyzing these statements to identify trends, financial strengths, weaknesses, and areas for improvement in the company’s operations and finances.

Compliance and Updating: Ensuring that the financial statements comply with regulatory requirements and accounting standards, and updating them as required.

Financial Statement Management is vital for tracking financial performance, supporting strategic planning, securing financing, and ensuring regulatory compliance. It provides a clear and comprehensive picture of the company's financial status, essential for stakeholders, investors, and management.

START-UP SERVICES

Setting up a client's company file in QuickBooks is a specialized bookkeeping service that involves configuring and customizing the QuickBooks accounting software to meet the specific needs of a client's business. This service includes several crucial steps:

Initial Setup: Creating a new company file in QuickBooks, which involves entering basic company information like name, address, tax ID, and financial year start date.

Chart of Accounts Configuration: Establishing a chart of accounts tailored to the client's business operations, ensuring that all financial transactions can be accurately categorized.

Bank Accounts Integration: Linking the client’s bank and credit card accounts to QuickBooks for automatic data import, streamlining the process of recording transactions.

Customer and Vendor Records: Setting up customer and vendor profiles, including contact information, billing terms, and other relevant details.

Payroll Setup: If applicable, configuring the payroll module, including employee information, payroll schedules, tax rates, and other payroll-related settings.

Product and Service List: Creating a list of products and services offered by the client, including sales prices, cost information, and associated income or expense accounts.

Opening Balances: Entering opening balances for all accounts as of the start date of the QuickBooks file, which is essential for accurate financial reporting.

Customization: Tailoring invoice and report templates to fit the client's branding and information requirements.

Training and Support: Providing initial training to the client or their staff on how to use QuickBooks effectively and offering ongoing support for any queries or issues.

This service ensures that the client's financial management system is set up efficiently and accurately, enabling them to manage their accounting processes effectively right from the start.